Cenovus reports solid 2017 results

Company remains focused on deleveraging and reducing costs

Calgary, Alberta (February 15, 2018) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered strong cash from operating activities and adjusted funds flow in 2017. Through its continued focus on capital discipline and reliable operational performance, the company generated almost $1.3 billion in free funds flow last year. Cenovus also completed the divestitures of its legacy conventional oil and natural gas assets within its expected timeframe. Divestiture proceeds and cash on hand were used to repay and retire the company's bridge credit facility prior to year-end.

Key 2017 developments

  • Increased free funds flow by 216% compared with 2016
  • Increased cash from operating activities and adjusted funds flow by 255% and 105%, respectively, compared with 2016
  • Recorded net earnings of $3.4 billion versus a net loss of $545 million in 2016
  • Repaid and retired the company's $3.6 billion bridge credit facility
  • Doubled proved bitumen reserves to approximately 4.8 billion barrels
  • Reduced general and administrative (G&A) costs by 44% per barrel of oil equivalent (BOE) and oil sands operating costs by 6% per barrel from 2016

Read the complete news release

Photos

Cenovus’s Christina Lake project in northern Alberta uses steam-assisted gravity drainage (SAGD) technology to produce oil. The process involves drilling into the reservoir and injecting steam at a low pressure to soften the oil so it can be pumped to the surface.
Courtesy Cenovus Energy
Steam generators at Cenovus’s Foster Creek project in northern Alberta. The project uses a process called steam-assisted gravity drainage (SAGD) to produce oil, which involves drilling into the reservoir and injecting steam at a low pressure to soften the oil so it can be pumped to the surface.
Courtesy Cenovus Energy