Cenovus reports first-quarter 2020 results
Calgary, Alberta (April 29, 2020) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) continued to deliver safe and reliable operations in the first quarter of 2020 while demonstrating its ability to take swift and decisive steps to enhance its financial resilience and protect its balance sheet in the face of the global macro-economic challenges caused by the COVID-19 pandemic. The company’s first-quarter financial results were impacted by the significant decline in global demand and pricing for crude oil and refined products caused by COVID-19 and exacerbated by a dispute between Saudi Arabia and Russia that resulted in increased oil supply.
“The strength of our balance sheet, the quality of our long-life oil sands reserves and the flexibility of our business to respond quickly to the changing external environment have positioned us well to withstand an extended period of low oil prices,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “When global economic conditions improve, we’ll be ready to contribute to Canada’s economic recovery in a meaningful way.”