- Cenovus Energy Inc (NYSE:CVE) reported Q1 2023 EPS of CA$0.32, which declined from CA$0.79 a year ago.
- Total revenues declined to CA$12.3 billion from CA$14.1 billion in the previous quarter due to lower benchmark commodity prices and a decline in revenues from the Upstream and Downstream businesses.
- Total upstream production was 779,000 barrels of oil equivalent per day (BOE/d). Total downstream throughput stood at 457,900 barrels per day (bbls/d).
- The total operating margin was CA$2.1 billion, a decline from CA$2.8 billion in Q4, owing to a decrease in Brent and West Texas Intermediate (WTI) crude oil prices, a wider light-heavy differential and marginally lower production volumes.
- The Canadian Manufacturing segment had crude utilization of 89% and a throughput of 98,700 bbls/d, compared with 85% and 94,300 bbls/d in Q4.
- In the U.S. Manufacturing segment, crude utilization of 67% and throughput of 359,200 bbls/d vs. 75% and 379,000 bbls/d, respectively, in Q4.
- CVE reported CA$(286) million cash used in operating activities, CA$1.4 billion adjusted funds flow, and CA$294 million free funds flow.
- Net debt was approximately CA$6.6 billion at Mar. 31, 2023, an increase of about CA$2.4 billion from Dec. 31, 2022.
- Dividend: CVE’s Board of Directors increased the dividend per share by 33% to CA$0.56 annually starting Q2 2023.
- Also, the company declared a quarterly dividend per share of CA$0.14, payable on Jun. 30, 2023, to shareholders of record as of Jun. 15, 2023
- Outlook: CVE expects total production of 790,000 BOE/d to 810,000 BOE/d, including a reduction of 10,000 bbls/d from the Atlantic production range on the removal of Terra Nova volumes.
- The company now projects a U.S. Manufacturing throughput of 480,000 bbls/d to 500,000 bbls/d.
- CEO Transition: As previously announced, Jon McKenzie will assume the role of President & Chief Executive Officer effective today.
- Price Action: CVE shares traded lower by 1.47% at $16.76 on the last check Wednesday.
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