Cenovus Energy Inc. - President & CEO, Alex Pourbaix
President & CEO, Alex Pourbaix
Source: Calgary Herald
  • Cenovus Energy (CVE) confirmed Thursday it returned $3.4 billion to shareholders in 2022
  • The company generated $11.4 billion in cash from its operations last year, with $11 billion in adjusted funds
  • Cenovus also reduced its net debt to $4.3 billion, a decline of more than $5.3 billion year over year.
  • The Calgary-headquartered integrated oil and natural gas company released its annual financial results Thursday
  • Cenovus Energy is down 2.54 percent, trading at $23.25 at 12:38 p.m. EST

Cenovus Energy (CVE) confirmed Thursday it returned $3.4 billion to shareholders in 2022.

The company also reduced its net debt to $4.3 billion, a decline of more than $5.3 billion year over year.

The Calgary-headquartered integrated oil and natural gas company released its annual financial results Thursday.

The company generated $11.4 billion in cash from its operations last year, with $11 billion in adjusted funds.

Upstream operating performance optimized in the fourth quarter, which equated to nearly $3.0 billion in cash from operating activities, $2.3 billion in adjusted funds flow.

Fourth quarter production was 806,900 barrels of oil equivalent per day. Downstream throughput amounted to 473,500 barrels per day during the same time period.

Extreme weather challenges in December, along with third-party pipeline outages impacted downstream operations in the fourth quarter.

“In 2022, we further fortified our balance sheet, reducing our net debt by more than half. As a result, we delivered substantial shareholder returns and executed strategic and opportunistic acquisitions and divestitures,” said Cenovus President and Chief Executive Officer Alex Pourbaix.

“As we restart our wholly-owned Superior Refinery, and complete the Toledo Refinery acquisition, we will substantially increase our pipeline-connected heavy oil refining capacity and generate expanded margins in our U.S. Manufacturing business.”

Cenovus Energy Inc. (CVE) was down 2.54 percent, trading at $23.25 at 12:38 p.m. EST.


More From The Market Online
Bulldozers building dams at a mine site.

Victoria Gold might never recover from Yukon mine disaster

Victoria Gold will likely be dealing with last month's 300-million-litre cyanide spill at its Eagle mine in the Yukon for years to come.
Computer laptop with a TSX logo on the screen

@ the Bell: TSX drops for third session in a row

Continued pressure from the heavyweight financial and energy sectors dragged Canada’s main stock index lower for a third consecutive session.
EA SPORTS College Football 25

EA kicks off ‘College Football 25’ with many new features

Electronic Arts (NDAQ:EA) officially kicks off the release of EA Sports' "College Football 25" worldwide on Friday.