CALGARY, Alberta, Feb. 16, 2023 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered strong operating and financial performance in 2022, with $11.4 billion in cash from operating activities, $11.0 billion in adjusted funds flow and $7.3 billion in free funds flow, enabling more than $3.4 billion in shareholder returns. In the fourth quarter, reliable upstream operating performance drove nearly $3.0 billion in cash from operating activities, $2.3 billion in adjusted funds flow and $1.1 billion in free funds flow. Production was 806,900 barrels of oil equivalent per day (BOE/d) 1 and downstream throughput was 473,500 barrels per day (bbls/d) as the company’s operated downstream assets performed well 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 Alex Pourbaix, Cenovus President & Chief Executive Officer. “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.”
Highlights
- Reduced net debt to $4.3 billion, a decline of more than $5.3 billion year over year and $1.0 billion from the prior quarter. Long-term debt, including current portion, at the end of the fourth quarter was $8.7 billion, down from $12.4 billion at year-end 2021.
- Provided annual common shareholder returns of over $3.4 billion, including more than $2.5 billion in share buybacks in 2022 ($387 million of buybacks in the fourth quarter).
- Achieved 2022 full-year production of 786,200 BOE/d, including 586,600 bbls/d of crude oil from Oil Sands, and total fourth quarter production of 806,900 BOE/d.
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| (For the period ended December 31) | 2022 Q4 | 2022 Q3 | % | |||||