Cenovas Energy GAAP-based EPS is $1.26 and sales are $14.9 billion

CALGARY, Alberta, August 1, 2024 (GLOBE NEWSWIRE) -- Cenovas Energy (CVE: CA) achieved strong operating results across its entire portfolio in the second quarter of 2024 due to strong production from upstream assets and improvements in crude oil throughput at US refineries that operated at an overall operating rate of 93%. Net debt as of 2024/6/30 is 4.2 billion 60 million dollars, and 4 billion dollars, which is the target value of net debt, was achieved in July. As a result, from the 3rd quarter, Cenovas will begin 100% shareholder return of the surplus free fund flow (EFFF) in accordance with the shareholder return framework.

“John McKenzie, president and CEO of Cenovas, stated the following. “Having achieved this significant financial milestone, we are now able to significantly increase shareholder returns. “We will continue to focus on safely running a profitable and predictable business, and we will continue to advance growth projects to further enhance the company's resilience.

RECENT HIGHLIGHTS

We achieved our net interest-bearing debt target of 4 billion dollars in July, and immediately moved to 100% shareholder return on surplus free fund flows.

As a result of strong performance in the first half of the year, the median value of production volume guidance for the upstream sector was raised to 797,500 barrels (BoE/d) 1 in oil conversion, and the median value of processing capacity guidance for the downstream sector was raised to 655,000 barrels (bbls/d) per day, respectively. There is no change in the scope of capital investment.

The tieback pipeline from Narrows Lake to Christina Lake is expected to be mechanically completed by the end of the year, and initial oil is scheduled to be supplied in mid-2025.

Sunrise has begun cooking the two well pads, which will begin production in the 3rd and 4th quarters of this year.

In the West White Rose Project, an important milestone was achieved when the concrete gravity structure reached its final height and the top side was structurally completed.

The largest turnaround in Lloydminster Upgrader (Lloydminster Upgrader) history has been successfully completed, and the facility has returned to full operation.