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By Jaryn Vecchio Suncor Base Plant // Jaryn Vecchio - Harvard Broadcasting Five of the biggest oil producers in Canada are teaming up to help eliminate greenhouse gas emissions by 2050. Suncor Energy, Canadian Natural Resources, Cenovus Energy, Imperial, and MEG Energy announced on Wednesday the ‘Oil Sands Pathways to Net Zero’ initiative. Through the partnership, the five companies plan on working collectively with the federal and Alberta governments, support different programs for emissions-reduction projects and infrastructure, and engage with local Indigenous communities in northern Alberta. “Canada has an opportunity to lead on climate change by delivering meaningful emissions reductions as well as balancing sustainable economic development,” said Tim McKay, CNRL President. ....
Cenovus sells Marten Hills royalty interest for more than $100 million Cenovus Energy Inc. has sold its gross overriding royalty in the Marten Hills area of Alberta to Topaz Energy Corp. for gross cash proceeds of $102 million. The sale successfully closed today with a May 1, 2021 effective date. Cenovus will use the sale proceeds to reduce net debt, consistent with its commitment to use non-core asset sales to accelerate deleveraging to achieve the company’s interim net debt target … Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has sold its gross overriding royalty (GORR) in the Marten Hills area of Alberta to Topaz Energy Corp. for gross cash proceeds of $102 million. The sale successfully closed today with a May 1, 2021 effective date. Cenovus will use the sale proceeds to reduce net debt, consistent with its commitment to use non-core asset sales to accelerate deleveraging to achieve the company’s interim net debt target of $10 billion. ....
469,100 112 1 Comparative figures include Cenovus results prior to the January 1, 2021 closing of the Husky transaction and do not reflect historical data from Husky. 2 Adjusted funds flow, free funds flow and net debt are non-GAAP measures. See Advisory. 3 Prior period has been restated to conform with the current period definition of adjusted funds flow. Q1 overview Progress on integration and synergies Cenovus is in the process of reassessing the acquired Husky assets for synergies above and beyond the company s original $1.2 billion target. This includes opportunities to apply Cenovus s in situ operating expertise to Husky s legacy in situ assets in Alberta and Saskatchewan. Application of these operating practices drove record average daily production in the quarter at Cenovus s Lloydminster thermal business, including a single-day production record of approximately 103,000 barrels per day (bbls/d) in March. ....
Cenovus Energy Reports Profit For Q1 WASHINGTON (dpa-AFX) - Cenovus Energy Inc.(CVE) reported net earnings of C$220 million or C$0.10 per basic share compared with net loss of C$1.797 billion or C$1.46 per basic share in the comparable quarter last year. Net earnings in the quarter were positively impacted by higher operating margin, unrealized foreign exchange gains and risk management gains. The company had cash from operating activities of C$228 million in the quarter compared with C$125 million last year. For the second quarter, the Board declared a dividend of C$0.0175 per share, payable on June 30, to common shareholders of record as of June 15, 2021. ....
Press release content from Globe Newswire. The AP news staff was not involved in its creation. 2021 budget to achieve nearly $1 billion of synergies in first year Cenovus Energy IncJanuary 28, 2021 GMT CALGARY, Alberta, Jan. 28, 2021 (GLOBE NEWSWIRE) Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has delivered a disciplined 2021 capital budget focused on maintaining safe and reliable operations while positioning the company to drive enhanced shareholder value. The budget includes sustaining capital of approximately $2.1 billion to deliver upstream production of approximately 755,000 barrels of oil equivalent per day (BOE/d) and downstream throughput of approximately 525,000 barrels per day (bbls/d). The budget anticipates Cenovus achieving nearly $1 billion of synergies in 2021 as a result of its recent transaction with Husky Energy, putting the company firmly on track to reach its planned $1.2 billion in annual run-rate synergies by the end of 2021. The budget also ....