Oil sands production increases 35% in 2012
"We had another strong year in 2012, achieving the milestones we set for ourselves," said Brian Ferguson, President & Chief Executive Officer of Cenovus. "We added significant new reserves and resources, increased our oil production, enhanced our net asset value and generated record cash flow. We remain committed to delivering a growing total shareholder return and have again increased our dividend by 10%."
|Financial & production summary|
(for the period ended December 31)|
($ millions, except per share amounts)
|Per share diluted||0.92||1.12||4.80||4.32|
|Per share diluted||-0.25||0.44||1.14||1.64|
|Per share diluted||-0.16||0.35||1.31||1.95|
|Production (before royalties)|
|Oil sands total (bbls/d)||100,867||74,576||35||89,736||66,533||35|
|Conventional oil3 (bbls/d)||76,779||69,697||10||75,667||67,706||12|
|Total oil (bbls/d)||177,646||144,273||23||165,403||134,239||23|
|Natural gas4 (MMcf/d)||566||660||-14||594||656||-9|
|1Cash flow and operating earnings are non-GAAP measures as defined in the
Advisory. See also the Earnings Reconciliation Summary.|
2 Includes expenditures on property, plant and equipment and exploration and evaluation assets, excluding acquisitions and divestitures.
3 Includes natural gas liquids (NGLs) production and production from Pelican Lake.
4 Reflects the divestiture of a non-core property in the first quarter of 2012.
CALGARY, Feb. 14, 2013 /PRNewswire/ - Cenovus Energy Inc. (TSX, NYSE: CVE) delivered another year of predictable, reliable performance in 2012. In addition to growing its reserves and resources base, the company recorded solid operational results driven by significant production growth and a strong contribution from its downstream refining business. Those results offset the impact of a reduction in average realized prices for crude oil and natural gas when compared with 2011. Average daily oil production grew 23% in 2012 while total cash flow rose 11% compared with the previous year. The company's Christina Lake oil sands project led the growth in production, nearly tripling its average daily output from 2011. Christina Lake phase D achieved one of the fastest ramp-ups in the steam-assisted gravity drainage (SAGD) industry, demonstrating full production capacity about six months after first oil production. At Cenovus's U.S. refineries, strong margins and increased heavy oil processing capacity led to a 29% increase in operating cash flow from refining.
"Our integrated approach continues to support our bottom line," Ferguson said. "When our heavy oil producing assets are affected by low commodity prices, we make up that value at our refineries. For 2013, we have supply agreements and firm transportation and hedging contracts that, together with our refining capacity, will enable us to offset almost all of our volume exposure to discounted Canadian heavy crude prices."
Strong additions to reserves and contingent resources
Cenovus continues to strengthen its reserves and resources base. According to the company's independent reserves and contingent resources evaluation, total proved reserves were nearly 2.2 billion bbls of oil equivalent (BOE) at the end of 2012, up 12% from the previous year.
Proved bitumen reserves increased 18% to more than 1.7 billion bbls, compared with 2011, while proved plus probable bitumen reserves increased approximately 23% to nearly 2.4 billion bbls. Economic bitumen best estimate contingent resources increased 17% from 2011 to 9.6 billion bbls. Proved light and medium oil reserves remained unchanged, while proved heavy oil reserves increased approximately 5% and proved natural gas reserves declined about 21% compared with 2011. Cenovus's 2012 proved finding and development (F&D) costs, excluding changes in future development costs, were a competitive $9.04/BOE. The three-year average was $6.10/BOE. The 2012 recycle ratio was 3.2 times.
"Cenovus's stratigraphic well program continues to add significant new resources to our already strong portfolio of oil sands assets," Ferguson said. "This gives us even greater opportunity to develop new projects, move them through the regulatory approvals process and create decades of solid growth ahead."
Integrated operations contribute to solid financial performance
Cenovus achieved cash flow of more than $3.6 billion, an 11% increase from the previous year. Operating cash flow from refining benefited from the fact that the Wood Rivery Refinery was able to process higher volumes of heavy oil as a result of the completion of the coker and refinery expansion (CORE) project in late 2011. While lower commodity prices had a negative impact on cash flow from the company's oil producing assets, the ongoing price volatility provided a double benefit to Cenovus's refining operations. Compared with 2011, the price of Western Canadian Select (WCS), the benchmark Canadian heavy oil blend, fell against the price of West Texas Intermediate (WTI), the North American benchmark. The wider WTI-WCS differential resulted in lower feedstock costs for the company's refineries. At the same time, there was a favourable appreciation in the price of Brent crude, the global benchmark, against the price of WTI, which allowed Cenovus's refineries to capture higher prices for their finished products. Those lower feedstock costs and higher finished product prices led to stronger refining margins, which also contributed to the 29% improvement in operating cash flow from refining when compared with 2011.
Goodwill impairment impacts earnings
A one-time non-cash goodwill write down of $393 million in the company's conventional operations contributed to lower full year operating earnings in 2012 and to an operating loss of $189 million in the fourth quarter. For the full year, the company had operating earnings of $866 million, down 30% from 2011. The full year decrease and quarterly loss were primarily due to the goodwill impairment related to the company's Suffield conventional assets, located on the Canadian Forces Base in southeast Alberta. Estimated future cash flows for the assets have declined, largely as the result of a drop in forecast natural gas prices over the long term. As a result, the carrying amount of goodwill related to the property has exceeded its fair value and was written off. The goodwill in question arose from the 2002 merger between Alberta Energy Company and PanCanadian Energy Corporation.
Continued focus on operating costs
Managing operating costs is an important ongoing focus for Cenovus. Operating costs per BOE at the company's oil sands and natural gas operations were largely in line with Cenovus's 2012 forecasts, while operating costs at its Pelican Lake heavy oil operations were slightly above guidance. Cenovus anticipates more pressure on operating costs in 2013 as a result of expected higher prices for natural gas and electricity needed to fuel the company's operations. Operating costs at Pelican Lake are expected to rise again this year with the expansion of the polymer flood as temporarily reduced reservoir pressure required to safely complete infill drilling limits 2013 production growth. Stronger production growth is expected in late 2013 and into 2014, which should help reduce per barrel operating costs.
"Cenovus is working diligently to maintain our reputation as a low cost producer," said John Brannan, Cenovus Executive Vice-President and Chief Operating Officer. "We will continue to focus on reducing our costs per barrel and increasing efficiency across all of our operations."
Growing net asset value
Cenovus measures its success in a number of ways with a key metric being growth in net asset value (NAV). The company remains on track to reach its goal of doubling its December 2009 baseline illustrative NAV of $28 by the end of 2015. Despite weaker oil and gas prices, Cenovus's operational and financial performance and consistent production growth allowed the company to increase its NAV to approximately $40 in 2012, a 43% increase from the end of 2009.
Capital investment supports oil production growth
Cenovus is focused on creating value through its oil growth strategy, which remains on track with plans to achieve 500,000 bbls/d of net production by the end of 2021. As part of that strategy, the company invested almost $3.4 billion in its operations in 2012, a planned 24% increase from the previous year. About half of that capital spending supported development of the company's oil sands assets. Nearly $1.4 billion went towards expansions at Foster Creek and Christina Lake and the development of Narrows Lake. Capital spending on emerging oil sands projects, including Grand Rapids and Telephone Lake, was approximately $316 million. Capital investment in 2012 included the drilling of 473 gross stratigraphic test wells. The results of these stratigraphic test wells will be used to support the expansion and development of the company's oil sands projects.
Cenovus spent nearly $1.3 billion on its conventional oil assets in 2012. That includes more than $500 million at Pelican Lake to increase infill drilling for the polymer flood programs and facility expansion. The company invested nearly $850 million in its other conventional oil assets, including the continued development of its emerging tight oil plays.
Cenovus's capital program includes investing in innovative technologies aimed at increasing production, while lowering operating costs per BOE and decreasing environmental impacts. In 2012, this led to continued investment in projects such as Cenovus's enhanced start-up and patented Wedge WellTM technologies as well as the development of its new SkyStratTM drilling rig, a scaled-down version of a traditional stratigraphic drilling rig that can be transported to remote sites by helicopter.
Acquisitions and divestitures
While Cenovus does not have a need for major acquisitions or divestitures, the company is always looking for tuck-in opportunities that would enhance its current portfolio. Cenovus places value on maintaining a divestiture program as a form of capital discipline and will continue to assess the benefits of selling certain non-core assets. Purchases in 2012 were primarily tuck-in oil sands acquisitions adjacent to Cenovus's Telephone Lake and Narrows Lake properties as well as tuck-in acquisitions of producing conventional crude oil properties in Alberta and Saskatchewan, adjacent to existing production. Divestitures in 2012 were mainly related to the sale of a non-core natural gas property in northern Alberta in the first quarter.
Following a portfolio review, Cenovus decided to put its Lower Shaunavon property and the operated part of its Bakken property in Saskatchewan up for sale. The company believes these are quality assets. However, Cenovus is unable to scale the projects up to a size that would be material to its portfolio due to competitive limitations on increasing its land base in the area. The sale process is expected to launch later this quarter.
Addressing market access challenges
Constraints on market access are having a negative impact on realized pricing for Canadian oil producers. Congestion on pipelines linking oil fields in Western Canada to U.S. markets contributed to a widening of the average discount (also known as the light/heavy differential) between WTI and WCS in 2012. The average WTI-WCS differential was US$30.37/bbl in December 2012 compared to US$11.72/bbl in December of 2011.
"Widening oil price differentials are becoming an increasingly important issue, not just for producers, but for all Canadians," Ferguson said. "With the third largest oil reserves in the world, we have a tremendous opportunity to capitalize on the growing global demand for energy. However, without pipeline access to new markets we will continue to leave billions of dollars in lost revenues on the table every year, to the detriment of the entire Canadian economy."
Cenovus takes a portfolio approach to market access and continues to proactively assess various options to transport its oil. The predictability of the company's oil production growth gives it the confidence to support all currently proposed pipeline projects that would open up new markets. Early in 2012, Cenovus started shipping 11,500 bbls/d of oil under a firm service agreement on the Trans Mountain pipeline that runs from Edmonton to the West Coast. The firm service agreement is beneficial as it gives Cenovus the ability to get its oil to tidewater where it commands higher prices and it allows the company to negotiate longer term arrangements for markets in California and Asia. In addition to pipelines, Cenovus is now shipping about 6,000 bbls/d of conventional crude volumes to market by rail and is looking to increase that to about 10,000 bbls/d in 2013.
|Oil sands total||90||101||96||80||82||67||75||66||58||67||59|
1 Totals may not add due to rounding.
2 Includes NGLs production.
Cenovus has a substantial portfolio of oil sands assets in northern Alberta with the potential to provide decades of future growth. The two currently producing operations, Foster Creek and Christina Lake, use SAGD to drill and pump the oil to the surface. These projects are operated by Cenovus and are jointly owned with ConocoPhillips. Cenovus also has an enormous opportunity to deliver increased shareholder value through production growth from future developments. The company has identified several emerging projects and continues to assess its resources to prioritize development plans and support regulatory applications for new projects.
Foster Creek and Christina Lake
Steam to oil ratios
Christina Dilbit Blend
Cenovus produces heavy oil from the Wabiskaw formation at its wholly-owned Pelican Lake operation in the Greater Pelican Region, about 300 kilometres north of Edmonton. While this property produces conventional heavy oil, it's managed as part of Cenovus's oil sands segment. Since 2006, Cenovus has been injecting polymer to enhance production from the reservoir, which is also under waterflood. Based on reservoir performance of the polymer program, the company has a multi-year growth plan for Pelican Lake with production expected to reach 55,000 bbls/d.
Other conventional oil
In addition to Pelican Lake, Cenovus has extensive oil operations in Alberta and Saskatchewan. These include conventional and tight oil assets in Alberta and developing tight oil assets in southern Saskatchewan, as well as the established Weyburn operation that uses carbon dioxide injection to enhance oil recovery.
1 Reflects the divestiture of a non-core property in the first quarter of 2012.
Cenovus has a solid base of established, reliable natural gas properties in Alberta. These assets are an important component of the company's financial foundation, generating operating cash flow well in excess of their ongoing capital investment requirements. The natural gas business also acts as an economic hedge against price fluctuations, because natural gas fuels the company's oil sands and refining operations.
Cenovus's refining operations allow the company to capture value from crude oil production through to refined products such as diesel, gasoline and jet fuel. This integrated strategy provides a natural economic hedge against reduced crude oil prices by providing lower feedstock prices to Cenovus's Wood River Refinery in Illinois and Borger Refinery in Texas, which are jointly owned with the operator, Phillips 66.
Reserves and Contingent Resources
All of Cenovus's reserves and resources are evaluated each year by independent qualified reserves evaluators.
|Proved reserves reconciliation|
|(Before royalties)||Bitumen |
|Light & Medium |
Oil & NGLs
|Natural Gas &|
|Start of 2012||1,455||175||115||1,203|
|Extensions & improved recovery||265||17||13||29|
|End of 2012||1,717||184||115||955|
|Total proved plus probable||2,393||289||171||1,293|
1Production used for the reserves reconciliation differs from reported production as it includes Cenovus gas volumes provided to the FCCL Partnership for steam generation, but does not include royalty interest production. See the Advisory - Oil and Gas Information for more information about royalty interest production.
|Proved reserves costs1|
|(Before royalties)||2012||2011||3 Year|
|Capital Investment ($ millions)|
|Finding and Development||3,013||2,175||6,562|
|Finding, Development and Acquisitions||3,127||2,244||6,793|
|Proved Reserves Additions2 (MMBOE)|
|Finding and Development||333||366||1,075|
|Finding, Development and Acquisitions||334||366||1,076|
|Proved Reserves Costs2 ($/BOE)|
|Finding and Development3||9.04||5.96||6.10|
|Finding, Development and Acquisitions4||9.36||6.14||6.31|
1 Finding and Development Cost calculations presented in the table do not
include changes in future development costs. See the Advisory - Finding
and Development Costs - for a full description of the methods used to
calculate Finding and Development Costs which include the change in
future development costs.
2 Reserves Additions for Finding and Development are calculated by summing technical revisions, extensions and improved recovery, discoveries and economic factors. Reserves Additions for Finding, Development and Acquisitions are calculated by summing Reserves Additions for Finding and Development and additions from acquisitions. See the Advisory - Oil and Gas Information.
3 Finding and Development Costs without changes in future development costs is equal to Finding and Development Capital Investment divided by Finding and Development Reserves Additions.
4 Finding, Development and Acquisitions without changes in future development costs is equal to Finding, Development and Acquisitions Capital Investment divided by Finding, Development and Acquisitions Reserves Additions.
|Bitumen contingent resources|
|Economic Contingent Resources1||Bitumen (billion bbls)|
1 For the definition of contingent resources, economic contingent resources and low, best and high estimate and a description of the contingencies associated with Cenovus's economic contingent resources, please see the Advisory - Oil and Gas Information. There is no certainty that it will be commercially viable to produce any portion of the contingent resources.
The Cenovus Board of Directors has approved a 10% increase in the first quarter 2013 dividend to $0.242 per share, payable on March 28, 2013 to common shareholders of record as of March 15, 2013. Based on the February 13, 2013 closing share price on the Toronto Stock Exchange of $32.60, this represents an annualized yield of about 3%. Declaration of dividends is at the sole discretion of the Board. Cenovus's continued commitment to the dividend is an important aspect of the company's strategy to focus on increasing total shareholder return.
Cenovus's natural gas and crude oil hedging strategy helps it to achieve more predictability around cash flow and safeguard its capital program. The strategy allows the company to financially hedge up to 75% of this year's expected natural gas production, net of internal fuel use, and up to 50% and 25%, respectively, in the two following years. The company has Board approval for fixed price hedges on as much as 50% of net liquids production this year and 25% of net liquids production for each of the following two years. In addition to financial hedges, Cenovus benefits from a natural hedge with its gas production. About 135 MMcf/d of natural gas is expected to be consumed at the company's SAGD and refinery operations, which is offset by the gas Cenovus produces. The company's financial hedging positions are determined after considering this natural hedge.
Cenovus's financial hedge positions at December 31, 2012 include:
|Earnings reconciliation summary|
(for the period ended December 31)|
($ millions, except per share amounts)
Add back losses & deduct gains:
Per share diluted
|Unrealized mark-to-market hedging gain/loss, after-tax||87||-180||43||134|
|Non-operating foreign exchange gain/loss, after-tax||-16||25||84||14|
|Divestiture gain/loss, after-tax||-||89||-||91|
|Per share diluted||-0.25||0.44||1.14||1.64|
|Oil sands project schedule|
|Project phase||Regulatory status||First production |
|Expected production |
|Foster Creek1 A - E||120,000|
|Christina Lake1 A - D||98,000|
|Grand Rapids||Submitted Q4-2011||2017F||180,000|
|Telephone Lake3||Submitted Q4-2011||TBD||90,000|
1 Properties 50% owned by ConocoPhillips. Certain phases may be subject to
2 Includes 5,000 bbls/d gross expected to be submitted to the regulator in 2013.
3 Projected total capacity of more than 300,000 bbls/d.
Conference call today
9:00 a.m. Mountain Time (11:00 a.m. Eastern Time)
Cenovus will host a conference call today, February 14, 2013, starting at 9:00 a.m. MT (11:00 a.m. ET). To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 approximately 10 minutes prior to the conference call. An archived recording of the call will be available from approximately 12:00 p.m. MT on February 14, 2013, until midnight February 21, 2013, by dialing 855-859-2056 or 416-849-0833 and entering conference passcode 87391969. A live audio webcast of the conference call will also be available via www.cenovus.com. The webcast will be archived for approximately 90 days.
Basis of Presentation Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS).
Non-GAAP Measures This news release contains references to non-GAAP measures as follows:
These measures have been described and presented in this news release in order to provide shareholders and potential investors with additional information regarding Cenovus's liquidity and its ability to generate funds to finance its operations. For further information, refer to Cenovus's most recent Management's Discussion & Analysis (MD&A) available at www.cenovus.com.
OIL AND GAS INFORMATION
The estimates of reserves and resources data and related information were prepared effective December 31, 2012 by independent qualified reserves evaluators ("IQREs") and are presented using McDaniel & Associates Consultants Ltd. ("McDaniel") January 1, 2013 price forecast. We hold significant fee title rights which generate production for our account from third parties leasing those lands. The before royalties volumes presented in the reserves reconciliation (i) do not include reserves associated with this production and (ii) the production differs from other publicly reported production as it includes Cenovus gas volumes provided to the FCCL Partnership for steam generation, but does not include royalty interest production.
Resources Terminology The estimates of bitumen contingent resources were prepared by McDaniel, an IQRE, based on the Canadian Oil and Gas Evaluation Handbook and in compliance with the requirements of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.
Barrels of Oil Equivalent Certain natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six Mcf to one bbl. BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead.
Finding and Development Costs Finding and development costs disclosed in this news release and used for calculating our recycle ratio do not include the change in estimated future development costs. Cenovus uses finding and development costs without changes in estimated future development costs as an indicator of relative performance to be consistent with the methodology accepted within the oil and gas industry.
Finding and development costs for proved reserves, excluding the effects of acquisitions and dispositions but including the change in estimated future development costs were $25.48/BOE for the year ended December 31, 2012, $13.99/BOE for the year ended December 31, 2011 and averaged $16.35/BOE for the three years ended December 31, 2012. Finding and development costs for proved plus probable reserves, excluding the effects of acquisitions and dispositions but including the change in estimated future development costs were $20.04/BOE for the year ended December 31, 2012, $10.69/BOE for the year ended December 31, 2011 and averaged $14.27/BOE for the three years ended December 31, 2012. These finding and development costs were calculated by dividing the sum of exploration costs, development costs and changes in future development costs in the particular period by the reserves additions (the sum of extensions and improved recovery, discoveries, technical revisions and economic factors) in that period. The aggregate of the exploration and development costs incurred in a particular period and the change during that period in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that period.
Net Asset Value With respect to the particular year being valued, the net asset value (NAV) disclosed herein is based on the number of issued and outstanding Cenovus shares as at December 31 as reported in our Annual Information Form and Form 40-F, plus the total dilutive effect of Cenovus shares related to stock option programs or other contracts as disclosed in the "Per Share Amounts" note to our annual Consolidated Financial Statements. We calculate NAV as an average of (i) our average trading price for the month of December, (ii) an average of net asset values published by external analysts in December following the announcement of our budget forecast, and (iii) an average of two net asset values based primarily on discounted cash flows of independently evaluated reserves, resources and refining data and using internal corporate costs, with one based on constant prices and costs and one based on forecast prices and costs.
This document contains certain forward-looking statements and other information (collectively "forward-looking information") about our current expectations, estimates and projections, made in light of our experience and perception of historical trends. Forward-looking information in this document is identified by words such as "anticipate", "believe", "expect", "plan", "forecast" or "F", "target", "project", "could", "focus", "vision", "goal", "proposed", "scheduled", "outlook", "potential", "may" or similar expressions and includes suggestions of future outcomes, including statements about our growth strategy and related schedules, projected future value or net asset value, forecast operating and financial results, planned capital expenditures, expected future production, including the timing, stability or growth thereof, expected future refining capacity, anticipated finding and development costs, expected reserves and contingent and prospective resources estimates, potential dividends and dividend growth strategy, anticipated timelines for future regulatory, partner or internal approvals, future impact of regulatory measures, forecasted commodity prices, future use and development of technology and projected increasing shareholder value. Readers are cautioned not to place undue reliance on forward-looking information as our actual results may differ materially from those expressed or implied.
Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally.
The factors or assumptions on which the forward-looking information is based include: assumptions inherent in our current guidance, available at www.cenovus.com; our projected capital investment levels, the flexibility of our capital spending plans and the associated source of funding; estimates of quantities of oil, bitumen, natural gas and liquids from properties and other sources not currently classified as proved; our ability to obtain necessary regulatory and partner approvals; the successful and timely implementation of capital projects or stages thereof; our ability to generate sufficient cash flow from operations to meet our current and future obligations; and other risks and uncertainties described from time to time in the filings we make with securities regulatory authorities.
The risk factors and uncertainties that could cause our actual results to differ materially, include: volatility of and assumptions regarding oil and gas prices; the effectiveness of our risk management program, including the impact of derivative financial instruments and the success of our hedging strategies; the accuracy of cost estimates; fluctuations in commodity prices, currency and interest rates; fluctuations in product supply and demand; market competition, including from alternative energy sources; risks inherent in our marketing operations, including credit risks; maintaining desirable ratios of debt to adjusted EBITDA as well as debt to capitalization; our ability to access various sources of debt and equity capital; accuracy of our reserves, resources and future production estimates; our ability to replace and expand oil and gas reserves; our ability to maintain our relationship with our partners and to successfully manage and operate our integrated heavy oil business; reliability of our assets; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; refining and marketing margins; potential failure of new products to achieve acceptance in the market; unexpected cost increases or technical difficulties in constructing or modifying manufacturing or refining facilities; unexpected difficulties in producing, transporting or refining of crude oil into petroleum and chemical products; risks associated with technology and its application to our business; the timing and the costs of well and pipeline construction; our ability to secure adequate product transportation; changes in the regulatory framework in any of the locations in which we operate, including changes to the regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations, or changes to the interpretation of such laws and regulations, as adopted or proposed, the impact thereof and the costs associated with compliance; the expected impact and timing of various accounting pronouncements, rule changes and standards on our business, our financial results and our consolidated financial statements; changes in the general economic, market and business conditions; the political and economic conditions in the countries in which we operate; the occurrence of unexpected events such as war, terrorist threats and the instability resulting therefrom; and risks associated with existing and potential future lawsuits and regulatory actions against us.
Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. For a full discussion of our material risk factors, see "Risk Factors" in our most recent Annual Information Form/Form 40-F, "Risk Management" in our current MD&A and risk factors described in other documents we file from time to time with securities regulatory authorities, all of which are available on SEDAR at www.sedar.com, EDGAR at www.sec.gov and our website at www.cenovus.com.
TM denotes a trademark of Cenovus Energy Inc.
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. Its enterprise value is approximately $30 billion. For more information, visit www.cenovus.com.
SOURCE Cenovus Energy Inc.
Video with caption: "Brian Ferguson speaks to Cenovus's 2012 earnings". Video available at: http://stream1.newswire.ca/cgi-bin/playback.cgi?file=20130214_C5352_VIDEO_EN_23733.mp4&posterurl=http://photos.newswire.ca/images/20130214_C5352_PHOTO_EN_23733.jpg&clientName=Cenovus%20Energy%20Inc%2E&caption=Brian%20Ferguson%20speaks%20to%20Cenovus%27s%202012%20earnings&title=CENOVUS%20ENERGY%20INC%2E%20%2D%20Brian%20Ferguson%20speaks%20to%20Cenovus%27s%202012%20earnings&headline=Cenovus%20total%20proved%20reserves%20up%2012%25%20to%202%2E2%20billion%20BOE
Image with caption: "Coker and refinery expansion (CORE) project at the Wood River Refinery, jointly owned by Cenovus and Phillips 66 (CNW Group/Cenovus Energy Inc.)". Image available at: http://photos.newswire.ca/images/download/20130214_C5352_PHOTO_EN_23727.jpg
Image with caption: "Well pad using steam-assisted gravity drainage (SAGD) at Cenovus's Foster Creek operation in northern Alberta (CNW Group/Cenovus Energy Inc.)". Image available at: http://photos.newswire.ca/images/download/20130214_C5352_PHOTO_EN_23728.jpg
Image with caption: "Cenovus's Foster Creek oil sands operation in northern Alberta (CNW Group/Cenovus Energy Inc.)". Image available at: http://photos.newswire.ca/images/download/20130214_C5352_PHOTO_EN_23726.jpg