- Cenovus Energy Inc (NYSE:CVE) (TSX:CVE) reported a first-quarter basic EPS of C$0.81 compared to C$0.10 in 1Q21.
- Q1 total revenues increased to C$16.2 billion from C$13.7 billion in the previous quarter, driven by higher average realized sales prices for the company's products across the Upstream and Downstream businesses.
- The total operating margin was C$3.5 billion, compared with C$2.6 billion in Q4.
- The Canadian Manufacturing segment had crude utilization of 89% and throughput of 98,100 bbls/d, compared with 98% and 108,300 bbls/d in Q4.
- In the U.S. Manufacturing segment, crude utilization of 80% and throughput of 403,700 bbls/d were both up from 72% and 361,600 bbls/d in Q4.
- Total upstream production of ~800,000 barrels of oil equivalent per day (BOE/d).Total downstream throughput of 502,000 barrels per day (bbls/d).
- Cenovus Energy reported C$1.4 billion cash from operating activities, C$2.6 billion adjusted funds flow, and C$1.8 billion free funds flow.
- CVE reduced total long-term debt to C$11.7 billion and net debt to C$8.4 billion as of March 31, 2022. It expects to reach its interim net debt target of below C$8 billion imminently.
- The company's Board of Directors approved tripling the base dividend starting with Q2 and a plan for additional increases to shareholder returns. The base dividend will increase from C$0.14 to C$0.42 per share annually.
- Cenovus will target to return 50% of quarterly excess free funds flow to shareholders when reported net debt is less than C$9 billion.
- Dividend: The Board declared a dividend of C$0.105 per share, payable on June 30, 2022, to common shareholders of record as of June 15, 2022.
- Price Action: CVE shares are trading higher by 10.15% at C$23.18 on TSX and higher by 10.11% at $18.14 on NYSE on the last check Wednesday.
