2021 Form 8-K Combined News Release
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Cenovus Reports Second-Quarter 2020 Results Company Captures Value by Leveraging Flexibility of Its Operations Calgary, Alberta (July 23, 2020) – Cenovus Energy Inc
Cenovus reports second-quarter 2020 results Company captures value by leveraging flexibility of its operations Calgary, Alberta (July 23, 2020) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) remained focused on financial resilience in the second quarter of 2020 and used the flexibility of its assets and marketing strategy to adapt quickly to the changing external environment. This positioned the company to weather the sharp decline in benchmark crude oil prices in April by reducing volumes at its oil sands operations and storing the mobilized oil in its reservoirs for production in an improved price environment. While Cenovus’s financial results were impacted by the weak prices early in the quarter, the company captured value by quickly ramping up production when Western Canadian Select (WCS) prices increased almost tenfold from April to an average of C$46.03 per barrel (bbl) in June. As a result of this decision, Cenovus reached record volumes at its Christina Lake oil sands project in June and achieved free funds flow for the month of more than $290 million. “We view the second quarter as a period of transition, with April as the low point of the downturn and the first signs of recovery taking hold in May and June,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “That said, we expect the commodity price environment to remain volatile for some time. We believe the flexibility of our assets and our low cost structure position us to withstand a continued period of low prices if necessary. And we’re ready to play a significant -
Cenovus Energy Inc. (CVE) – Quality and Growth for the Patient Investor
Portfolio Advisory Group Cenovus Energy Inc. (CVE) – Quality and Growth For The Patient Investor Cenovus was created through the split of Calgary-based Primer on the Oil Sands and energy company EnCana into two separate organizations in late 2009. As a result of this split, many Canadian Steam-Assisted-Gravity-Drainage investors found themselves holding two very different (SAGD) investments: a pure-play natural gas company (EnCana) Including the oil sands, Canada’s oil reserves are the and an integrated oil & gas company (Cenovus). This second largest in the world. Oil sands are composed document aims to provide some insight into the nature primarily of sand, clay, bitumen and water. Bitumen and long-term potential of Cenovus. is the product of oil sands production – a thick oil Cenovus owns oil sands projects that have a tremendous embedded in sand. growth profile over the next decade and are widely Recovery of bitumen is typically achieved by one of viewed as some of the highest-quality assets in the two methods: mining in open pits or drilling. Bitumen industry. However, since inception, the shares of extraction using drilling is referred to as in situ recovery, Cenovus have largely traded within a range. One reason and is generally used for reservoirs that are too deep for is that the company has made a trade-off between near- surface mining techniques to work economically. It is term and future production by drawing cash flows from estimated that approximately 80% of the total bitumen its natural gas business to fund growth in its oil sands recoverable in Alberta can only be produced with in business. -
Initial Project Description Summary
SUNCOR ENERGY INC. Base Mine Extension INITIAL PROJECT DESCRIPTION SUMMARY February 2020 SUNCOR ENERGY INC. Base Mine Extension - Initial Project Description Summary February 2020 This Page Intentionally Left Blank SUNCOR ENERGY INC. Base Mine Extension - Initial Project Description Summary February 2020 EXECUTIVE SUMMARY Suncor Energy Inc. (Suncor) is submitting a proposal to develop the Base Mine Extension Project (the Project). All plausible pathways to address global emissions need energy from fossil fuels and Suncor views Canada’s world class, strategic oil sands resource as a key part of the energy future for decades to come. Commensurate with Canada’s ambitions, Suncor is committed to a long-term strategy of reducing absolute emissions. With the innovation we are known for, Suncor can provide the world with trusted low carbon energy. Suncor has invested billions of dollars in infrastructure that produces value added products to meet the energy needs of Albertans and Canadians. This Project is necessary to continue to add value with this infrastructure. The bitumen from this project will be used to supply the existing upgraders at Suncor’s Oil Sands Base Plant operations (Base Plant), when the existing mines are depleted. The Project is adjacent to Base Plant and includes an open pit mining operation and extraction facilities. Production is expected to be nominally 225 thousand barrels per day of replacement bitumen during its estimated 25-year operational life. The Project application will be based on best-available technology. In parallel, Suncor is developing new technologies, such as non-aqueous extraction. These new technologies have the potential to significantly reduce the overall footprint, reclamation timeline, and GHG emissions of mining and will be incorporated as appropriate. -
Cenovus Completes Acquisition of Assets in Western Canada from Conocophillips
Cenovus completes acquisition of assets in Western Canada from ConocoPhillips Calgary, Alberta (May 17, 2017) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has closed its previously announced purchase of assets in Western Canada from ConocoPhillips after receiving all necessary regulatory approvals for the transaction. The acquired assets include ConocoPhillips’ 50% interest in the FCCL Partnership, the oil sands venture which was jointly owned with and operated by Cenovus, as well as the majority of ConocoPhillips’ Deep Basin conventional assets in Alberta and British Columbia. “With the completion of this transformational deal, we now have full control of our best-in- class oil sands projects and an exciting new growth platform in the Deep Basin that provides us with significant short-cycle development opportunities to complement our long-term oil sands growth portfolio,” said Brian Ferguson, Cenovus President & Chief Executive Officer. “As a result of this transaction, we’ve now doubled our production and reserves base.” In the coming months, Cenovus will remain firmly focused on: • Continuing to safely and reliably operate all of its assets • Efficiently integrating the Deep Basin assets and staff into the company • Deleveraging its balance sheet, including using the proceeds of planned divestitures, such as the sale of the company’s Pelican Lake and Suffield assets, which are currently being marketed. Cenovus intends to provide an update on its investment plans for its consolidated oil sands business and newly acquired Deep Basin -
Suncor Q3 2020 Investor Relations Supplemental Information Package
SUNCOR ENERGY Investor Information SUPPLEMENTAL Published October 28, 2020 SUNCOR ENERGY Table of Contents 1. Energy Sources 2. Processing, Infrastructure & Logistics 3. Consumer Channels 4. Sustainability 5. Technology Development 6. Integrated Model Calculation 7. Glossary SUNCOR ENERGY 2 SUNCOR ENERGY EnergyAppendix Sources 3 202003- 038 Oil Sands Energy Sources *All values net to Suncor In Situ Mining Firebag Base Plant 215,000 bpd capacity 350,000 bpd capacity Suncor WI 100% Suncor WI 100% 2,603 mmbbls 2P reserves1 1,350 mmbbls 2P reserves1 Note: Millennium and North Steepank Mines do not supply full 350,000 bpd of capacity as significant in-situ volumes are sent through Base Plant MacKay River Syncrude 38,000 bpd capacity Syncrude operated Suncor WI 100% 205,600 bpd net coking capacity 501 mmbbls 2P reserves1 Suncor WI 58.74% 1,217 mmbbls 2P reserves1 Future opportunities Fort Hills ES-SAGD Firebag Expansion Suncor operated Lewis (SU WI 100%) 105,000 bpd net capacity Meadow Creek (SU WI 75%) Suncor WI 54.11% 1,365 mmbbls 2P reserves1 First oil achieved in January 2018 SUNCOR ENERGY 1 See Slide Notes and Advisories. 4 1 Regional synergy opportunities for existing assets Crude logistics Upgrader feedstock optionality from multiple oil sands assets Crude feedstock optionality for Edmonton refinery Supply chain Sparing, warehousing & supply chain management Consolidation of regional contracts (lodging, busing, flights, etc.) Operational optimizations Unplanned outage impact mitigations In Situ Turnaround planning optimization Process -
Q4 News Release
Q4 News Release Calgary, February 2, 2021 TSE: IMO, NYSE American: IMO Imperial announces fourth quarter 2020 financial and operating results Fourth quarter net loss of $1,146 million, which includes a non-cash impairment charge of $1,171 million Cash generated from operations in the fourth quarter of $316 million, which includes unfavourable working capital effects of $218 million Highest quarterly upstream production in 30 years, driven by record production at Kearl Exceeded full-year cost reduction targets, with production and manufacturing expenses down $985 million from 2019, representing a savings of 15 percent compared to 2019 Full-year capital expenditures of $874 million, in line with the company’s most recent guidance, and less than half of 2019 expenditures Maintained dividend throughout the year, returning over $900 million to shareholders through dividends and share purchases in 2020 Fourth quarter Twelve months millions of Canadian dollars, unless noted 2020 2019 ∆I 2020 2019 ∆I Net income (loss) (U.S. GAAP) (1,146) 271 -1,417 (1,857) 2,200 -4,057 Net income (loss) per common share, assuming dilution (dollars) (1.56) 0.36 -1.92 (2.53) 2.88 -5.41 Capital and exploration expenditures 195 414 -219 874 1,814 -940 “The past year has proved an exceptionally challenging one, not only for the company and our employees, but society at-large,” said Brad Corson, chairman, president and chief executive officer. “Against significant headwinds, Imperial’s operational performance and cost management efforts have exceeded expectations. We set aggressive targets for capital and expense reductions in the first quarter of 2020, and we surpassed those targets. -
Suncor Energy – Investor Presentation 2019 Q1
INVESTOR INFORMATION Q1 2019 Published May 1, 2019 2 Canada’s leading integrated energy company $85B ~940 mbpd ~600 mbpd 28+ years ~460 mbpd ~1750 1 Oil production Heavy upgrading 2P Reserve life Refining nameplate Enterprise value Retail sites4 As at March 31, 2019 nameplate capacity2 nameplate capacity2 index3 capacity2 1, 2, 3, 4 See Slide Notes and Advisories 3 Suncor – A resilient business focused on shareholder returns Cash flow growth Cash generation Strong potential FFO1 increase largely independent of market conditions Significant upside FFO1 sensitivity to WTI, based on TTM5 actuals US$62.80 WTI, 0.76 C$/US$, US$18.00 NYH 3-2-1 crack spread 2 (C$ billion) ~5% CAGR (Based on 2019 price guidance) $16 $14 TTM average production 750 mbbls/d $12 Debottlenecks, $10 cost reductions $8 Fort Hills, and margin Syncrude, improvements $6 and Hebron $4 $5.5B Sustaining capital6 + dividend $2 $2.8B Sustaining capital6 $0 2018 FFO1 Production Free funds flow 2023E FFO1 $60 $63 $70 $75 $80 growth 3 growth4 TTM WTI ($USD) Shareholder returns Resilience Commitment to reliable returns through the commodity cycles Managing the balance sheet as a strategic asset Dividend per share7 Liquidity Buyback per share7,8,9 Anticipated buyback per share7,9 7% $5.3B $1.9B cash and $3.4B in available lines of credit Dividend + buyback yield As at March 31, 2019 — 5% 5% A low Credit rating 1.88 Investment grade 0.85 DBRS (A Low) Stable, S&P(A-) stable, Moody’s (Baa1) Stable 1.14 3% 3% Baa1 WTI FFO Break-Even10 (USD) 1.02 1.14 1.16 1.28 1.44 1.68 ~$45 Sustaining capital6 + dividend 2014 2015 2016 2017 2018 2019E 2019 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 See Slide Notes and Advisories. -
Canadian Crude Oil at Record Discount
Canadian crude oil at record discount Hilliard MacBeth Hilliard’s Weekend Notebook – Friday October 19, 2018 Richardson GMP World oil prices are at cycle highs recently with the benchmark Brent at US$80 and 10180 101 Street, Suite 3360 the North American West Texas Intermediate (WTI) at US$70. Edmonton, AB T5J 3S4 Tel. 1.780.409.7735 But in Canada, the Western Canada Select (WCS) price is below US$20. Fax 780.409.7777 www.TheMacBethGroup.com This gap of US$50 to WTI is shocking. Hilliard MacBeth Will the price for a key Canadian energy export recover soon enough to save the Director, Wealth Management industry? Portfolio Manager Tel. 780.409.7740 Source: Bloomberg Rising production from oil sands along with a lack of pipeline capacity to move that product to the US market gets the blame for this extremely low price. On October 12, the price for WCS fell to US$15.97, as of yesterday the price has returned to US$19.75. Source: OilPrice.com One solution that should have been in place by now is the Keystone XL pipeline that was approved years ago but keeps hitting new roadblocks. This pipeline is the 4th phase of an existing pipeline system that moves crude to the US refineries that are well-suited to handle Alberta’s heavy crude. The new XL phase would handle an additional 830,000 barrels per day but won’t be on line until 2021, if it goes ahead. Nebraska’s highest court has yet to rule on another legal challenge to the route. -
Imperial Standard: Imperial Oil, Exxon, and the Canadian Oil Industry from 1880
University of Calgary PRISM: University of Calgary's Digital Repository University of Calgary Press University of Calgary Press Open Access Books 2019-04 Imperial Standard: Imperial Oil, Exxon, and the Canadian Oil Industry from 1880 Taylor, Graham D. University of Calgary Press Taylor, G. D. (2019). Imperial Standard: Imperial Oil, Exxon, and the Canadian Oil Industry from 1880. "University of Calgary Press". http://hdl.handle.net/1880/110195 book https://creativecommons.org/licenses/by-nc-nd/4.0 Downloaded from PRISM: https://prism.ucalgary.ca IMPERIAL STANDARD: Imperial Oil, Exxon, and the Canadian Oil Industry from 1880 Graham D. Taylor ISBN 978-1-77385-036-8 THIS BOOK IS AN OPEN ACCESS E-BOOK. It is an electronic version of a book that can be purchased in physical form through any bookseller or on-line retailer, or from our distributors. Please support this open access publication by requesting that your university purchase a print copy of this book, or by purchasing a copy yourself. If you have any questions, please contact us at [email protected] Cover Art: The artwork on the cover of this book is not open access and falls under traditional copyright provisions; it cannot be reproduced in any way without written permission of the artists and their agents. The cover can be displayed as a complete cover image for the purposes of publicizing this work, but the artwork cannot be extracted from the context of the cover of this specific work without breaching the artist’s copyright. COPYRIGHT NOTICE: This open-access work is published under a Creative Commons licence. -
Suncor Energy Announces Successful Acquisition of 72.9% of Canadian Oil Sands Shares
News Release FOR IMMEDIATE RELEASE Suncor Energy announces successful acquisition of 72.9% of Canadian Oil Sands shares (All dollar amounts referenced are in Canadian dollars) Calgary, Alberta (Feb. 5, 2016) – Suncor announced today that approximately 72.9 per cent of Canadian Oil Sands shares (“COS”) equating to 353,307,264 common shares and accompanying rights have been tendered to Suncor's Offer. Suncor will take up all tendered shares and those shares will be paid for in accordance with the terms of the Offer, initially made October 5, 2015 and most recently amended January 22, 2016. All shares tendered were held by "Independent Shareholders" as such term is defined by the COS shareholder rights plan dated December 31, 2010 as amended April 30, 2013 (the “COS Rights Plan”). “We’re pleased with the strong level of support from COS shareholders,” said Steve Williams, president and chief executive officer. “From the outset, we’ve spoken about the excellent value this offer creates for both COS and Suncor shareholders and I’m looking forward to delivering on that commitment.” In accordance with the "Permitted Bid" requirements of the COS Rights Plan and the terms of the Offer, Suncor has extended its Offer to Monday, February 22, 2016 at 5:00 p.m. MT (7:00 p.m. ET) so that COS shareholders who have not yet tendered their shares can do so. Further extensions beyond February 22, 2016 are not anticipated. COS shareholders who tendered to the Offer will receive 0.28 of a common share of Suncor for each share, which will be paid in accordance with the terms of the Offer. -
Delivering Project Certainty in Downstream Oil &
Delivering project certainty in downstream oil & gas Oil & Gas A global economy, Our global new technology, better expertise quality products and improved access to energy worldwide is driving revamps and debottlenecking of REPRESENTS SOME 20,000 existing brownfeld and PROFESSIONALS development of new IN OIL & GAS WHO HAVE WORKED IN greenfeld facilities. Our experts are well positioned to 60 support, facilitate and further enhance COUNTRIES these developments. The SNC-Lavalin advantage Proven Downstream Capabilities Technology Neutral With over 100 years’ experience and 20,000 professionals in oil Through our global relationships with all major technology and gas, we offer client-focused, end-to-end engineering and licensors and working with the client at concept stage to construction solutions across upstream, midstream and determine the best technology solutions for each project, we have downstream projects to many of the world’s leading energy the ability to deliver the most effcient and optimized solution for companies. We are recognized globally for our agile and responsive each project. approach, delivering world-leading energy projects safely, on time and on budget. Work Share and High-Value Engineering Center Safety We have developed one of the most advanced centers for We are a safety leader with one of the best safety records in the engineering work share in India, with a focus on investing in the industry. Our vision is to deliver a workplace where no one gets best tools and data processing capabilities and a team that has hurt and everyone goes home safe. In 2017, we completed over 58 delivered hundreds of projects all over the world, together with our million person-hours, with a total recordable incident frequency operation centers on every continent. -
2020 Annual Financial Statements and Management Discussion and Analysis Cover Photo: Strathcona Refinery’S Cogeneration Unit, Completed in 2020
2020 annual financial statements and management discussion and analysis Cover photo: Strathcona refinery’s cogeneration unit, completed in 2020. Producing 41 megawatts of power, about 80% of the refinery’s electricity. Reducing greenhouse gas emissions by approximately 112,000 tonnes per year, equivalent to taking nearly 24,000 vehicles off the road annually. Highlighting Imperial’s commitment to investing in sustainability and reducing emissions. Annual financial statements and management's discussion and analysis of financial condition and operating results For the year ended December 31, 2020 The following annual financial statements and management’s discussion and analysis should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2020. Reference to Item 1A. “Risk factors” and specific page numbers in this document indicate the section and page numbers found in the company’s annual report on Form 10-K. The company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to these reports are available online at www.sedar.com, www.sec.gov and the company’s website www.imperialoil.ca. Unless the context otherwise indicates, reference to the “company” or “Imperial” includes Imperial Oil Limited and its subsidiaries, and reference to ExxonMobil includes Exxon Mobil Corporation and its affiliates, as appropriate. All dollar amounts set forth in this report are in Canadian dollars, except where otherwise indicated. Note that numbers may not add due to rounding. Forward-looking statements Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements.