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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 -
2015 Annual Report Mission
2015 annual report Mission Our mission is to facilitate innovation, collaborative research and technology development, demonstration and deployment for a responsible Canadian hydrocarbon energy industry. 2 Vision Our vision is to help Canada become a global hydrocarbon energy technology leader. PTAC Technology Areas Manage Environmental Impacts • Air Quality • Alternative Energy Improve Oil and Gas Recovery • Ecological • CO2 Enhanced Hydrocarbon Recovery • Emission Reduction / Eco-Efficiency • Coalbed Methane, Shale Gas, Tight Gas, Gas Hydrates, • Energy Efficiency and other Unconventional Gas • Resource Access • Conventional Heavy Oil, Cold Heavy Oil Production with • Soil and Groundwater Sands • Water • Conventional Oil and Gas Recovery • Wellsite Abandonment • Development of Arctic Resources • Development of Remote Resources Additional PTAC Technical Areas • Enhanced Heavy Oil Recovery • e-Business • Enhanced Oil and Gas Recovery • Genomics • Enhanced Oil Sands Recovery • Geomatics • Emerging Technologies to Recover Oil Sands from Deposits • Geosciences with Existing Zero Recovery • Health and Safety • Tight Oil, Shale Oil, and other Unconventional Oil • Instrumentation/Measurement • Nano Technology Reduce Capital, Operating, and G&A Costs • Operations • Automation • Photonics • Capital Cost Optimization • Production Engineering • Cost Reduction Using Emerging Drilling and Completion • Remote Sensing Technologies • Reservoir Engineering • Cost Reduction Using Surface Facilities • Security • Eco-Efficiency and Energy Efficiencyechnologies -
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. -
Q3 2020 Husky-MDA
MANAGEMENT’S DISCUSSION AND ANALYSIS October 29, 2020 Table of Contents 1.0 Summary of Quarterly Results 2.0 Business Overview 3.0 Business Environment 4.0 Results of Operations 5.0 Risk Management and Financial Risks 6.0 Liquidity and Capital Resources 7.0 Critical Accounting Estimates and Key Judgments 8.0 Recent Accounting Standards and Changes in Accounting Policies 9.0 Outstanding Share Data 10.0 Reader Advisories 1.0 Summary of Quarterly Results Three months ended Quarterly Summary Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sept. 30 Jun. 30 Mar. 31 Dec. 31 ($ millions, except where indicated) 2020 2020 2020 2019 2019 2019 2019 2018(1) Production (mboe/day) 258.4 246.5 298.9 311.3 294.8 268.4 285.2 304.3 Throughput (mbbls/day) 300.1 281.3 307.8 203.4 356.4 340.3 333.6 286.9 Gross revenues and Marketing and other(1) 3,379 2,408 4,113 4,921 5,373 5,321 4,610 5,042 Net earnings (loss) (7,081) (304) (1,705) (2,341) 273 370 328 216 Per share – Basic (7.05) (0.31) (1.71) (2.34) 0.26 0.36 0.32 0.21 Per share – Diluted (7.06) (0.31) (1.71) (2.34) 0.25 0.36 0.31 0.16 Cash flow – operating activities 79 (10) 355 866 800 760 545 1,313 Funds from operations(2) 148 18 25 469 1,021 802 959 583 Per share – Basic 0.15 0.02 0.02 0.47 1.02 0.80 0.95 0.58 Per share – Diluted 0.15 0.02 0.02 0.47 1.02 0.80 0.95 0.58 (1) Gross revenues and Marketing and other results reported for 2019 have been recast to reflect a change in reclassification of intersegment sales eliminations and a change in presentation of the Integrated Corridor and Offshore business units. -
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. -
Murphy-Oil-Corp-4Q-2020-Earnings
2020 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 28, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 0 Cautionary Statement & Investor Relations Contacts Cautionary Note to US Investors – The United States Securities and Exchange Commission (SEC) requires oil and natural gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this presentation, such as “resource”, “gross resource”, “recoverable resource”, “net risked PMEAN resource”, “recoverable oil”, “resource base”, “EUR” or “estimated ultimate recovery” and similar terms that the SEC’s rules prohibit us from including in filings with the SEC. The SEC permits the optional disclosure of probable and possible reserves in our filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Annual Report on Form 10-K filed with the SEC and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website. Forward-Looking Statements – This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. -
Widening the Circle Increasing Opportunities for Aboriginal People in the Workplace
Widening the circle Increasing opportunities for Aboriginal people in the workplace Deloitte’s Dialogue on Diversity Contents How can we increase opportunities for Aboriginal people in business? . 2 Just the facts . .4 What we learned - Begin with relationships . 6 Commit for the long term . .8 Bolster skills and education . 9 Review recruiting and hiring practices . .12 Foster cultural awareness . 15 Reach out to small business . 17 Prevent isolation . .18 Leverage goodwill . .19 Focus on retention . .19 Align programs . 21 Support Aboriginal businesses . .21 Break down myths and prejudices . 22 Tell a new story . .23 Top 10 best practices . .24 Why Dialogue on Diversity? . .25 The path from tolerance to acceptance to diversity to inclusion is a long one. Widening the circle 1 How can we increase opportunities for Aboriginal people in business? Recognizing that Aboriginal people make up the As more Aboriginal people attain higher- fastest-growing segment of Canada’s labour force level education, it is important that Canadian – with a sizeable under-25 population eager to employers provide them with a fair and fulfill its potential – Deloitte chose to make equal chance at a wide range of careers and “creating connections” between this group and advancement opportunities . By including business the focus of our Dialogue on Diversity . Aboriginal people in their talent pools, employers The dialogues, held in nine locations from can take advantage of the new perspectives that Vancouver to St . John’s, began on May 3 and often lead to innovation and improved business wrapped up on June 14, 2012 . We listened and results, while demonstrating leadership for other learned from passionate, proactive speakers who businesses . -
BMO Growth GIC Reference Portfolio
BMO® Growth GIC December 2011 - Series 56 Term 4 Years 100% Principal Protected Minimum Investment $1000 Maximum Rate of Return for the Term 17.00% (4.25% annually*) This medium term GIC allows you to participate in the growth This GIC may be right for you if you: of Canadian stocks with no risk to your principal investment. It are looking to diversify your portfolio with a medium term offers the potential to generate returns based on the investment peformance of a basket of 15 large Canadian companies. would like principal protection Reference Portfolio are willing to forego a guaranteed return for the potential to earn higher market-linked returns Company can keep your money invested until the end of the term Royal Bank of Canada (RY) Manulife Financial Corp. (MFC) Bank of Nova Scotia (The) (BNS) This GIC is an excellent way for you to gain access to the Toronto-Dominion Bank (The) (TD) returns on a portfolio of 15 large Canadian companies with the Canadian Imperial Bank of Commerce (CM) security of principal protection. Thomson Reuters (TRI) Principal protection - 100% of your original investment is returned to you at maturity Sun Life Financial Inc. (SLF) Manitoba Telecom Inc. (MBT) Higher return potential based on the performance of a portfolio of Canadian stocks Brookfield Asset Management, Class A (BAM.A) ® TransCanada Corp. (TRP) Designed in partnership with BMO Capital Markets , a market leader in creating innovative investment solutions Power Financial Corp. (PWF) Enbridge Inc. (ENB) Guaranteed by Bank of Montreal National Bank of Canada (NA) Eligible for Canada Deposit Insurance Corporation (CDIC) Teck Resources Ltd., Class B (TCK.B) deposit insurance up to applicable limits CI Financial Corp. -
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.