The earnings call presented a strong performance in safety and production growth in the Oil Sands segment, increased crude throughput in Downstream, significant shareholder returns, and successful completion of major project milestones. However, the Downstream segment faced challenges with operating margin shortfalls and a decline in crack spreads, along with an increase in net debt due to currency fluctuations and inventory build. Despite these challenges, the achievements and strategic milestones suggest a positive outlook for the company.

Company Guidance

During Cenovus Energy's 2024 year-end and fourth-quarter results conference call, the company reported significant operational and financial achievements. Notably, Cenovus achieved a 44% reduction in Tier 1 and Tier 2 process safety events and a 23% decrease in lost time injuries compared to 2023. Production increased by approximately 2.5% from 779,000 boe per day in 2023 to 797,000 boe per day in 2024, with the Oil Sands segment reaching 610,700 boe per day, a 3% year-over-year increase. The company's U.S. Refining throughput rose by nearly 100,000 barrels per day to 556,000 barrels per day, achieving a 91% utilization rate, while Canadian Refining throughput reached 104,000 barrels per day, with a 97% utilization rate. Financially, Cenovus generated over CAD8 billion in adjusted funds flow and returned about CAD3.2 billion to shareholders through dividends and share repurchases. The fourth-quarter results included a CAD2.3 billion operating margin and CAD1.6 billion in adjusted funds flow. The company met its CAD4 billion net debt target and plans to focus on sustaining capital projects with a capital investment budget of CAD4.6 to CAD5 billion for 2025, aiming for a 3% growth in production and improved downstream performance.

Best-Ever Process Safety Performance

Cenovus achieved its best-ever process safety performance with a 44% reduction in Tier 1 and Tier 2 process safety events compared to 2023, and a 23% decrease in lost time injuries.

Oil Sands Segment Production Growth

Production in the Oil Sands segment increased by about 3% year-over-year to 610,700 boe per day, contributing to overall production growth.

Increased Crude Throughput in Downstream

Crude throughput increased by 87,000 barrels per day year-over-year to 647,000 barrels per day in 2024, with U.S. Refining throughput increasing by nearly 100,000 barrels per day.

Significant Return to Shareholders

Cenovus returned about CAD3.2 billion to shareholders through dividends, share repurchases, and redemption of preferred shares in 2024.

Achievement of Net Debt Target

Cenovus achieved its CAD4 billion net debt target in 2024, allowing the company to pay out 100% of excess free funds flow.

Major Project Milestones Achieved

Mechanical completion of the Narrows Lake pipeline was reached, and significant progress was made on the West White Rose and Foster Creek optimization projects.

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Cenovus Energy (TSE:CVE) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:CVE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 30, 2025	2025 (Q1)	0.50 / -	0.62	―	―	―
Feb 20, 2025	2024 (Q4)	0.23 / 0.07	0.39	-82.05% (-0.32)
Oct 31, 2024	2024 (Q3)	0.44 / 0.42	0.97	-56.70% (-0.55)
Aug 01, 2024	2024 (Q2)	0.67 / 0.53	0.44	20.45% (+0.09)
May 01, 2024	2024 (Q1)	0.51 / 0.62	0.32	93.75% (+0.30)
Feb 15, 2024	2023 (Q4)	0.34 / 0.39	0.39	0.00% (0.00)
Nov 02, 2023	2023 (Q3)	0.95 / 0.97	0.81	19.75% (+0.16)
Jul 27, 2023	2023 (Q2)	0.40 / 0.44	1.19	-63.03% (-0.75)
Apr 26, 2023	2023 (Q1)	0.26 / 0.32	0.79	-59.49% (-0.47)
Feb 16, 2023	2022 (Q4)	0.63 / 0.39	-0.21	285.71% (+0.60)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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TSE:CVE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 20, 2025	C$22.27	C$21.65	-2.78%
Oct 31, 2024	C$22.98	C$22.20	-3.41%
Aug 01, 2024	C$27.36	C$25.74	-5.93%
May 01, 2024	C$27.48	C$27.20	-1.03%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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