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Dec 31, 2024
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Cenovus Q4 2024 Earnings Report
Cenovus Q4 2024 Earnings Report
Key Takeaways
Cenovus Energy reported total revenue of $12.8 billion in Q4 2024, a decrease from the previous quarter due to lower commodity prices. The company recorded net earnings of $146 million, a sharp decline from Q3, impacted by weaker refining margins. Total upstream production reached 816,000 BOE/d, a quarterly record for Oil Sands at 628,500 BOE/d. Cenovus returned $706 million to shareholders through dividends and share repurchases.
Total revenue of $12.8 billion, down from $13.8 billion in Q3 2024.
Net earnings of $146 million, significantly lower than $820 million in the prior quarter.
Total upstream production of 816,000 BOE/d, with record Oil Sands production.
Returned $706 million to shareholders via dividends and buybacks.
Cenovus
Cenovus
Cenovus Revenue by Segment
Cenovus Revenue by Geographic Location
Revenue by Segment
Upstream Revenue
CapyFin.comDownstream Revenue
CapyFin.comRevenue by Geographic Location
Canada Revenue
CapyFin.comUnited States Revenue
CapyFin.com Forward Guidance
Cenovus aims to focus on operational execution while advancing key growth projects. Management is prioritizing cost efficiency and shareholder returns.
Positive Outlook
- Continued strong Oil Sands production expected in 2025.
- Refining reliability and cost efficiencies are improving.
- Ongoing execution of key upstream projects to drive future growth.
- Planned reduction in net debt to $4.0 billion over time.
- Commitment to returning 100% of excess free funds flow to shareholders.
Challenges Ahead
- Lower refining crack spreads impacting downstream earnings.
- Seasonal weakness in commodity pricing may persist.
- Higher depreciation and foreign exchange losses affected FY earnings.
- Ongoing maintenance activities could impact production volumes.
- Market volatility continues to be a risk for revenue stability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income