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4	4
5		-Summary
	5	+= Summary =
6	6
7		-Cenovus Energy is a Canadian-based integrated energy company headquartered in Calgary
	7	+* Cenovus Energy is a Canadian-based integrated energy company headquartered in Calgary
	8	+* The company operate in Canada, the United States and the Asia Pacific region
	9	+* Its's  operations include oil sands projects in northern Alberta, thermal and conventional crude oil and natural gas projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia.
	10	+* Cenovus markets crude oil, natural gas, natural gas liquids, asphalt, petroleum coke and sulphu
	11	+* On January 1, 2021 Cenovus Energy acquired Husky Energy
8	8
9		-The company operate in Canada, the United States and the Asia Pacific region
10	10
11		-Its's  operations include oil sands projects in northern Alberta, thermal and conventional crude oil and natural gas projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia.
	14	+[[image:CVE0.jpg]]
12	12
13		-Cenovus markets crude oil, natural gas, natural gas liquids, asphalt, petroleum coke and sulphu
14	14
15		-On January 1, 2021 Cenovus Energy acquired Husky Energy
	17	+= Company Overview =
16	16
	19	+Cenovus Energy (NYSE:CVE, TSX:CVE) is a Canadian-based integrated energy company headquartered in Calgary. The company committed to maximizing value by sustainably developing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans.{{footnote}}https://www.cenovus.com/about/{{/footnote}}
17	17
18		-Company Overview
19	19
20		-Cenovus Energy is a Canadian-based integrated energy company headquartered in Calgary. The company committed to maximizing value by sustainably developing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans.
	22	+[[image:CVE1.jpg]]
21	21
22		-[[https:~~/~~/www.cenovus.com/about/>>url:https://www.cenovus.com/about/]]
23	23
24		-
25	25	The company operate in Canada, the United States and the Asia Pacific region. The company's operations include oil sands projects in northern Alberta, thermal and conventional crude oil and natural gas projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia. Cenovus’s downstream operations include upgrading, refining and marketing operations in Canada and the United States.
26	26
27	27
...	...	@@ -28,84 +28,69 @@
28	28	On January 1, 2021 Cenovus Energy acquired Husky Energy. The combined company is the third largest Canadian oil and natural gas producer and the second largest Canadian-based refiner and upgrader.
29	29
30	30
	31	+[[image:CVE2.jpg]]
31	31
32		-Products
33	33
34		-Cenovus markets crude oil, natural gas, natural gas liquids, asphalt, petroleum coke and sulphur. It markets and distributes gasoline, diesel, jet fuel, asphalt, lubricants and ancillary products.
	34	+== Products ==
35	35
36		-[[https:~~/~~/www.cenovus.com/operations/products.html>>url:https://www.cenovus.com/operations/products.html]]
	36	+Cenovus markets crude oil, natural gas, natural gas liquids, asphalt, petroleum coke and sulphur. It markets and distributes gasoline, diesel, jet fuel, asphalt, lubricants and ancillary products.{{footnote}}https://www.cenovus.com/operations/products.html{{/footnote}}
37	37
38		-.
	38	+* Asphalt
	39	+* Crude oil
	40	+* Dried distillers grain with solubles
	41	+* Drilling and completion fluids
	42	+* Ethanol
	43	+* Gasoline
	44	+* Lubricants
	45	+* Heavy fuel oil and bunker fuels
	46	+* Mining applications
	47	+* Cavern development
	48	+* Natural gas liquids (NGLs)
	49	+* Natural gas
	50	+* Petroleum coke
	51	+* Refinery feedstocks
	52	+* Sulphur
39	39
40		-Asphalt
41	41
42		-Crude oil
	55	+[[image:CVE3.jpg]]
43	43
44		-Dried distillers grain with solubles
45	45
46		-Drilling and completion fluids
	58	+== Operations ==
47	47
48		-Ethanol
	60	+On January 1, 2021 Cenovus Energy acquired Husky Energy. The combined company is the third largest Canadian oil and natural gas producer, the second largest Canadian-based refiner and upgrader, and unites high-quality and low-cost oil sands and heavy oil assets with extensive midstream and downstream infrastructure.{{footnote}}https://www.cenovus.com/operations/{{/footnote}}
49	49
50		-Gasoline
51	51
52		-Lubricants
	63	+**Conventional**
53	53
54		-Heavy fuel oil and bunker fuels
55		-
56		-Mining applications
57		-
58		-Cavern development
59		-
60		-Natural gas liquids (NGLs)
61		-
62		-Natural gas
63		-
64		-Petroleum coke
65		-
66		-Refinery feedstocks
67		-
68		-Sulphur
69		-
70		-
71		-Operations
72		-
73		-
74		-On January 1, 2021 Cenovus Energy acquired Husky Energy. The combined company is the third largest Canadian oil and natural gas producer, the second largest Canadian-based refiner and upgrader, and unites high-quality and low-cost oil sands and heavy oil assets with extensive midstream and downstream infrastructure.
75		-
76		-[[https:~~/~~/www.cenovus.com/operations/>>url:https://www.cenovus.com/operations/]]
77		-
78		-Conventional
79		-
80	80	Cenovus Energy has conventional oil and natural gas assets across Alberta and northeastern British Columbia.
81	81
82	82
83		-Heavy oil
	68	+**Heavy oil**
84	84
85	85	The majority of its thermal heavy oil assets are located in Saskatchewan and Alberta.
86	86
87	87
88		-Offshore
	73	+**Offshore**
89	89
90	90	Learn about its oil and natural gas production offshore in the Asia Pacific region and Canada’s East Coast.
91	91
92	92
93		-Oil sands
	78	+**Oil sands**
94	94
95	95	Read about its four oil sands projects and plans for future development.
96	96
97	97
98		-The company's value chain
	83	+**The company's value chain**
99	99
100	100	The company develop, transport, produce and market crude oil and natural gas.
101	101
102	102
103		-Upgrading & refining
	88	+**Upgrading & refining**
104	104
105	105	Learn about its upgrader and refineries in Canada and the U.S.
106	106
107	107
108		-Oil sands
	93	+**Oil sands**
109	109
110	110	We’ve been operating in Alberta’s oil sands for more than two decades. All of its oil sands projects use a drilling method called steam-assisted gravity drainage or SAGD for short. Cenovus Energy has no mining assets, no tailings ponds and no megaprojects.
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...	...	@@ -115,78 +115,119 @@
115	115
116	116	The company use a repeatable, manufacturing approach to build these projects, and the company develop them in phases — allowing it to learn and adapt from one phase to the next. Each successive phase benefits from improved technology that results in operational efficiencies and a reduced environmental footprint.
117	117
	103	+* Christina Lake
	104	+* Foster Creek
	105	+* Sunrise
118	118
119		-Christina Lake
120	120
121		-Foster Creek
	108	+**Offshore**
122	122
123		-Sunrise
	110	+Cenovus Energy has operations and exploration prospects offshore in the Asia Pacific region and Newfoundland and Labrador.
124	124
	112	+* China
	113	+* Indonesia
	114	+* Atlantic
125	125
126		-Offshore
127	127
128		-Offshore
	117	+[[image:CVE4.png]]
129	129
130		-Cenovus Energy has operations and exploration prospects offshore in the Asia Pacific region and Newfoundland and Labrador.
131	131
	120	+== Oil and Gas Reserves ==
132	132
133		-China
	122	+(% style="width:864px" %)
	123	+|(% style="width:226px" %)(((
	124	+**As at December 31, 2021**
134	134
135		-Indonesia
	126	+**(before royalties)**
	127	+)))|(% style="width:101px" %)(((
	128	+**Bitumen**
136	136
137		-Atlantic
	130	+**(MMbbls)**
	131	+)))|(% style="width:136px" %)(((
	132	+**Light and**
138	138
139		-<map>
	134	+**Medium Oil**
140	140
	136	+**(MMbbls)**
	137	+)))|(% style="width:109px" %)(((
	138	+**NGLs**
141	141
142		-Oil and gas reservse
	140	+**(MMbbls)**
	141	+)))|(% style="width:156px" %)(((
	142	+**Conventional**
143	143
144		-<table>
	144	+**Natural Gas**
145	145
	146	+**(Bcf)**
	147	+)))|(% style="width:133px" %)(((
	148	+**Total**
146	146
147		-Financial Highlights
	150	+**(MMBOE)**
	151	+)))
	152	+|(% style="width:226px" %)**Total Proved**|(% style="width:101px" %)5,573|(% style="width:136px" %)45|(% style="width:109px" %)89|(% style="width:156px" %)2,219|(% style="width:133px" %)6,077
	153	+|(% style="width:226px" %)**Probable**|(% style="width:101px" %)1,850|(% style="width:136px" %)152|(% style="width:109px" %)39|(% style="width:156px" %)959|(% style="width:133px" %)2,201
	154	+|(% style="width:226px" %)**Total Proved Plus Probable**|(% style="width:101px" %)7,423|(% style="width:136px" %)197|(% style="width:109px" %)128|(% style="width:156px" %)3178|(% style="width:133px" %)8278
148	148
149	149
150		-Cenovus Energy Inc. delivered record oil sands production in the fourth quarter of 2021, contributing to total upstream output of more than 825,000 barrels of oil equivalent per day (BOE/d) and almost 792,000 BOE/d for the full year. The company generated fourth-quarter cash from operating activities of $2.2 billion and adjusted funds flow of $1.9 billion. With free funds flow of $1.1 billion in the quarter, and proceeds from recent divestitures, net debt was below $9.6 billion at year end, a reduction of more than $1.4 billion from the end of the third quarter and $3.5 billion in 2021 following the acquisition of Husky Energy. Total long-term debt was $12.4 billion as at December 31, 2021, down nearly $1.7 billion from January 1, 2021, and expected to decrease by approximately US$384 million on February 9 when Cenovus redeems the remaining principal amount of its notes due in 2023 and 2024. As part of its plan to enhance shareholder returns, Cenovus continues to buy back common shares under its previously announced Normal Course Issuer Bid (NCIB) and as of February 7 had repurchased approximately 26 million common shares at a volume weighted price of $16.31 per share.
	157	+[[image:CVE5.jpg]]
151	151
152		-[[https:~~/~~/www.cenovus.com/news/news-releases/2022/08-02-2022-Cenovus-announces-2021-fourth-quarter-and-full-year-results.pdf>>url:https://www.cenovus.com/news/news-releases/2022/08-02-2022-Cenovus-announces-2021-fourth-quarter-and-full-year-results.pdf]]
153	153
	160	+= Financial Highlights =
154	154
	162	+Cenovus Energy Inc. delivered record oil sands production in the fourth quarter of 2021, contributing to total upstream output of more than 825,000 barrels of oil equivalent per day (BOE/d) and almost 792,000 BOE/d for the full year. The company generated fourth-quarter cash from operating activities of $2.2 billion and adjusted funds flow of $1.9 billion. With free funds flow of $1.1 billion in the quarter, and proceeds from recent divestitures, net debt was below $9.6 billion at year end, a reduction of more than $1.4 billion from the end of the third quarter and $3.5 billion in 2021 following the acquisition of Husky Energy. Total long-term debt was $12.4 billion as at December 31, 2021, down nearly $1.7 billion from January 1, 2021, and expected to decrease by approximately US$384 million on February 9 when Cenovus redeems the remaining principal amount of its notes due in 2023 and 2024. As part of its plan to enhance shareholder returns, Cenovus continues to buy back common shares under its previously announced Normal Course Issuer Bid (NCIB) and as of February 7 had repurchased approximately 26 million common shares at a volume weighted price of $16.31 per share.{{footnote}}https://www.cenovus.com/news/news-releases/2022/08-02-2022-Cenovus-announces-2021-fourth-quarter-and-full-year-results.pdf{{/footnote}}
	163	+
	164	+
155	155	“In its first year as a combined company the company delivered exceptional operational performance at its upstream business, successfully integrated the assets acquired in the Husky transaction and aggressively reduced debt, creating a stronger company,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “The company exceeded its expected transaction synergies and enhanced shareholder returns, doubling its quarterly dividend and commencing its share buyback program. In addition, we’re well positioned to consider future opportunities to further enhance returns for its shareholders.”
156	156
157		-Fourth quarter operating results
158	158
	168	+**Fourth quarter operating results**
	169	+
159	159	In the fourth quarter, Cenovus achieved upstream production of 825,300 BOE/d, including record average daily oil sands production of almost 251,000 barrels per day (bbls/d) at Christina Lake and nearly 212,000 bbls/d at Foster Creek. Christina Lake production added more than 8,000 bbls/d compared with the third quarter, benefiting from the continued success of Cenovus’s well redevelopment plan. Production at Foster Creek increased almost 25,000 bbls/d from the previous quarter, primarily due to new wells from the asset’s west development area now operating at full production rates. The Lloydminster thermal projects continued to demonstrate strong and reliable performance, achieving production of 99,000 bbls/d, up from 98,000 bbls/d in the third quarter. The Offshore segment contributed more than 73,000 BOE/d, including production of 62,500 BOE/d from the Asia Pacific region and 10,600 bbls/d from the Atlantic region, while the Conventional segment had production of 125,300 BOE/d.
160	160
	172	+
161	161	The Canadian Manufacturing segment also continued its strong and reliable performance. The crude utilization rate was 98%, with the Lloydminster Upgrader and Lloydminster Refinery running at or near capacity throughout the fourth quarter. Canadian Manufacturing throughput was 108,300 bbls/d, in line with the third quarter.
162	162
	175	+
163	163	In the U.S. Manufacturing segment, the crude utilization rate was 72% with crude throughput of 361,600 bbls/d, down from 89% utilization and throughput of 445,800 bbls/d in the third quarter. The difference in the fourth quarter was primarily due to reduced throughput at the Lima Refinery related to a planned major turnaround, which occurs every five years, as well as subsequent operational challenges on secondary units at Lima, as well as planned maintenance and an unplanned outage at the Wood River Refinery, co-owned with operator Phillips 66. The challenges following completion of the Lima turnaround reduced throughput in December and most of January. These issues have been successfully resolved and the Lima facility returned to normal operations by the end of last month.
164	164
	178	+
165	165	“In 2021, the company clearly delivered on its operational strength in the Upstream and Canadian Manufacturing businesses,” said Pourbaix. “In 2022, Cenovus Energy is focused on building a similarly strong executional track record in U.S. Manufacturing and demonstrating the additional value that business will generate for its shareholders.”
166	166
	181	+
167	167	In the fourth quarter, Cenovus’s total revenues were slightly over $13.7 billion compared with $12.7 billion in the third quarter, driven by higher average realized sales prices for the company’s products across the Upstream and Downstream segments. Total operating margin6 for the quarter was $2.6 billion, compared with approximately $2.7 billion in the previous quarter, driven primarily by reduced throughput and higher costs in U.S. Manufacturing.
168	168
	184	+
169	169	Downstream revenues rose to about $8.1 billion compared with $7.5 billion in the third quarter, largely driven by higher average refined product pricing. Total Downstream operating margin5 fell to $42 million compared with $268 million in the third quarter, largely due to the elevated operating costs in U.S. Manufacturing offset by continued strong and reliable operating performance from Canadian Manufacturing. While Canadian Manufacturing operating margin of $131 million was relatively flat with the previous quarter’s $130 million, U.S. Manufacturing operating margin was negative $97 million, down from $122 million in the third quarter.
170	170
	187	+
171	171	Upstream revenues rose to $7.4 billion from $6.6 billion in the previous quarter, driven by higher average realized sales prices. Total Upstream operating margin was more than $2.5 billion, up slightly from about $2.4 billion in the third quarter, with the difference mainly driven by higher operating margins from the company’s Conventional and Offshore assets. In both cases, the operating margin increases were primarily driven by higher average realized sales.
172	172
173		-Fourth quarter financial results
174	174
	191	+**Fourth quarter financial results**
	192	+
175	175	Cash from operating activities was $2.2 billion and adjusted funds flow was $1.9 billion in the quarter. Free funds flow of $1.1 billion included capital investment of $835 million primarily for planned winter drilling programs in the Oil Sands and Conventional segments as well as the Superior Refinery rebuild project.
176	176
	195	+
177	177	Cash flows were impacted in the fourth quarter by a realized risk management loss of $268 million related to Cenovus’s inventory risk management program compared with a realized risk management loss of $184 million in the third quarter. In addition, general and administrative expense was $358 million, compared with $158 million in the prior quarter, with the quarter-over-quarter change related to an accrual of $167 million for a synergies incentive plan as well as $62 million for the impact of increased share price on stock-based compensation expense.
178	178
	198	+
179	179	Cenovus recorded a net loss of $408 million in the fourth quarter, compared with third-quarter net earnings of $551 million. The net loss primarily resulted from a non-cash impairment of $1.9 billion in the U.S. Manufacturing segment, reflecting a point-in-time commodity price outlook for accounting purposes, partially offset by reversals of prior impairments of $378 million in Cenovus’s Conventional segment. The company continues to see long-term value in the U.S. Manufacturing business, including the reduced cash flow volatility offered by Cenovus’s integrated heavy oil value chain.
180	180
181		-Full-year results
182	182
	202	+**Full-year results**
	203	+
183	183	On a full-year basis, Cenovus achieved total Upstream production of 791,500 BOE/d, reflecting production increases at most of the company’s assets, including record output in its Oil Sands segment over the course of the year. Total Oil Sands segment production was 581,500 bbls/d, including nearly 180,000 bbls/d at Foster Creek, a 10% increase from 2020, and about 237,000 bbls/d at Christina Lake, up 8% from the previous year. Record production was also delivered at the Lloydminster thermal projects with almost 98,000 bbls/d for the year. In Conventional, production increased to 133,600 BOE/d from approximately 89,900 BOE/d in 2020, with the increase largely related to assets acquired through the Husky transaction. Offshore total production was 74,400 BOE/d.
184	184
	206	+
185	185	In Canadian Manufacturing, average utilization for the year was 96% and average throughput was 106,500 bbls/d, reflecting the top-tier performance of the Lloydminster Upgrader and Lloydminster Refinery. In U.S. Manufacturing, full-year utilization was 80% and average throughput was 401,500 bbls/d.
186	186
187		-Total revenues were about $46.4 billion in 2021 and total operating margin was almost $9.4 billion, compared with revenues of $13.5 billion and total operating margin of $921 million in 2020. Year-overyear differences in both total revenues and total operating margin largely related to increased commodity prices and assets acquired in the Husky transaction.
188	188
	210	+Total revenues were about $46.4 billion in 2021 and total operating margin was almost $9.4 billion, compared with revenues of $13.5 billion and total operating margin of $921 million in 2020. Year over year differences in both total revenues and total operating margin largely related to increased commodity prices and assets acquired in the Husky transaction.
	211	+
	212	+
189	189	Cash from operating activities was nearly $6 billion for the year, compared with $273 million in 2020. Adjusted funds flow was $7.2 billion and free funds flow was $4.7 billion. Total capital expenditures for the year were approximately $2.6 billion, primarily concentrated on sustaining production at the company’s upstream assets and maintenance capital for the downstream assets, as well as investment in the Superior Refinery rebuild. Full-year net earnings for 2021 were $587 million compared with a loss of $2.4 billion the previous year.
190	190
191	191
192		-References
	216	+= References =
	217	+
	218	+{{putFootnotes/}}