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10	10	* Cenovus markets crude oil, natural gas, natural gas liquids, asphalt, petroleum coke and sulphu
11	11	* On January 1, 2021 Cenovus Energy acquired Husky Energy
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14	14	[[image:CVE0.jpg]]
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51	51	* Refinery feedstocks
52	52	* Sulphur
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54		-
55	55	[[image:CVE3.jpg]]
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73	73	**Offshore**
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75		-Learn about its oil and natural gas production offshore in the Asia Pacific region and Canada’s East Coast.
	73	+Its oil and natural gas production offshore in the Asia Pacific region and Canada’s East Coast.
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77	77
78	78	**Oil sands**
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80		-Read about its four oil sands projects and plans for future development.
	78	+Its four oil sands projects and plans for future development.
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83	83	**The company's value chain**
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88	88	**Upgrading & refining**
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90		-Learn about its upgrader and refineries in Canada and the U.S.
	88	+Its upgrader and refineries in Canada and the U.S.
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93	93	**Oil sands**
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95		-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.
	93	+The company has 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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98	98	Cenovus Energy has three producing oil sands projects — Christina Lake, Foster Creek and Sunrise – as well as regulatory approval for future oil sands development projects, including its 100 percent-owned Narrows Lake and Telephone Lake assets.
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104	104	* Foster Creek
105	105	* Sunrise
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107		-
108	108	**Offshore**
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110	110	Cenovus Energy has operations and exploration prospects offshore in the Asia Pacific region and Newfoundland and Labrador.
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113	113	* Indonesia
114	114	* Atlantic
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117	117	[[image:CVE4.png]]
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153	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	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
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157	157	[[image:CVE5.jpg]]
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182	182	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.
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185		-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.
	180	+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 margin 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.
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188	188	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.