Changes for page Cenovus Energy

Last modified by Asif Farooqui on 2022/04/21 02:14
From version < 9.4 >
edited by Asif Farooqui
on 2022/04/20 19:35
To version < 9.5
edited by Asif Farooqui
on 2022/04/21 02:14
<
Change comment: Added tag [Canada]

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160 160  “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.”
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163 -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.
163 +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 margin 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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166 166  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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194 194  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.
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197 197  = References =
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