Cenovus Energy (TSX: CVE) reported today its Q4 and full-year 2021 financial results. The report highlighted an annual net revenue of $46.36 billion, up from 2020’s $13.54 billion.
Breaking down the topline revenue figure, its upstream operations contributed $25.39 billion while its downstream operations added $26.67 billion.
The firm had total upstream production average of 791,500 boe/d and total downstream production average of 508,000 bbls/d for the year, both up from 2020 numbers of 471,700 boe/d and 185,900 bbls/d, respectively.
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The company also ended with a net income for the year of $587 million compared to a net loss last year of $2.38 billion. This translates to $0.27 earnings per share.
In Q4 2021, the energy firm generated $13.7 billion in revenue, up from Q3 2021’s $12.7 billion, which is said to be driven by higher average realized sales prices. It also ended the quarter with $408 million in net loss compared to a net income of $551 million in the previous quarter. The loss is being attributed to a non-cash impairment of $1.9 billion in the U.S. manufacturing segment.
For the quarter, the company had a total average production of 825,300 boe/d for its upstream production and 469,900 bbls/d for its downstream production. These are both respective increases from Q4 2020’s 467,200 boe/d and 169,000 bbls/d.
The firm also ended the year with $2.87 billion in cash and cash equivalents, putting the balance of current assets at $12.0 billion. Current liabilities ended at $7.31 billion.
Around $4.69 billion in free funds flow was generated for the year compared to an outflow of $724 million last year. The firm was also able to reduce its net debt to $9.59 billion at the end of the year from its starting balance of $13.09 billion at the beginning of the year.
In December 2021, the firm inked agreements to sell its Husky network and Wembley assets for $658.0 million, and its Tucker thermal asset for $800.0 million.
Cenovus Energy last traded at $19.56 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
