Monday, September 15, 2025

Latest

Cenovus Energy Ends 2021 With $46.36 Billion In Revenue

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.

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.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

MEG Energy To Be Acquired By Cenovus At $7.9 Billion Valuation

MEG Energy (TSX: MEG) has officially become the focus of a bidding war. The company...

Friday, August 22, 2025, 08:59:41 AM

BMO Drops Cenovus Energy Price Target To $6.00 From $7.50

This morning BMO lowered its 12-month price target on Cenovus Energy (TSX: CVE) to C$6.00...

Friday, October 30, 2020, 11:22:00 AM

400,000 Barrels of Daily Oil Output at Risk as Alberta Fires Spread

Alberta is seeing a surge of new wildfires, posing serious a threat to the region’s...

Monday, July 22, 2024, 07:29:20 AM

BMO Reiterates Cenovus Energy Price Target Following Husky Transaction Announcement

Over the weekend, Cenovus Energy (TSX: CVE) announced that they would be buying Husky Energy...

Monday, October 26, 2020, 04:57:00 PM

Cenovus Energy Cuts Workforce Before Q1 Report

Cenovus Energy (TSX: CVE) has confirmed job reductions this week as it faces mounting pressure...

Wednesday, May 7, 2025, 02:07:00 PM