Friday, October 17, 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

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Military Seizes Power in Madagascar After President Flees

Altamira Gold Hits 395.5 Metres Of 0.4 g/t Gold At Maria Bonita

Related News

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

Cenovus Returns $1.1 Billion to Shareholders Despite Decline in Free Cash Flow and Earnings

Cenovus Energy Inc. (TSX: CVE) released its financial results for the third quarter of 2024,...

Thursday, October 31, 2024, 03:43:00 PM

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 Bumps MEG Energy Offer To $29.80 A Share

Cenovus Energy (TSX: CVE) evidently was getting nervous that it did not have the required...

Wednesday, October 8, 2025, 08:24:55 AM

Cenovus Energy Completes Acquisition Of Husky Energy

The previously announced $23.6 billion all stock transaction between Cenovus Energy (TSX: CVE) and Husky...

Monday, January 4, 2021, 09:00:34 AM