Cenovus Energy (CVE) Misses Q3 EPS by 1c

Cenovus Energy (NYSE: CVE) reported Q3 EPS of ($0.03), $0.01 worse than the analyst estimate of ($0.02).

Key developments

• Generated cash from operating activities of nearly $1.3 billion, compared with $592 million in the third quarter of 2017
• Achieved free funds flow of more than $700 million, up 30% from the third quarter of 2017
• Reduced oil sands per-unit operating costs to $6.59/bbl, down 13% year over year
• Redeemed US$800 million in unsecured notes on October 29, 2018
• Signed contracts to move up to 100,000 bbls/d of oil by rail, ramping up through 2019
• Received corporate credit rating upgrade from Moody’s to Ba1, stable

“We continue to make excellent progress on the commitments we’ve made to shareholders,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “In the third quarter, we further reduced our net debt and took a significant step forward in streamlining our Deep Basin business while advancing our market access objectives through strategic rail commitments. We also continued to lower our cost structure, which has substantially improved over the past three years.”

For earnings history and earnings-related data on Cenovus Energy (CVE) click here.

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