Cenovus Energy Inc. (NYSE:CVE) Q4 2023 Earnings Call Transcript
Cenovus Energy Inc. (NYSE:CVE) Q4 2023 Earnings Call Transcript February 15, 2024
Cenovus Energy Inc. beats earnings expectations. Reported EPS is $0.39, expectations were $0.25. Cenovus Energy Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, ladies and gentlemen, and thank you for standing by. Welcome to Cenovus Energy's Fourth Quarter and Year-end 2023 Results. As a reminder, today's call is being recorded. At this time, all participants are in a listen-only mode. Following the presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that this conference call may not be recorded or rebroadcast without the express consent of Cenovus Energy. I would now like to turn the conference call over to Mr. Jason Abbate, Senior Vice President, Investor Relations. Go ahead, Mr. Abbate.
Jason Abbate: Thank you, operator. Good morning, everyone, and welcome to Synovus' 2023 year-end and fourth quarter results conference call. On the call this morning are CEO, Jon McKenzie, joined by Cenovus' management team will take you through our results. Then we'll open the line to take your questions. Prior to passing it over to Jon, I refer you to our advisories located at the end of today's news release. Please describe the forward-looking information, non-GAAP measures and oil and gas terms referred to today. They also outline risk factors and assumptions relevant to this discussion. Additional information is available in Synovus' annual MD&A and our most recent AIF and Form 40-F. All figures are presented in Canadian dollars and before royalties unless otherwise stated.
You can view the results on our website at cenovus.com. I ask that you keep to one question with a maximum of one follow-up. You're welcome to rejoin the queue for any other follow-up questions you may have. Jon, please go ahead.
Jon McKenzie: Great. Thank you, Jason, and good morning, everybody. I'm going to highlight some important safety milestones that we achieved in the fourth quarter of 2023 and in the full year. We achieved a total recordable injury frequency of 0.31 in 2023. And importantly, we noted a marked decrease in the potential severity of our safety incidents, a trend we are very focused on continuously improving. 2023 was an important year, which included the restart of two refineries and the progression of the West White Rose project, which today stands at 75% complete. And we did this as we would expect, without a significant incident. I'm proud of the team for their continued focus on safety and what they've accomplished over the year.
Early in 2023, we signaled that the first two quarters of the year would be impacted by the startup of Superior and the delayed closing and start-up of Toledo. We also signaled that we expected to have our full suite of assets, operation available to us in the third and fourth quarters. Our fourth quarter reflects the results of the second consecutive quarter of operating or integrated value chain. Our upstream business continued to build on operating momentum. We increased production to nearly 810,000 barrels of oil per day, our highest quarterly number for this year and the second highest in the company's history. This is something we are extraordinarily proud of. We saw a particularly strong performance at our oil sands assets, most notably at Foster Creek.
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