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December 2014 Investor Presentation – Cenovus Energy Inc.

Cenovus Energy Inc. · Dec 13, 2014 · 13 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 1
    A different kind of oil sands December 11, 2014 2015 budget
  2. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 2
    Advancing strategy; maintaining financial resilience 2015 budget overview: ? Focusing capital on highest return projects ? Slowing longer-term strategic spending while maintaining optionality ? Focusing on making sustained operating…
  3. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 3
    Manufacturing oil sands development 0 100 200 300 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F 2016F 2017F Mbbls/d CL - C FC ? A CL - A FC ? C CL - B FC - D FC - E FC - B CL - D CL - E CL - G FC -…
  4. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 4
    ? 2015F total capital: $2.5 - $2.7 billion ? Committed to near-term oil sands growth projects ? Foster Creek G,H and Christina Lake F,G Maintaining financial strength and flexibility to support the business plan Flexibility in…
  5. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 5
    ? Ensure significant liquidity & long dated debt maturities ? US$4.75 billion in notes with weighted average maturity in excess of ~17 years ? $3.0 billion committed credit facility maturing November 30, 2018 Maintaining financial…
  6. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 6
    ? Identified opportunities to achieve $400 to $500 million in annual operating and capital cost savings by 2018 ? Manufacturing approach to drilling and field construction ? Take advantage of scale in purchasing ? Targeting to…
  7. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 7
    ? 2015F capital: $800-860 million ? Top tier reservoir, 2015F SOR: 1.8-2.1x ? 2015F non-fuel opex: $8.50-$10.00/bbl ? First production from Christina Lake optimization expected in Q4 2015 ? Adds 22,000 bbl/d gross capacity, ramping up…
  8. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 8
    ? 2015F capital: $700-750 million ? 2015F SOR: 2.6-3.0x ? 2015F non-fuel opex: $12.00-14.00/bbl ? Ramp-up of phase F continues as expected, exiting 2014 at ~3,500 bbls/d net ? Phase G first oil expected 1H 2016 ? Phase H first oil…
  9. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 9
    Narrows Lake: ? Continue detailed engineering and equipment procurement ? Identify value engineering cost savings ? camps, facilities used from Christina Lake Telephone Lake: ? Strategic greenfield asset, received regulatory approval…
  10. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 10
    Advancing strategy; maintaining financial resilience 2015 budget overview: ? Focusing capital on highest return projects ? Slowing longer-term spending while maintaining optionality ? Focusing on making sustained operating and…
  11. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 11
    Capital spending ($ millions) 2011 2012 2013 2014F 2015F Oil sands Foster Creek 429 735 797 825 ? 845 700 ? 750 Christina Lake 472 593 688 785 - 805 800 ? 860 Narrows Lake 19 44 152 185 - 190 60 ? 75 New resource plays 164 313 241…
  12. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 12
    Mitigating commodity price risk Crude unhedged 51% Natural gas unhedged(1) 11% Refining 16% Crude hedged 22% (1) 209 MMcf/d of internal use & long-term fixed price sales. (2) C$ hedges converted to US Dollar at 1.1208 C$/US$;…
  13. December 2014 Investor Presentation – Cenovus Energy Inc. – slide 13
    Susan Grey Director, Investor Relations susan.grey@cenovus.com 403.766.4751 Graham Ingram Senior Analyst, Investor Relations graham.ingram@cenovus.com 403.766.2849 Anna Kozicky Senior Analyst, Investor Relations…

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