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2016 Budget conference call – Cenovus Energy Inc.

Cenovus Energy Inc. · Dec 10, 2015 · 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. 2016 Budget conference call – Cenovus Energy Inc. – slide 1
    Delivering value in a volatile market 2016 budget December 10, 2015
  2. 2016 Budget conference call – Cenovus Energy Inc. – slide 2
    Delivering value in a volatile market 2016 budget overview: Maintaining financial strength and capital discipline Continued focus on sustainable cost reductions Execution and completion of Christina Lake and Foster Creek growth…
  3. 2016 Budget conference call – Cenovus Energy Inc. – slide 3
    Maintaining financial strength and capital discipline 2014 2015F 2016F Capital investment 3.1 billion 1.8 1.9 billion 1.4 1.6 billion Oil sands total opex (excluding turnarounds) 13.47/bbl 10.25 10.75/bbl 9.70 11.70/bbl Impact of…
  4. 2016 Budget conference call – Cenovus Energy Inc. – slide 4
    Maintaining financial strength and capital discipline 2016F net debt to capitalization* 60% Significant liquidity 50% 4.4 billion in cash as at Sept. 30, 2015 4.0 billion committed credit facility, 40% fully undrawn, maturing Nov.…
  5. 2016 Budget conference call – Cenovus Energy Inc. – slide 5
    Execution and completion of Christina Lake and Foster Creek growth phases 2014 2015F 2016F %1 (Mbbls/d) (Mbbls/d) (Mbbls/d) Foster Creek (Mbbls/d) 59 66 66 72 +5% Christina Lake (Mbbls/d) 69 75 78 85 +9% Conventional oil…
  6. 2016 Budget conference call – Cenovus Energy Inc. – slide 6
    Christina Lake continues growth phase in 2016 2016F capital: 425 475 million 2016F production: 78 85 Mbbls/d Christina Lake optimization expected to ramp up phase F first oil expected in Q3 2016 ramp up expected over 12 months Top…
  7. 2016 Budget conference call – Cenovus Energy Inc. – slide 7
    Maximizing value at Foster Creek 2016F capital: 350 400 million 2016F production: 66 72 Mbbl/d ramp up of phase F continues as expected phase G first oil expected Q3 2016 ramp up expected over 18 months 2016F SOR: 2.6 3.0x…
  8. 2016 Budget conference call – Cenovus Energy Inc. – slide 8
    Delivering value in a volatile market 2016 budget overview: Maintaining financial strength and capital discipline Continued focus on sustainable cost reductions Execution and completion of Christina Lake and Foster Creek growth…
  9. 2016 Budget conference call – Cenovus Energy Inc. – slide 9
    Supplemental information
  10. 2016 Budget conference call – Cenovus Energy Inc. – slide 10
    Hedging summary Volume % hedged Hedges at December 8, 2015 Volume hedged Hedge price Production 2016F (2016F) Crude Brent Fixed Price, 2016 January December 10,000 bbls/d US66.93/bbl January June 9,000 bbls/d US69.63/bbl January…
  11. 2016 Budget conference call – Cenovus Energy Inc. – slide 11
    Capital spending ( millions) 2012 2013 2014 2015F 2016F Oil sands Foster Creek 735 797 796 415 435 350 400 Christina Lake 593 688 794 685 705 425 475 Narrows Lake 44 152 175 45 50 15 25 New resource plays 302 226 196 70 80 60…
  12. 2016 Budget conference call – Cenovus Energy Inc. – slide 12
    Cash flow sensitivity 2016 cash flow sensitivities Independent base case sensitivities ( millions) Increase Decrease Crude oil (WTI) US10.00 change 620 (720) Light-heavy differential (WTI-WCS) US5.00 change (195) 150 Chicago…
  13. 2016 Budget conference call – Cenovus Energy Inc. – slide 13
    Investor relations contacts Kam Sandhar Director, Investor Relations kam.sandharcenovus.com 403.766.4751 Graham Ingram Manager, Investor Relations graham.ingramcenovus.com 403.766.2849 Steve Murray Senior Analyst, Investor Relations…

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