Cenovus Energy Inc. approves 33% increase in base dividend, declares quarterly base dividend of $0.14 per share payable on June 30, 2023
Dividends
April 26, 2023
April 26, 2023
Cenovus Energy Inc. (CVE) announced its first-quarter results, with upstream production of 779,000 barrels of oil equivalent per day (BOE/d) and downstream throughput of 457,900 barrels per day (bbls/d). The company generated $1.4 billion in adjusted funds flow, and cash used in operating activities was $286 million. The first-quarter results reflect lower commodity prices, reduced production in the upstream business, and lower operating throughput in the downstream compared to the fourth quarter.
Cenovus Energy Inc. announced that its Board of Directors has approved a 33% increase in the company's base dividend, to $0.56 per share annually starting in the second quarter of 2023. The Board of Directors has declared a quarterly base dividend of $0.14 per common share, an increase of 33%, payable on June 30, 2023, to shareholders of record as of June 15, 2023.
The base dividend continues to be a structural component of the financial framework and is set at a level Cenovus is confident can be sustainably covered at the bottom of the cycle pricing of about US$45 WTI, with additional capacity to grow over the next five years. The base dividend will increase to $0.56 per share from $0.42 per share on an annual basis and will continue to be declared and paid quarterly, at the discretion of the Board.
The Board also declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1, Series 2, Series 3, Series 5, and Series 7 – payable on June 30, 2023, to shareholders of record as of June 15, 2023.
Members of LevelFields received the alert of this event on April 26, 6:25 AM ET
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