Cenovus substantially achieves $7 billion near-term net debt target
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Cenovus Energy (CVE) Reports Q2 EPS of Cdn$0.22; 'Substantially Achieves $7B Near-Term Net Debt Target'
July 25, 2019 6:24 AM EDTCenovus Energy (NYSE: CVE) reported Q2 EPS of Cdn$0.22, versus (Cdn$0.24) reported last year.
Reduced net debt to $7.1 billion in the second quarter after generating over $830 million in free funds flow.The companys excellent financial performance was driven by higher realized oil prices, which contributed to oil sands operating margin of more than $1.0 billion.Through focused operations and disciplined capital allocation, we have materially improved our balance sheet and achieved a very important milestone, said Alex Pourbaix, Cenovus President & Chief Executive Officer. As we relentlessly pursue getting our net debt... More
