Cenovus Energy Inc. (CVE) Q1 2023 Earnings Call Transcript

Cenovus Energy Inc. (NYSE:CVE) Q1 2023 Results Conference Call April 26, 2022 11:00 AM ET

Company Participants

Jason Abbate - Senior Vice President of Investor Relations

Alexander Pourbaix - President and Chief Executive Officer

Jonathan McKenzie - Executive Vice President and Chief Operating Officer

Keith Chiasson - Executive Vice President Downstream

Norrie Ramsay - Executive Vice President, Upstream, Thermal, Major Projects and Offshore

Jeff Hart - Executive Vice President and Chief Financial Office

Kam Sandhar - Executive Vice President of Strategy and Corporate Development

Conference Call Participants

Dennis Fong - CIBC World Markets

Menno Hulshof - TD Securities

Gregory Pardy - RBC Capital Markets

Neil Mehta - Goldman Sachs

John Royall - JPMorgan

Chris Varcoe - Calgary Herald

Patrick Butler - Radio-Canada

Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Cenovus Energy’s First Quarter Results. As a reminder, today’s call is being recorded. [Operator Instructions]. Please be advised that, this conference call may not be recorded or rebroadcast without the expressed consent of Cenovus Energy.

I would now like to turn the conference call over to Mr. Jason Abbate, Senior Vice President, Investor Relations. Please go ahead, Mr. Abbate.

Jason Abbate

Thank you, operator, and welcome, everyone, to Cenovus’ 2023 First Quarter Results Conference Call. Please refer to the advisories located at the end of today’s news release. These describe the forward-looking information, non-GAAP measures and oil and gas terms referred to today. They also outline the risk factors and assumptions relevant to this discussion. Additional information is available in Cenovus’ 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.

Alex Pourbaix, our President and Chief Executive Officer, will provide brief comments, and then we will take your questions. We ask that you please hold off on any detailed modeling questions and follow-up on those directly with our Investor Relations team after the call and please also keep to one question, with a maximum of one follow-up. You are welcome to rejoin the queue for any follow-up questions you may have.

Alex, please go ahead.

Alexander Pourbaix

Thanks, Jason, and good morning, everyone. As I do every quarter, I’m going to start this morning’s call with our top priority, health and safety. The safe restart of the Superior and Toledo refineries is of the utmost importance to us and over the last few weeks, we have resumed operations at both refineries.