Cenovus Energy, Inc. (CVE) Q4 2022 Earnings Call Transcript

Cenovus Energy, Inc. (NYSE:CVE) Q4 2022 Earnings Conference Call February 16, 2023 11:00 AM ET

Company Participants

Sherry Wendt - Director, IR

Jonathan McKenzie - EVP & COO

Alexander Pourbaix - CEO, President & Director

Norrie Ramsay - EVP, Upstream, Thermal, Major Projects & Offshore

Joseph Zieglgansberger - EVP, Natural Gas & Technical Services

Keith Chiasson - EVP, Downstream

Conference Call Participants

Greg Pardy - RBC Capital Markets

Dennis Fong - CIBC Capital Markets

Neil Mehta - Goldman Sachs

Menno Hulshof - TD Securities

Ashok Dutta - S&P Global Platts

John Royall - JPMorgan Chase & Co.

Chris Varcoe - Calgary Herald

Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Cenovus Energy's Fourth Quarter and Year-end 2020 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 Ms. Sherry Wendt, Vice President, Investor Relations. Please go ahead, Ms. Wendt.

Sherry Wendt

Thank you, operator, and welcome, everyone, to Cenovus' 2022 Year-end and Fourth 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'll 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 1 question, with a maximum of 1 follow-up. You can rejoin the queue for any other questions. Alex, please go ahead.

Alexander Pourbaix

Thanks, Sherry, and good morning, everybody. Before we talk about our fourth quarter and annual results, I thought I'd take just a minute to discuss our other news that we announced this morning. After our AGM at the end of April, I will be shifting to the role of Executive Chair. John will become our next President and CEO. This is something that I've been working with the Board on for quite some time, ensuring a robust plan for executive succession, including developing strong internal candidates has been a key focus of mine and the rest of the Cenovus' Board. And I am very proud to say, in my entire career, I have never worked with this capable a leadership team as I am lucky to have here at Cenovus today.