Cenovus Energy Inc. (CVE) CEO Alexander Pourbaix on Q2 2022 Results - Earnings Call Transcript

Cenovus Energy Inc. (NYSE:CVE) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET

Company Participants

Sherry Wendt - Vice President of Investor Relations

Alexander Pourbaix - President and Chief Executive Officer

Norrie Ramsay - Executive Vice President of Upstream

Keith Chiasson - Executive Vice President of Downstream

Jonathan McKenzie - Chief Operating Officer

Rhona DelFrari - Chief Sustainability Officer

Conference Call Participants

Menno Hulshof - TD Securities

Greg Pardy - RBC Capital Markets

Dennis Fong - CIBC World Markets

Neil Mehta - Goldman Sachs

Manav Gupta - Credit Suisse

John Royall - JPMorgan

Chris Varcoe - Calgary Herald

Nia Williams - Reuters

Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Cenovus Energy's Second Quarter Results. As a reminder, today's call is being recorded. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] Please be advised that this conference call may not be recorded or rebroadcast without the express 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 Second 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 and 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 instead follow-up on those directly with our Investor Relations team after the call. [Operator Instructions] Alex, please go ahead.

Alexander Pourbaix

Thanks, Sherry. Good morning, everyone. As always, I'm going to start this morning's call with our top priority, health and safety. Our aim at Cenovus is to continuously raise the bar on safety and reliability through a learning culture. This quarter presented additional challenges as we undertook a number of planned turnarounds and maintenance programs at our operated assets. In the upstream, we safely and successfully executed a large turnaround at Christina Lake, along with normal course maintenance at some of our Lloyd thermal projects. And in Canadian manufacturing, we safely and successfully completed plant turnarounds at both our upgrader and refinery in Lloydminster. I want to highlight these accomplishments and thank our staff for their ongoing dedication to safety and reliability. Having these turnarounds and maintenance activities completed positions us well for the back half of the year.