Cenovus Energy Inc. (NYSE:CVE) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 11:00 am ET


Cenovus Energy Inc. (NYSE:CVE) Q2 2020 Earnings Conference Call - Final Transcript


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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. [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, Director, Investor Relations. Please go ahead, Ms. Wendt.

Sherry Wendt

Thank you, operator, and welcome, everyone, to our second quarter 2020 results conference call. Due to COVID-19 physical distancing guidelines, we do not have the entire leadership team together in the conference room downtown. Here with me is our President and Chief Executive Officer, Alex Pourbaix; our Chief Financial Officer, Jon McKenzie; our Executive Vice President, Upstream, Norrie Ramsay; and our Executive Vice President, Downstream, Keith Chiasson. They will answer your questions while the other leadership team members are in listen-only mode today from other locations. I refer you to the advisories located at the end of today's news release.

These advisories 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 our annual MD&A and our most recent annual information form and Form 40-F. The quarterly results have been presented in Canadian dollars and on a before royalties basis. We have also posted our results on our website at cenovus.com. Alex will provide brief comments, and then we will turn to the Q&A portion of the call. We would ask analysts to hold off on any detailed modeling questions and follow up directly with our Investor Relations team after the call. [Operator Instructions]

Please go ahead, Alex.

Alex Pourbaix

Thanks, Sherry, and good morning, everybody. I hope all of you are continuing to stay safe and healthy. And although our economy is starting to open up, it's clear we're still far from being able to look in the rearview mirror at the impact of COVID-19. I want to just start first off by giving credit to our staff at Cenovus for keeping our operations running safely and reliably and for adapting to all the additional measures we've put in place in response to the pandemic. It really has been incredible to witness the resiliency of our people and their dedication to looking out for one another. The field staff have been diligently following the new procedures to prevent the spread of the virus at our sites and camps, and staff have embraced technology to remain productive while working virtually.

Through all of the changes, our teams remained focused on safety performance. And as an example of that, we had zero significant incidents across our operations in the first half of the year, and our Deep Basin team achieved a milestone of zero recordable injuries for an entire year, which I think is truly impressive given the conditions that our employees and staff have had to work under. While some of our staff