Cenovus Suspends WTI Crude Oil Price Risk Management Program

Cenovus Energy Inc CVE has suspended its crude oil price risk management activities related to West Texas Intermediate (WTI).
CVE noted that these programs are no longer needed to support financial resilience, reflecting its strong balance sheet and liquidity position.
Cenovus will remain well-positioned to generate significant free funds flow over the long term.
The company expects realized losses on all risk management positions for the three months ending March 31, 2022, to be about $970 million.
Cenovus estimates realized losses on all risk management positions for the three months ending June 30, 2022, to be about $410 million.
CVE intends to close the bulk of its outstanding crude oil price risk management positions related to WTI over the next two months and expects no significant financial exposure to these positions beyond Q2.
Price Action: CVE shares are trading higher by 0.77% at $17.06 on the last check Monday.