BRY - Cenovus 2022+ outlook - takes from the call

As posted this morning, Cenovus (NYSE:CVE) released 2022e guidance and a 5-year outlook; post the call and presentation release, it's clear that investor returns will be increasing while the capital budgets will be decreasing medium term At near spot oil prices ($75 WTI), Cenovus plans to generate "excess free cash flow" of $33b over the next 5yrs, or around 100% of the Company's current market cap More immediately, Cenovus plans to generate $5.5b of excess free cash flow in 2022 (16% of the Company's current market cap) and will allocate 50%+ to shareholders through buybacks and dividends Cenovus management is currently authorized to repurchase ~146m shares or ~7% of shares outstanding Over the 5-year forecast horizon, CVE plans to maintain 800kb/d of upstream production (up 4% vs 2021, but flat from 2022e onwards) Perhaps most importantly, and opposite the Company's 2019 capital markets mishaps, Cenovus plans to reduce capital expenditures

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Cenovus 2022+ outlook - takes from the call