|Gross proceeds ($ millions) 1||$||975|
|Current production (BOE/d) 2||19,600|
|Operating margin ($ millions) 1,3,4||$||74|
|Price per flowing barrel ($ per BOE/d) 1||$||49,800|
Operating Margin is an additional subtotal found in Note 1 and Note 8 of the Interim Consolidated Financial Statements (unaudited) for the period ended June 30, 2017 and is used to provide a consistent measure of the cash generating performance of Cenovus's assets for comparability of its underlying financial performance between periods. Operating Margin is defined as revenues less purchased product, transportation and blending, operating expenses, production and mineral taxes plus realized gains less realized losses on risk management activities.Forward-Looking InformationThis document contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995, about our current expectations, estimates and projections about the future, based on certain assumptions made by us in light of our experience and perception of historical trends. Although we believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this document is identified by words such as "expect", "intends", "target", "focus", or similar expressions and includes suggestions of future outcomes, including statements about: Cenovus's ability to close the asset sale transaction in a timely manner; Cenovus's intention to apply proceeds from this asset sale to debt; Cenovus's intention to retire the first tranche of its asset-sale bridge facility with the close of this asset sale transaction; Cenovus's positioning to proceed in a timely manner with further asset sales; Cenovus's intention to apply proceeds from additional asset sales against its outstanding debt; and Cenovus's target for net debt to adjusted EBITDA. Readers are cautioned not to place undue reliance on forward-looking information as our actual results may differ materially from those expressed or implied. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward-looking information is based include: satisfaction of all conditions to the closing of the asset sale transaction, including obtaining necessary regulatory and partner approvals; successful closing of the asset sale transaction; Cenovus's successful completion of further asset sales, including in a timely manner; application of asset sale proceeds against outstanding debt in the manner as intended; and other risks and uncertainties described from time to time in the filings Cenovus makes with securities regulatory authorities.
The risk factors and uncertainties that could cause Cenovus's actual results to differ materially include: risks inherent to closing of the asset sale transaction, including obtaining necessary regulatory or other third-party approvals and satisfying other closing conditions in connection therewith; as well as the other risk factors and uncertainties identified in Cenovus's Second Quarter Report for the period ended June 30, 2017 (available on SEDAR at sedar.com, on EDGAR at sec.gov and Cenovus's website at cenovus.com), which remain accurate as of the date of this release. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause our actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information. For a full discussion of Cenovus's material risk factors, see "Risk Factors" in our Annual Information Form (AIF) or Form 40-F for the period ended December 31, 2016 and the updates under "Risk Management" in Cenovus's Management's Discussion and Analysis (MD&A) for the period ended June 30, 2017.Cenovus Energy Inc.Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and natural gas and oil production in Alberta, British Columbia and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. For more information, visit cenovus.com. Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.
CENOVUS CONTACTS:Investor RelationsKam SandharVice-President, Investor Relations & Corporate Development403-766-5883Steven MurrayManager, Investor Relations403-766-3382MediaReg CurrenSenior Media Advisor403-766-2004Media Relations general line403-766-7751