Cenovus announces first-quarter 2024 results

Calgary, alberta, may 01, 2024 (globe newswire) -- cenovus energy inc. (tsx: cve) (nyse: cve) delivered solid results across its portfolio in the first quarter of 2024. production from its upstream assets remained strong through the quarter, and reflects scheduled maintenance in the atlantic region. the downstream assets continued to run with high operational availability, allowing them to benefit from improved benchmark pricing in the u.s. beginning in the second quarter of 2024, the board of directors approved a 29% increase in the base dividend to $0.72 per share annually, and declared a variable dividend of $0.135 per share to fulfill the company's first quarter shareholder return allocation. consistent with cenovus's financial framework, the base dividend is fully supported over the long term by funds flow generation at the bottom of the commodity price cycle.
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