Cenovus announces fourth-quarter and full-year 2023 results

Calgary, alberta, feb. 15, 2024 (globe newswire) -- cenovus energy inc. (tsx: cve) (nyse: cve) continued to deliver strong operational performance across the portfolio in the fourth quarter of 2023. the company's upstream assets performed exceptionally well, achieving the second-highest quarterly production rates in cenovus's history. in its downstream business, the company continued to build operating momentum at its wholly-owned refineries. upstream and downstream results were negatively impacted by a rapid decline in commodity prices and refinery crack spreads in the quarter. this was compounded by the cost of processing crude oil in the downstream that was purchased in prior periods at higher prices.
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