20.02.2015 17:00:00

Cenovus Energy Inc. -- Moody's views Cenovus' equity issuance as credit positive

Toronto, February 20, 2015 -- Moody's Investors Service views Cenovus's announcement on Tuesday, February 17 that it launched a C$1.5 billion equity issuance is credit positive as it will fund 2015 negative free cash flow and bolster cash balances. Negative free cash flow in 2015, which we estimate to be about C$1.1 billion, includes capex of C$1.2 billion that is partially tied to growth projects at Christina Lake and Foster Creek that will grow bitumen production capacity by a total of about 50,000 barrels per day (bbls/d) in 2016.

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