Long-Term DEBT INCREASED To $ 7,227M From $ 7,108M In Q4 - this is DUE to the TRANSLATION of US Dollars DEBT into Canadian Dollars
NET DEBT:
(C $ million)
@ 12/31/2023: 5,060
@ 3/31/2024: 4,827
Change: - 233
Long-term debt, including the current portion, was $7.2 billion at March 31, 2024, in line with year-end 2023. Net debt was approximately $4.8 billion at March 31, 2024, a decrease from $5.1 billion at December 31, 2023, primarily due to free funds flow of $1.2 billion, partially offset by shareholder returns of $436 million and a build in non-cash working capital. In the first quarter, the company achieved its targeted mid-BBB credit ratings from all rating agencies. S&P Global Ratings upgraded Cenovus to BBB with a stable outlook, citing the company's debt reduction.
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