Cenovus Energy Inc CNVEF

+$ 864M SWING In Refining Operating Margin From Q4 To Q1

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- $ 195 million was DUE to FIFO ACCOUNTING GAIN

Total operating margin³ was about $3.2 billion, compared with $2.2 billion in the previous quarter. Upstream operating margin⁴ was approximately $2.6 billion, in line with the fourth quarter. Downstream operating margin⁴ was $560 million in the first quarter, compared with an operating margin shortfall of $304 million in the previous quarter. In the first quarter, operating margin in U.S. Refining benefited from approximately $195 million of first-in, first-out (FIFO) gains.

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Refining throughput in the quarter of 655,200 bbls/d was a record volume as Cenovus continues to improve its downstream reliability. Crude throughput in the Canadian Refining segment was 104,100 bbls/d in the first quarter, compared with 100,300 bbls/d in the fourth quarter, with the increase primarily due to higher reliability in the first quarter. In the coming weeks, the Upgrader will commence