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News release Cenovus makes strong progress on Husky integration and synergies Generates $ 1.1 billion in adjusted funds flow in first quarter 2021 Calgary , Alberta ( May 7 , 2021 ) - Cenovus Energy Inc. ( TSX : CVE ) ( NYSE : CVE ) delivered solid operating and financial performance in the company's inaugural quarter of operations following the acquisition of Husky Energy Inc. on January 1. With its disciplined and methodical approach to integrating Husky's assets , the company has made significant progress in the first three months of the year and is firmly on track to deliver on its targeted acquisition synergies and 2021 budget and production guidance . Cenovus produced nearly 770,000 barrels of oil equivalent per day ( BOE / d ) in the quarter , and generated adjusted funds flow of more than $ 1.1 billion , cash from operating activities of $ 228 million , free funds flow of $ 594 million and net earnings of $ 220 million . " With the extensive due diligence we undertook prior to the acquisition of Husky , and our experience since the close of the acquisition , we're highly confident we'll deliver at least $ 1 billion in synergies this year and reach our planned $ 1.2 billion in annual run - rate synergies by the end of 2021 , " said Alex Pourbaix , Cenovus President & Chief Executive Officer . " If the current commodity price environment is sustained , we expect to approach our $ 10 billion net debt target this year , prior to the benefit of any asset sales . " 1 ( For the period ended March 31 ) Financial ( $ millions , except per share amounts ) Cash from operating activities Adjusted funds flow2,3 Per share ( basic ) Capital investment Free funds flow2,3 Net earnings ( loss ) Per share ( basic ) Financial , production & throughput summary 2021 Q1 CENOVUS ENERGY 228 1,141 0.57 547 594 220 0.10 13,340 Net debt² Production and throughput ( before royalties , net to Cenovus ) Oil and NGLs ( bbls / d ) Natural gas ( MMcf / d ) Total upstream production ( BOE / d ) Total downstream throughput ( bbls / d ) 620,090 895 769,254 469,100 2020 Q1¹ 125 - 154 -0.13 304 - 458 - 1,797 -1.46 7,421 cenovus 416,802 395 482,594 221,100 % change¹ 82 80 80 49 ENERGY 127 59 Comparative figures include Cenovus results prior to the January 1 , 2021 closing of the Husky transaction and do not reflect historical data from Husky . 2 Adjusted funds flow , free funds flow and net debt are non - GAAP measures . See Advisory . 3 Prior period has been restated to conform with the current period definition of adjusted funds flow . 112