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Cenovus Generates $ 1.8 Billion in Adjusted Funds Flow in Q2 2021 Delivers free funds flow of $ 1.3 billion CALGARY , Alberta , July 29 , 2021 ( GLOBE NEWSWIRE ) -- Cenovus Energy Inc. ( TSX : CVE ) ( NYSE : CVE ) continues to demonstrate the strengths of the company's integrated portfolio in its second quarter results , generating cash from operating activities of $ 1.4 billion , adjusted funds flow of $ 1.8 billion and free funds flow of $ 1.3 billion , supporting a reduction in net debt of nearly $ 1 billion since March 31 , 2021. Total production of nearly 770,000 barrels of oil equivalent per day ( BOE / d ) despite planned turnarounds at several assets , and strong realized commodity prices in the upstream business along with continued recovery of demand for U.S. downstream products drove Cenovus's strong financial performance , which the company expects will continue through the rest of the year . " Our results underscore the earnings power of the combined company as we further integrate and deliver on our expanded asset base , ” said Alex Pourbaix , Cenovus President & Chief Executive Officer . “ We posted a strong second quarter and expect to accelerate deleveraging in the second half of this year . " Second quarter highlights . Generated cash from operating activities of $ 1.4 billion , adjusted funds flow of $ 1.8 billion and free funds flow of $ 1.3 billion . • Increasing production guidance for 2021 by 2 % with total capital guidance unchanged . • On track to achieve $ 1.2 billion of run - rate synergies and net debt of $ 10 billion by end of 2021 . Financial , production & throughput summary ( For the period ended June 30 ) 2021 Q2 2020 Q2¹ % change ! Financial ( $ millions , except per share amounts ) Cash from operating activities 1,369 ( 834 ) Adjusted funds flow2,3 1,817 ( 469 ) Per share ( basic ) Capital investment 0.90 ( 0.38 ) 534 147 263