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News release Cenovus increases shareholder returns on strong performance in Q3 2021 Company announces dividend increase , plans share buyback program Calgary , Alberta ( November 3 , 2021 ) - Cenovus Energy Inc. ( TSX : CVE ) ( NYSE : CVE ) continued its strong and reliable operating performance in the third quarter of 2021. Total upstream production of almost 805,000 barrels of oil equivalent per day ( BOE / d ) drove solid financial results . The company generated third - quarter cash from operating activities of $ 2.1 billion and adjusted funds flow of $ 2.3 billion . Free funds flow of $ 1.7 billion and strategic refinancing transactions resulted in a reduction in net debt to about $ 11 billion at the end of the third quarter . The company expects to achieve its interim net debt target of below $ 10 billion imminently as a result of continued strong cash generation at current commodity prices and receipt of proceeds from announced asset sales . This will pave the way for Cenovus to increase investor returns by commencing a share buyback program of up to 146.5 million of the company's common shares , representing approximately 10 % of its public float , as defined by the Toronto Stock Exchange ( TSX ) . To facilitate the buyback , Cenovus's Board of Directors has approved filing an application with the TSX for a normal course issuer bid ( NCIB ) . In addition , the Board has approved doubling Cenovus's common share dividend effective in the fourth quarter of 2021 . " Our outstanding operating and financial results this quarter showcase the strength of our business and demonstrate that we deliver on our commitments , " said Alex Pourbaix , Cenovus President & Chief Executive Officer . " With our $ 10 billion net debt target largely achieved , we're able to take these important steps to increase returns for our shareholders . Our free funds flow capacity will support swiftly advancing toward our longer - term net debt target of less than $ 8 billion , while balancing growth in shareholder returns . " Financial , production & throughput summary 2021 Q3 ( For the period ended September 30 ) Financial ( $ millions , except per share amounts ) Cash from operating activities Adjusted funds flow ² , 3 Per share ( basic ) Capital investment Free funds flow2,3 Net earnings ( loss ) Per share ( basic ) Net debt² Production and throughput ( before royalties , net to Cenovus ) Oil and NGLs ( bbls / d ) 4 Conventional natural gas ( MMcf / d ) Total upstream production ( BOE / d ) 4 Total downstream throughput ( bbls / d ) 2,138 2,342 1.16 647 1,695 551 0.27 11,024 i See Advisory for production by product type . 655,100 898 804,800 554,100 3 Prior period has been restated to conform with the current definition of adjusted funds flow . 4 See Advisory for production by product type . cenovus 2020 Q3¹ ENERGY 732 407 0.33 148 259 ( 194 ) ( 0.16 ) 7,530 411,788 360 471,799 191 , 100 % change¹ 192 475 337 554 46 ¹ 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 . 59 149 71 190