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Highlights
- Cenovus had an upstream output of over 825,000 barrels of oil equivalent per day (BOE/d) in Q4 2021.
- In 2021, Cenovus Energy also repurchased 17 million common shares, and nine million were repurchased in 2022 as of February.
- In Q4 2021, Imperial Oil's upstream production was 445,000 gross oil-equivalent barrels per day.
The Toronto Stock Exchange is the primary stock exchange in Canada. It offers a variety of stocks to investors across sectors like information technology, energy, metals, utilities, and consumer, among others.
Canada's energy sector is one of the most significant contributors to the country's economy, and companies in this sector never fail to attract potential investors.
This article looks at the two oil and gas stocks that could be worth exploring ahead of April.
Cenovus Energy Inc. (TSX:CVE)
The Calgary-based oil and gas company produces crude oil, natural gas, and natural gas liquids. Cenovus Energy had a record-run in the fourth quarter of 2021 and had an upstream output of over 825,000 barrels of oil equivalent per day (BOE/d) and 792,000 BOE/d for the full fiscal year.
In Q4 2021, the cash from operating activities of Cenovus Energy was C$ 2.2 billion, and adjusted funds flow stood at C$ 1.9 billion.
Last year, Cenovus' net earnings were C$ 587 million compared to a net loss of C$ 2,379 million in 2020. Meanwhile, the company's Board of Directors declared a dividend of C$ 0.035 per share, and it would be payable on March 31.
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In 2021, Cenovus Energy also repurchased 17 million common shares, and nine million were repurchased in 2022. In December last year, the integrated oil company said it had agreed to sell its Tucker thermal asset for C$ 800 million.
The company is selling the asset to reduce its net debt and increase shareholder returns. As of market close on March 25, the CVE stock was priced at C$ 20.95 per share, and on March 8, it had set a 52-week high of C$ 21.51 apiece.
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Imperial Oil Limited (TSX:IMO)
It is one of Canada's top integrated oil companies and achieved the highest annual upstream production in over 30 years in 2021.
In Q4 2021, Imperial Oil's upstream production was 445,000 gross oil-equivalent barrels per day on average, and its annual production was 428,000 gross oil-equivalent barrels per day.
Imperial Oil's net income rose to C$ 813 million in Q4 2021 from C$ 1,146 million in Q4 2020. Meanwhile, the cash flow from operating activities was C$ 1,632 million.
Notably, the estimated profit for fiscal 2021 was C$ 2,479 million, which was the highest since 2014. Additionally, the cash flow from operating activities was C$ 5,476 million.
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Please note, the above content constitutes a very preliminary observation or view based on digital trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
