Cenovus Energy Management

Management criteria checks 2/4

Cenovus Energy's CEO is Jon McKenzie, appointed in Apr 2023, has a tenure of 1.58 years. total yearly compensation is CA$8.67M, comprised of 11.4% salary and 88.6% bonuses, including company stock and options. directly owns 0.051% of the company’s shares, worth €14.26M. The average tenure of the management team and the board of directors is 1.6 years and 4.2 years respectively.

Key information

Jon McKenzie

Chief executive officer

CA$8.7m

Total compensation

CEO salary percentage	11.4%
CEO tenure	1.6yrs
CEO ownership	0.05%
Management average tenure	1.6yrs
Board average tenure	4.2yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Jon McKenzie's remuneration changed compared to Cenovus Energy's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	CA$4b
Jun 30 2024	n/a	n/a	CA$5b
Mar 31 2024	n/a	n/a	CA$5b
Dec 31 2023	CA$9m	CA$989k	CA$4b
Sep 30 2023	n/a	n/a	CA$4b
Jun 30 2023	n/a	n/a	CA$4b
Mar 31 2023	n/a	n/a	CA$5b
Dec 31 2022	CA$5m	CA$750k	CA$6b
Sep 30 2022	n/a	n/a	CA$5b
Jun 30 2022	n/a	n/a	CA$4b
Mar 31 2022	n/a	n/a	CA$2b
Dec 31 2021	CA$6m	CA$700k	CA$553m
Sep 30 2021	n/a	n/a	CA$816m
Jun 30 2021	n/a	n/a	CA$80m
Mar 31 2021	n/a	n/a	-CA$371m
Dec 31 2020	CA$4m	CA$588k	-CA$2b
Sep 30 2020	n/a	n/a	-CA$2b
Jun 30 2020	n/a	n/a	-CA$2b
Mar 31 2020	n/a	n/a	CA$287m
Dec 31 2019	CA$4m	CA$625k	CA$2b
Sep 30 2019	n/a	n/a	CA$731m
Jun 30 2019	n/a	n/a	CA$302m
Mar 31 2019	n/a	n/a	-CA$2b
Dec 31 2018	CA$5m	CA$461k	-CA$3b

Compensation vs Market: Jon's total compensation ($USD6.20M) is about average for companies of similar size in the German market ($USD4.87M).

Compensation vs Earnings: Jon's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

CEO

Jon McKenzie (56 yo)

1.6yrs

Tenure

CA$8,671,098

Compensation

Mr. Jonathan M. McKenzie, also known as Jon, CA, is Vice-Chair of Canadian Association of Petroleum Producers from November 2023. He serves as President, CEO & Non-Independent Director at Cenovus Energy In...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Alexander Pourbaix	Executive Chair	7yrs	CA$8.11m	0.079% € 21.9m
Jonathan McKenzie	President	1.6yrs	CA$8.67m	0.051% € 14.3m
Kam Sandhar	Executive VP of Strategy & CFO	1.2yrs	CA$2.78m	0.0076% € 2.1m
Keith Chiasson	Executive VP & COO	1.2yrs	CA$3.21m	0.0087% € 2.4m
Norrie Ramsay	Executive VP of Upstream - Thermal & Atlantic Offshore	4.9yrs	CA$2.68m	0.0029% € 819.8k
Jason Abbate	Senior Vice President of Investor Relations	no data	no data	no data
Gary Molnar	Senior VP of Legal	3.8yrs	no data	0.0030% € 822.6k
Jeffery Lawson	Senior VP of Corporate Development & Acting Chief Sustainability Officer	less than a year	no data	0.0080% € 2.2m
Susan Anderson	Senior Vice-President of People Services	2.7yrs	no data	0.00062% € 172.3k
Rhona Delfrari	Chief Sustainability Officer & Exe VP of Stakeholder Engagement (Leave of Absence))	less than a year	no data	0.0022% € 608.6k
P. Dahlin	Executive Vice-President	3.8yrs	no data	0.0015% € 425.2k
Doreen Cole	Executive Vice-President of Downstream	no data	no data	0.00094% € 261.2k

1.6yrs

Average Tenure

56yo

Average Age

Experienced Management: CXD's management team is not considered experienced ( 1.6 years average tenure), which suggests a new team.

Board Members

Name	Position	Tenure	Compensation	Ownership
Alexander Pourbaix	Executive Chair	7yrs	CA$8.11m	0.079% € 21.9m
Jonathan McKenzie	President	1.6yrs	CA$8.67m	0.051% € 14.3m
Claude Mongeau	Lead Independent Director	7.9yrs	CA$303.09k	0.019% € 5.3m
Eva Kwok	Independent Director	3.8yrs	CA$256.21k	no data
Frank Sixt	Independent Director	3.8yrs	CA$253.00k	0.0032% € 883.7k
Rhonda Zygocki	Independent Director	8.6yrs	CA$278.00k	no data
James Girgulis	Director	less than a year	CA$169.58k	0.00065% € 180.6k
Richard Marcogliese	Independent Director	8.6yrs	CA$274.50k	no data
Keith Casey	Independent Director	4.6yrs	CA$267.50k	no data
Michael Crothers	Independent Director	less than a year	CA$168.23k	0.00019% € 52.8k
Melanie Little	Independent Director	1.8yrs	CA$266.00k	0.00016% € 44.5k
Jane Kinney	Independent Director	5.6yrs	CA$281.13k	no data

4.2yrs

Average Tenure

64yo

Average Age

Experienced Board: CXD's board of directors are considered experienced (4.2 years average tenure).

Cenovus Energy Management

Management criteria checks 2/4

Key information

Recent management updates

Executive VP & Chief Commercial Officer recently sold €7.4m worth of stock

Cenovus Energy Inc. Announces Board Changes

Cenovus Energy Inc., Annual General Meeting, May 01, 2024

Athabasca Oil Corporation Provides Executive Update for Duvernay Energy Corporation

High number of new directors

Executive Vice President of Downstream recently bought €148k worth of stock

Recent updates

Dividend of CA$0.18 announced

Cenovus Energy Inc. Declares Quarterly Base Dividend, Payable on December 31, 2024

Third quarter 2024 earnings released: EPS: CA$0.44 (vs CA$0.98 in 3Q 2023)

Cenovus Energy Inc. to Report Q3, 2024 Results on Oct 31, 2024

Upcoming dividend of CA$0.18 per share

Dividend of CA$0.18 announced

New major risk - Revenue and earnings growth

Second quarter 2024 earnings released: EPS: CA$0.54 (vs CA$0.45 in 2Q 2023)

Cenovus Energy Inc. Declares Quarterly Dividend, Payable on September 27, 2024

Cenovus Energy Inc. to Report Q2, 2024 Results on Aug 01, 2024

Upcoming dividend of CA$0.18 per share

Executive VP & Chief Commercial Officer recently sold €7.4m worth of stock

Dividend of CA$0.18 announced

Upcoming dividend of CA$0.14 per share

Cenovus Energy Inc. Declares Quarterly Base and Variable Dividend, Payable on June 28, 2024 and May 31, 2024 Respectively

First quarter 2024 earnings released: EPS: CA$0.62 (vs CA$0.33 in 1Q 2023)

Cenovus Energy Inc. Announces Board Changes

Cenovus Energy Inc. Declares Quarterly Base Dividend, Payable on June 28, 2024

Cenovus Energy Inc. to Report Q1, 2024 Results on May 01, 2024

Upcoming dividend of CA$0.14 per share

Fourth quarter dividend of CA$0.14 announced

Full year 2023 earnings released: EPS: CA$2.15 (vs CA$3.29 in FY 2022)

Cenovus Energy Inc. to Report Q4, 2023 Results on Feb 15, 2024

Cenovus Energy Inc., Annual General Meeting, May 01, 2024

Athabasca Oil Corporation Provides Executive Update for Duvernay Energy Corporation

Cenovus Energy Inc. Provides Production Guidance for the Year 2024

Upcoming dividend of CA$0.14 per share at 2.5% yield

Cenovus Energy Inc. Declares Quarterly Base Dividend Payable on December 29,2023

Third quarter 2023 earnings released: EPS: CA$0.98 (vs CA$0.83 in 3Q 2022)

Cenovus Energy Inc. to Report Q3, 2023 Results on Nov 02, 2023

Now 20% undervalued

Upcoming dividend of CA$0.14 per share at 2.4% yield

High number of new directors

Cenovus Energy Inc. Provides Production Guidance for the Year 2023

Cenovus Energy Inc. to Report Q2, 2023 Results on Jul 27, 2023

Cenovus Energy Inc. Provides an Update on Its Conventional Production Operations

Executive Vice President of Downstream recently bought €148k worth of stock

First quarter 2023 earnings released: EPS: CA$0.33 (vs CA$0.81 in 1Q 2022)

Investor sentiment improves as stock rises 19%

Executive VP & COO recently bought €895k worth of stock

Upcoming dividend of CA$0.10 per share at 2.0% yield

Executive VP & COO recently bought €862k worth of stock

Full year 2022 earnings released

Cenovus Energy Inc. Announces Executive Changes

Cenovus Energy Inc. to Report Q4, 2022 Results on Feb 16, 2023

Cenovus Energy Inc., Annual General Meeting, Apr 26, 2023

Upcoming dividend of CA$0.10 per share

Cenovus Energy Inc. Appoints Melanie A. Little to Its Board of Directors, Effective January 1, 2023

High number of new directors

Now 21% undervalued

Third quarter 2022 earnings released: EPS: CA$0.83 (vs CA$0.27 in 3Q 2021)

Cenovus Energy Inc. to Report Q3, 2022 Results on Nov 02, 2022

Executive VP & COO recently bought €966k worth of stock

Investor sentiment deteriorated over the past week

Upcoming dividend of CA$0.10 per share

Executive VP & COO recently bought €846k worth of stock

Cenovus Energy Inc. (TSX:CVE) entered into an agreement to acquire a 50% stake in the Husky Toledo Refinery from BP p.l.c. (LSE:BP.) for $300 million.

Cenovus Energy Inc. (TSX:CVE) entered into an agreement to acquire a 50% stake in the Husky Toledo Refinery from BP p.l.c. (LSE:BP.) for $300 million.

Second quarter 2022 earnings released

An unknown buyer acquired an unknown stake in Headwater Exploration Inc. (TSX:HWX) from Cenovus Energy Inc. (TSX:CVE) for CAD 110 million.

Cenovus Energy Inc. to Report Q2, 2022 Results on Jul 28, 2022

Independent Chairman of the Board recently bought €638k worth of stock

Investor sentiment deteriorated over the past week

Cenovus Energy Inc. (TSX:CVE) reached an agreement to acquire remaining 50% stake in Sunrise Oil Sands Project in Alberta, Canada from BP Canada Energy Group ULC.

Upcoming dividend of CA$0.10 per share

Suncor Energy Inc. (TSX : SU) and Cenovus Energy Inc. (TSX : CVE) acquired additional 12.5% minority stake in White Rose Asset for CAD 50 million.

Independent Chairman of the Board recently bought €789k worth of stock

First quarter 2022 earnings released: EPS: CA$0.81 (vs CA$0.10 in 1Q 2021)

High number of new directors