July 30 (Reuters) - Cenovus Energy Inc CVE.TO :
* Announces second quarter results, additional measures to build shareholder
value
* Q2 total oil sands production 130,734 bbls/d versus 124,827 bbls/d
* Q2 total oil production 199,954 bbls/d versus 201,688 bbls/d
* Qtrly cash flow per share $0.58
* Says on track to achieve approximately $280 million in 2015 cost reductions,
40% greater than initially targeted
* Says targeting between 300 and 400 job reductions in Calgary in second half
of 2015
* Qtrly operating earnings per share $0.18
* Qtrly earnings per share $0.15
* Says third quarter dividend reduction of 40%; temporary discount on dividend
reinvestment plan (drip) discontinued
* Says investment in deferred oil sands expansions being considered for 2016
* Planning for west Texas intermediate oil prices to be approximately $65 per
barrel through 2017"
* Says board of directors has declared a third quarter dividend of $0.16 per
share
* Intends to review co's compensation, benefits, time-off practices to ensure
they align with current and anticipated market conditions
* Says intends to target a dividend payout ratio of 20% to 25% of after-tax
cash flows
* With dividend reduction, the company is on track to be within its dividend
target range for 2015
* Says co is increasing cost-cutting expectation for 2015 to approximately $280
million, 40% higher than its initial target
* Says Cenovus is also planning for additional staff reductions at its field
operations in early 2016
* Anticipates that 2015 capital spending will remain within its previously
announced guidance of $1.8 billion to $2.0 billion
* Says Cenovus is also realigning the structure of its leadership team to
better fit with the functional model
* Planned retirements of four executive vice-presidents announced in may are
proceeding as expected
* Says an external search is well underway for a president, upstream oil & gas
* Has no pending plans to invest in additional downstream assets
* Says Cenovus has updated its 2015 full-year guidance
* Sets quarterly dividend of C$0.16 per share
* Source text for Eikon ID:nCNWby7jda
* Further company coverage CVE.TO