This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Cenovus Energy Management Discusses Q2 2012 Results - Earnings Call Transcript

Production volumes have ramped back up and we hit a new daily production record of just over 129,000 barrels per day gross in June. We expect production volumes at Foster Creek to be in line with our guidance for the year.

Construction on the expansion phases at Foster Creek continues. We are now just over 50% complete at Phase F, with offsite module assembly and facility construction progressing. At Phase G, mining [ph] work, offsite steel fabrication and major equipment procurement continues. And at Phase H, design engineering work is underway.

We have also started public consultation for an additional phase at Foster Creek. This 9th phase is anticipated to add approximately 50,000 barrels per day, bringing total expected gross production capacity to 295,000 barrels per day. With ongoing optimization work over time, we believe total gross production capacity at Foster Creek will reach 310,000 barrels per day. Gross production at Christina Lake averaged more than 57,000 per barrel -- 57,000 barrels per day in the quarter. We reached a new daily production record of just over 64,000 barrels per day in June, exceeding our nameplate capacity of 58,000 barrels per day. This demonstrates the high reservoir quality of our Christina Lake asset and our industry-leading startup processes.

Steam injection at Christina Lake Phase D began in June, approximately 3 months ahead of schedule. We have commissioned about 90% of Phase D and production ramp up is expected to begin in the third quarter. We will continue to move forward with the completion of Phases D and E and plan to further updates on those projects in the coming months

Phase E is currently more than 50% complete and all major equipment has arrived at site. With additional expansion phases and optimization work at Christina Lake, we believe total gross production capacity has a potential to reach 300,000 barrels per day.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs