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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.

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