This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Cenovus's Christina Lake Operation

Stocks in this article: CVE

Cenovus Energy Inc. (TSX, NYSE: CVE) is producing oil from phase D at its Christina Lake oil sands operation approximately three months ahead of schedule and within budget. The company began injecting steam in the second quarter of this year and began producing in late July. Production at Christina Lake in August averaged more than 61,000 barrels per day (bbls/d) gross, an increase of nearly 4,000 bbls/d when compared to production in the second quarter. Christina Lake is operated by Cenovus and jointly owned with ConocoPhillips.

Cenovus's Christina Lake operation

Cenovus's Christina Lake operation

“Cenovus continues to demonstrate the strength of our phased approach to expansions,” said John Brannan, Cenovus Executive Vice-President & Chief Operating Officer. “We’re very pleased with the early completion of the phase D expansion and anticipate a successful ramp-up to full capacity.”

Phase D is planned to produce approximately 40,000 bbls/d. Cenovus expects the production ramp-up to be complete in six to nine months, similar to the ramp-up of phase C and considerably faster than the industry average. The efficient ramp-ups achieved at Christina Lake are due to the high quality of the reservoir and the use of accelerated start-up techniques. Commissioning of the phase D facilities is almost complete and will bring total production capacity at Christina Lake to 98,000 bbls/d. With additional expansions and optimization, Cenovus anticipates Christina Lake will have a total production capacity of about 300,000 bbls/d.

“Cenovus has decades of growth ahead in the oil sands,” said Brannan. “The manufacturing approach we use to develop our oil sands projects supports this long-term growth. We plan to bring on a new phase of oil sands production every 12 to 18 months for the next five years and we also have a portfolio of emerging oil sands projects to develop.”

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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