Cenovus Energy Inc. (TSX, NYSE: CVE):
An aerial of Cenovus's Foster Creek operation in northern Alberta (Photo: Business Wire)
- Average oil sands production exceeded 95,000 barrels per day (bbls/d) net to Cenovus, a 44% increase compared with the same period a year earlier.
- Cash flow surpassed $1.1 billion or $1.47 per share diluted in the third quarter, 41% higher than the same period last year.
- Operating cash flow from refining more than doubled to $530 million compared with the third quarter of 2011, primarily due to increased throughput, higher yields and strong refining margins.
- Christina Lake production grew more than threefold in the third quarter compared with 2011. Production averaged more than 32,000 bbls/d net, reaching a single-day high of 43,500 bbls/d net. The increase was due to strong phase C well performance and the start-up of phase D in late July.
- Foster Creek production increased 12% compared with the third quarter of 2011, averaging above current design capacity through the quarter.
- Third quarter production at Pelican Lake increased 16% compared with the same quarter of 2011, averaging more than 23,500 bbls/d.
- In September, Cenovus was named to the Dow Jones Sustainability World Index for the first time and was recently named to the Carbon Disclosure Leadership Index for the third year in a row.
“Cenovus continues to deliver predictable, reliable performance and is on track for another great year, both operationally and financially,” said Brian Ferguson, Cenovus President & Chief Executive Officer. “Our integrated strategy is clearly paying off. Increased oil sands production combined with strong margins at our refining business contributed to record cash flow and solid operating earnings in the third quarter.”
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