- Total oil production averaged more than 155,000 barrels per day (bbls/d), a 28% increase compared with the same period a year earlier.
- Oil sands production at Foster Creek and Christina Lake averaged more than 80,000 bbls/d in the second quarter, a 38% increase compared with 2011.
- Cenovus began injecting steam at Christina Lake phase D, with production anticipated in the third quarter.
- Refining operations generated $344 million in operating cash flow, up $22 million from the second quarter in 2011.
- Cash flow was $925 million in the second quarter, a slight decrease compared with the same period a year earlier due to weaker commodity prices during the quarter.
- Capital investment in the quarter increased 39% to $660 million compared with the same period in 2011 as the company continued to expand the development of its oil assets.
- Cenovus received regulatory approval for its Narrows Lake oil sands development, which is expected to have a gross production capacity of 130,000 bbls/d.
|Financial & Production Summary|
|(for the period ended June 30)($ millions, except per share amounts)||2012 Q2||2011Q2||% change|
|Cash flow 1 Per share diluted||925 1.22||939 1.24||-1.5|
|Operating earnings 1 Per share diluted||283 0.37||395 0.52||-28|
|Net earnings Per share diluted||396 0.52||655 0.86||-40|
|Capital investment 2||660||476||39|
|Production (before royalties)|
|Foster Creek (bbls/d)||51,740||50,373||3|
|Christina Lake (bbls/d)||28,577||7,880||263|
|Total Foster Creek & Christina Lake (bbls/d)||80,317||58,253||38|
|Pelican Lake (bbls/d)||22,410||19,427||15|
|Other conventional oil 3 (bbls/d)||52,839||44,082||20|
|Total oil production (bbls/d)||155,566||121,762||28|
|Natural gas (MMcf/d)||596||654||-9|
|1 Cash flow and operating earnings are non-GAAP measures as defined in the Advisory. See also the Earnings Reconciliation Summary. 2 Includes expenditures on property, plant and equipment and exploration and evaluation assets, excluding acquisitions and divestitures. 3 Includes natural gas liquids (NGLs) production.|