Business
Cenovus oil production climbs 15% in first quarter
Refining operating cash flow increases 97% to $524 million Cash flow was $971 millio...
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\nRefining operating cash flow increases 97% to $524 million\n\n\nCash flow was $971 million, or $1.28 per share in the first quarter, an\n increase of 7% from the same period in 2012, mainly due to strong\n performance from the company's refining business.\n\n\nOperating cash flow from refining almost doubled to $524 million\n compared with the same quarter a year earlier.\n\n\nCombined oil sands production at Foster Creek and Christina Lake\n averaged more than 100,000 barrels per day (bbls/d) net in the first\n quarter, up 22% from a year earlier. Production at Christina Lake\n increased 79% to an average of more than 44,000 bbls/d net.\n\n\nConventional oil production, including Pelican Lake, averaged almost\n 80,000 bbls/d in the quarter, a 7% increase from the same period a year\n ago.\n\n\nRegulatory applications and environmental impact assessments (EIAs) were\n submitted for new phases at Christina Lake and Foster Creek.\n\n\nCenovus drilled 315 gross stratigraphic test wells in the first quarter,\n primarily to support the expansion and development of the company's oil\n sands projects.\n\n\"Our refining business continues to deliver excellent results, clearly\n demonstrating the benefit of our integrated strategy. When our cash\n flow from heavy oil production is affected by low commodity prices, our\n refineries give us a financial advantage by turning that discounted\n crude into higher-value refined products,\" said Brian Ferguson,\n President & Chief Executive Officer of Cenovus. \"We also delivered\n another quarter of strong oil production growth, mainly due to our oil\n sands assets.\"\n\nFinancial & production summary\n\n\n (for the period ended March 31)\n ($ millions, except per share amounts)\n\n\n2013Q1\n\n\n2012\nQ1\n\n\n% change\n\n\n Cash flow1\n   Per share diluted\n\n\n9711.28\n\n\n904\n1.19\n\n\n7\n\n\n Operating earnings1\n   Per share diluted\n\n\n3910.52\n\n\n340\n0.45\n\n\n15\n \n\n\n Net earnings\n   Per share diluted\n\n\n1710.23\n\n\n426\n0.56\n\n\n-60\n \n\n\n Capital investment\n\n\n915\n\n\n900\n\n\n2\n\n\n Production (before royalties)\n\n\n \n\n\n \n\n\n \n\n\n Oil sands total (bbls/d)\n\n\n100,347\n\n\n81,947\n\n\n22\n\n\n Conventional oil2 (bbls/d)\n\n\n  79,878\n\n...