Cenovus oil sands production climbs 20% in first quarter

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[{"type":"text","content":"\n\n\nPlans to move forward with Grand Rapids oil sands project \n\n\n\nCombined oil sands production at Foster Creek and Christina Lake\n averaged 120,444 barrels per day (bbls/d) net in the first quarter, up\n 20% from a year earlier.\n\n\nProduction at Christina Lake averaged 65,738 bbls/d net in the first\n quarter, an increase of 48% when compared with the same period a year\n earlier as phase E approached full production capacity.\n\n\nFoster Creek performed at the upper end of Cenovus's expected production\n range, averaging 54,706 bbls/d net in the quarter, a slight decrease\n from the same period a year earlier.\n\n\nCenovus generated nearly $1.2 billion in operating cash flow, a 4%\n decrease when compared with the same period in 2013, as rising\n production and higher commodity prices were offset by significantly\n lower refining margins.\n\n\nCenovus received regulatory approval for its 180,000 bbls/d wholly-owned\n Grand Rapids oil sands project and plans to move forward with an\n initial phase of 8,000 to 10,000 bbls/d.\n\n\n\n\n\n\n\n\n\n\"Our first quarter results have us off to a good start for delivering\n predictable, reliable performance this year,\" said Brian Ferguson,\n Cenovus President & Chief Executive Officer. \"Our oil sands projects\n are on track and we continue to see value from our integrated business\n plan. Our strong cash flow and healthy balance sheet allow us to keep\n our focus on growing total shareholder return.\"\n\n\n\n\n \n\n\n\n\nProduction & financial summary\n\n\n\n\n(for the period ended March 31)\nProduction (before royalties)\n\n\n2014\nQ1\n\n\n2013\nQ1\n\n\n% change\n\n\n\n\nOil sands total (bbls/d)\n\n\n 120,444\n\n\n 100,347\n\n\n 20\n\n\n\n\nConventional oil1 (bbls/d)\n\n\n 76,410\n\n\n 79,878\n\n\n -4\n\n\n\n\nTotal oil (bbls/d)\n\n\n 196,854\n\n\n 180,225\n\n\n 9\n\n\n\n\nNatural gas (MMcf/d)\n\n\n 476\n\n\n 545\n\n\n -13\n\n\n\n\nFinancial\n($ millions, except per share amounts)\n\n\n  \n\n\n  \n\n\n  \n\n\n\n\nCash flow2\n\n\n904\n\n\n971\n\n\n-7\n\n\n\n\n \n\n\nPer share diluted\n\n\n1.19\n\n\n1.28\n\n\n \n\n\n\n\nOperating earnings2\n\n\n378\n\n\n391\n\n\n-3\n\n\n\n\n \n\n\nPer share diluted\n\n\n0.50\n\n\n0.52\n\n\n \n\n\n\n\nNet earnings\n\n\n247\n...

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