Business
Cenovus oil sands production increases 14% in 2013
Proved bitumen reserves up 8% Combined oil sands production at Foster Creek and Chr...
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\n\n\nProved bitumen reserves up 8% \n\n\n\nCombined oil sands production at Foster Creek and Christina Lake\n averaged almost 103,000 barrels per day (bbls/d) net in 2013, up 14%\n from 2012.\n\n\nProduction at Christina Lake increased 55% to more than 49,000 bbls/d\n net in 2013. Christina Lake phase D reached full capacity in 2013,\n about six months after first production. Phase E is expected to achieve\n full capacity in the first quarter of 2014.\n\n\nFoster Creek production averaged more than 53,000 bbls/d net in 2013,\n down 8% from 2012.\n\n\nProved bitumen reserves at the end of 2013 were more than 1.8 billion\n barrels (bbls), up 8% from 2012.\n\n\nRefining operations achieved a 97% utilization rate and increased\n processing of heavy crude oil by 12% to 222,000 bbls/d.\n\n\nCash flow was $3.6 billion in 2013, comparable with the previous year.\n\n\nThe Board of Directors approved a dividend increase of 10% for the first\n quarter of 2014, resulting in a quarterly dividend of $0.2662 per\n share.\n\n\n\n\n\n\n\"We had another year of solid reserves and production growth as well as\n strong performance from our refining business,\" said Brian Ferguson,\n Cenovus President & Chief Executive Officer. \"We continue to\n effectively execute our long-term business plan. The strength of our\n operations and balance sheet allows us to concentrate on growing total\n shareholder return, including our commitment to a dividend growth\n strategy.\"\n\n\n\n\n           Production & financial summary\n\n\n\n\n(for the period ended December 31)\nProduction (before royalties) \n\n\n2013\nQ4\n\n\n2012\nQ4\n\n\n% change\n\n\n2013\nFull Year\n\n\n2012\nFull Year\n\n\n% change\n\n\n\n\nOil sands total (bbls/d)\n\n\n113,890\n\n\n100,867\n\n\n13\n\n\n102,500\n\n\n89,736\n\n\n14\n\n\n\n\nConventional oil1 (bbls/d)\n\n\n74,853\n\n\n76,779\n\n\n-3\n\n\n76,775\n\n\n75,667\n\n\n1\n\n\n\n\nTotal oil (bbls/d)\n\n\n188,743\n\n\n177,646\n\n\n6\n\n\n179,275\n\n\n165,403\n\n\n8\n\n\n\n\nNatural gas (MMcf/d)\n\n\n514\n\n\n566\n\n\n-9\n\n\n529\n\n\n594\n\n\n-11\n\n\n\n\nFinancial\n($ millions, except per share amounts)\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nCash flow2\n\n\n835\n\n\n697\n\n\n20\n\n\n3,609\n\n\n3,643\n\n\n-1\n\n\n\n\n \n\n\nPer share diluted\n\n...