Business
Cenovus oil sands production increases 33%
Cash flow up 37% on higher volumes and prices Combined oil sands production at...
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\n\n\nCash flow up 37% on higher volumes and prices \n\n\n\n\n\n\nCombined oil sands production at Foster Creek and Christina Lake\n averaged almost 125,000 barrels per day (bbls/d) net in the second\n quarter, up 33% from a year earlier.\n\n\nProduction at Christina Lake averaged nearly 68,000 bbls/d net in the\n second quarter, an increase of 77% when compared with the same period a\n year earlier as phase E reached its design capacity.\n\n\nFoster Creek production averaged almost 57,000 bbls/d net in the\n quarter, an increase of 3% from the second quarter of 2013.\n\n\nSteaming at Foster Creek's phase F expansion began in May.\n\n\nCenovus generated nearly $1.2 billion in cash flow, a 37% increase when\n compared with the same period in 2013 due to increased production and\n higher commodity prices.\n\n\n\n\"Cenovus generated record cash flow in the second quarter, with strong\n contributions from all of our business operations,\" said Brian\n Ferguson, Cenovus President & Chief Executive Officer. \"Once again,\n we've been able to generate predictable, reliable results and deliver\n growing total shareholder return.\"\n\n\n\n\n\n\n\n \n\n\n\n\nProduction & financial summary\n\n\n\n\n(for the period ended June 30)\nProduction (before royalties)\n\n\n2014\nQ2\n\n\n2013\nQ2\n\n\n   % change\n\n\n\n\nOil sands total (bbls/d)\n\n\n124,827\n\n\n93,797\n\n\n33\n\n\n\n\nConventional oil1 (bbls/d)\n\n\n\n76,861\n\n\n\n77,330\n\n\n\n-1\n\n\n\n\nTotal oil (bbls/d)\n\n\n201,688\n\n\n  171,127\n\n\n18\n\n\n\n\nNatural gas (MMcf/d)\n\n\n507\n\n\n536\n\n\n-5\n\n\n\n\nFinancial\n($ millions, except per share amounts)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n Cash flow2\n   Per share diluted\n\n\n\n1,189\n1.57\n\n\n\n871\n1.15\n\n\n\n37\n \n\n\n\n\nOperating earnings2\n\n\n473\n\n\n255\n\n\n85\n\n\n\n\n   Per share diluted\n\n\n0.62\n\n\n0.34\n\n\n \n\n\n\n\nNet earnings\n\n\n615\n\n\n179\n\n\n244\n\n\n\n\n   Per share diluted\n\n\n0.81\n\n\n0.24\n\n\n \n\n\n\n\nCapital investment\n\n\n686\n\n\n706\n\n\n-3\n\n\n\n\n\n\n1\n\n\nIncludes natural gas liquids (NGLs) and Pelican Lake production.\n\n\n\n\n2 \n\n\nCash flow and operating earnings are non-GAAP measures as defined in the\n Advisory. See also the earnings reconciliation summary in the ope...