Business
Cenovus total proved reserves up 12% to 2.2 billion BOE
Oil sands production increases 35% in 2012 Proved bitumen reserves at the end of...
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\n\nOil sands production increases 35% in 2012 \n\n\n\nProved bitumen reserves at the end of 2012 were more than 1.7 billion\n barrels (bbls), up 18% from 2011.\n\n\nEconomic bitumen best estimate contingent resources at year end were 9.6\n billion bbls, a 17% increase over 2011.\n\n\nCombined oil sands production at Foster Creek and Christina Lake averaged nearly 90,000 barrels per day (bbls/d) net in 2012, up 35%\n from 2011. Average production at Christina Lake nearly tripled in 2012 to almost 32,000 bbls/d net.\n\n\nChristina Lake phase D reached full capacity about six months after first production.\n\n\nCash flow increased to about $3.6 billion in 2012, up 11% from 2011.\n\n\nThe Board of Directors approved a dividend increase of 10% for the first\n quarter of 2013 resulting in a quarterly dividend of $0.242 per share.\n\n\nCenovus recorded a $393 million non-cash goodwill impairment in the\n fourth quarter which resulted in lower 2012 operating earnings and a\n fourth quarter earnings loss. This impairment related to the company's\n Suffield assets, principally natural gas.\n\n\n\n\"We had another strong year in 2012, achieving the milestones we set for\n ourselves,\" said Brian Ferguson, President & Chief Executive Officer of\n Cenovus. \"We added significant new reserves and resources, increased\n our oil production, enhanced our net asset value and generated record\n cash flow. We remain committed to delivering a growing total\n shareholder return and have again increased our dividend by 10%.\"\n\n\n\n\nFinancial & production summary\n\n\n\n\n(for the period ended December 31)\n($ millions, except per share amounts)\n\n\n2012\nQ4\n\n\n2011\nQ4\n\n\n% change\n\n\n2012\nFull Year\n\n\n2011\nFull Year\n\n\n% change\n\n\n\n\nCash flow1\n\n\n697\n\n\n851\n\n\n-18\n\n\n3,643\n\n\n3,276\n\n\n11\n\n\n\n\n \n\n\nPer share diluted\n\n\n0.92\n\n\n1.12\n\n\n \n\n\n4.80\n\n\n4.32\n\n\n \n\n\n\n\nOperating earnings/loss1\n\n\n-189\n\n\n332\n\n\n-157\n\n\n866\n\n\n1,239\n\n\n-30\n\n\n\n\n \n\n\nPer share diluted\n\n\n-0.25\n\n\n0.44\n\n\n \n\n\n1.14\n\n\n1.64\n\n\n \n\n\n\n\nNet earnings/loss\n\n\n-118\n\n\n266\n\n\n-144\n\n\n993\n\n\n1,478\n\n\n-33\n\n\n\n\n \n\n\nPer share diluted\n\n\n-0.16\n\n\n0.35\n\n \n\n1.31\n\n\n1.95\n\n\n \n\n\n\n\nCapital investment2\n\n\n9...