Business
Crude oil operating cash flow 40% higher in third quarter
Oil sands production at Christina Lake up 63% Operating cash flow from oil prod...
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\nOil sands production at Christina Lake up 63%\n\n\n\nOperating cash flow from oil production increased 40% to $915 million,\n compared with the third quarter of 2012, driven by higher oil prices\n and increased volumes.\n\n\nRefining operating cash flow decreased 75% to $133 million compared with\n the third quarter of 2012 due to lower market crack spreads and higher\n feedstock costs.\n\n\nCash flow decreased 17% to $932 million in the third quarter compared\n with the same period of 2012, mainly due to lower refining operating\n cash flow.\n\n\nCombined oil sands production at Foster Creek and Christina Lake\n averaged nearly 102,000 barrels per day (bbls/d) net in the third\n quarter.\n\n\nAverage production at Christina Lake increased 63% from the third\n quarter of 2012, with first oil production from phase E achieved in\n mid-July.\n\n\nFoster Creek production was 22% lower than in the third quarter of 2012,\n partly due to a planned major turnaround in September.\n\n\nPlant construction began on the first phase of the Narrows Lake oil\n sands project.\n\n\nCenovus was recently named to the Dow Jones Sustainability World Index\n for the second year in a row and to the Canada 200 Climate Disclosure\n Leadership Index for the fourth consecutive year.\n\n\n\n\"Stronger realized crude prices and higher oil production led to a solid\n increase in operating cash flow from our oil assets in the third\n quarter,\" said Brian Ferguson, Cenovus President & Chief Executive\n Officer. \"That helped offset most of the impact from a significant drop\n in market crack spreads and higher feedstock costs which led to a large\n year-over-year decrease in operating cash flow from our refining\n assets.\"\n\n\n\n\nProduction & financial summary\n\n\n\n\n(for the period ended September 30)\nProduction (before royalties) \n\n\n \n\n\n \n\n\n \n\n\n2013\nQ3\n\n\n \n\n\n \n\n\n \n\n\n2012\nQ3\n\n\n \n\n\n \n\n\n \n\n\n% change\n\n\n\n\nOil sands total (bbls/d)\n\n\n \n\n\n \n\n\n \n\n\n101,824\n\n\n \n\n\n \n\n\n \n\n\n95,625\n\n\n \n\n\n \n\n\n \n\n\n6\n\n\n\n\nConventional oil1 (bbls/d)\n\n\n \n\n\n \n\n\n \n\n\n75,114\n\n\n \n\n\n \n\n\n \n\n\n75,725\n\n\n \n\n\n \n\n\n \n\n\n-1\n\n\n\n\nTo...