• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 15 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 14 hours The United States produced more crude oil than any nation, at any time.
  • 14 hours How Far Have We Really Gotten With Alternative Energy
  • 13 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 1 day Bankruptcy in the Industry

Cenovus Energy To Boost Energy Production 19%

Canada’s Cenovus Energy will boost its energy production by 19% over the next five years, in line with pipeline capacity growth, Cenovus CEO Drew Zieglgansberger said at the company’s annual investor day.

Cenovus has plants to lift production by 150,000 boepd to 950,000 boepd by 2028, the CEO said.

For now, Canada’s heavy oil, produced by Cenovus Energy, Canadian Natural Resources, Suncor, and Repsol, trades at a discount to the U.S. benchmark WTI due to the country’s limited pipeline capacity to export it to foreign markets—namely, the United States.

But the Trans Mountain pipeline expansion—after numerous setbacks—is supposed to be finished in the second quarter, increasing the country’s ability to carry the heavy oil away to the United States and to Asia. The expansion is expected to triple its export capacity to 890,000 bpd.

“This represents a new pathway into global markets,” Zieglgansberger said.

Cenovus Energy stock fell 1.25% on Monday as the Canadian market took a beating, closing short of its 52-week high of C$5.48 that it hit on October 19.

Cenovus Energy held its 2024 Investor Day in Toronto on Tuesday, with the Leadership Team providing updates to the company’s strategy, outlook, and operations. Last month, the company reported that it had just missed analyst estimates for its quarterly profit but exceeded production estimates and refinery throughput volumes. Cenovus Q4 2023 upstream production rose to 808,600 boepd from 806,900 in Q4 2022. Downstream throughput increased to 579,100 bpdmm up from 473,500 bpd a year earlier. Cenovus’s U.S. refineries have shown poorly over the last few years.

Cenovus Energy produces oil and natural gas in Canada and the Asia Pacific region, along with refining and marketing operations in Canada as well as the United States.

ADVERTISEMENT

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News