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Cenovus delivers strong operational performance in 2016

by pmnationtalk on February 17, 2017100 Views

Higher oil sands production, lower costs

Calgary, Alberta (February 16, 2017) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered strong, safe and reliable operating performance in 2016. The company increased its oil sands production compared with 2015 and achieved further cost efficiencies, including decreased operating and general and administrative (G&A) expenses as well as lower oil sands sustaining capital costs. The sustaining capital improvements have contributed to lower future development costs for Cenovus’s oil sands business.

“Our operations performed exceptionally well in 2016, and we remained financially resilient through a difficult macro environment that included a 13-year low in benchmark oil prices in the first quarter,” said Brian Ferguson, Cenovus President & Chief Executive Officer. “Our continued focus on costs allowed us to maintain a strong balance sheet and execute our original business plan for the year with lower capital spending than we had planned. This has put us in an excellent position to pursue disciplined growth in 2017 and beyond.”

Key 2016 developments

  • Added oil sands production capacity of 80,000 barrels per day (bbls/d) gross
  • Increased oil sands production by 7% compared with 2015
  • Reduced oil sands per-barrel non-fuel operating costs by 13% compared with 2015
  • Increased proved reserves by 5% compared with 2015
  • Funded Cenovus’s capital program and dividend, and generated free funds flow (previously labelled “free cash flow”)* with West Texas Intermediate (WTI) averaging below US$45/bbl in 2016
  • Exited the year with $3.7 billion in cash and $4 billion in undrawn credit facilities

Read the complete news release


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