Cenovus oil sands production increases 23 percent
Company generates nearly $1 billion in cash flow
• Production at Christina Lake averaged more than 68,000 barrels per day (bbls/d) net in the third quarter, an increase of 30% when compared with the same period a year earlier.
• Foster Creek production averaged almost 57,000 bbls/d net in the quarter, 15% higher than the same quarter in 2013.
• Cenovus achieved first production from its Foster Creek phase F expansion in September.
• Cash flow was almost $1 billion in the third quarter, a 6% increase when compared with the same period in 2013.
• Cenovus completed the sale of a portion of its Wainwright heavy oil assets in Alberta, recording a gain of $137 million on the divestiture.
• The company was recently named to the Dow Jones Sustainability World Index for the third year in a row.
“Increasing production volumes and reliable performance at our oil sands projects helped drive strong cash flow in the third quarter,” said Brian Ferguson, Cenovus President & Chief Executive Officer. “We continue to execute our business plan and remain focused on delivering growing total shareholder return.”