Company lost $69 million in its latest quarter as it more than doubled its production compared with a year ago.
Cenovus Energy Mining News
Pourbaix replaces Brian Ferguson, who announced his retirement earlier this year following Cenovus’ $17.7 billion acquisition of oil sands and natural gas assets from ConocoPhillips.
A hard cap on oilsands emissions was the product of secret negotiations between four top oilsands companies and four environmental organizations.
And oil prices keep falling — they have kicked off the week in the red, with U.S. prices trading below $48 a barrel.
As of Wednesday night, there were 63 fires burning in the area and 13 were considered to be out of control.
Current operational costs for producers have reached $37 to $40 per barrel. Benchmark U.S. crude, meanwhile, is trading at around $50 a barrel.
Company generates nearly $1 billion in cash flow.
Canexus will start with 50,000 barrels per day, then 100,000 next year.