Cenovus becomes Canada’s third largest oil producer
Cenovus Energy’s blockbuster acquisition of oilsands assets last year from ConocoPhillips has propelled the company into the highest ranks of Canadian oil production.
The company is now number three in terms of production volume, after Canadian Natural Resources and Suncor Energy, according to data from the 2018 Oilweek Top 100, sponsored by KPMG.
Cenovus Energy doubled its production in May 2017 after spending $17.7 billion to become 100 percent owner of the Foster Creek and Christina Lake oilsands projects. The company averaged 470,490 boe/d for 2017, compared to 271,525 boe/d the previous year.
Already Canada’s largest oil producer in 2016 at 744,556 boe/d, Canadian Natural Resources retained its top spot but increased production by about 160,000 bbls/d year-over-year to 908,308 boe/d following its own major oilsands transaction in 2017. The company became majority owner of the 255,000 bbl/d Athabasca Oil Sands Project in May 2017 following a $12.7 billion deal with Shell and Marathon Oil.
Suncor Energy’s ranking stayed flat at number two in this year’s Oilweek rankings but also increased production year-over-year, to 617,400 boe/d in 2017 from 557,800 boe/d the previous year.
Number three in 2016 was ExxonMobil, with 469,833 boe/d.
The Oilweek 2018 Top 100, sponsored by KPMG, is the latest annual rankings of publicly traded Canadian oil and gas producers and major service and supply operators, based on financial and operational data.
Click here to download the report.
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Suncor leads in net income in 2017
While Suncor Energy was second for production rates in 2017, the company came out on top in terms of net income, reporting profit of $4.458 billion last year compared to $434 million in 2016.
Cenovus ranked number two, bringing in net income last year of $3.366 billion compared to a net loss of $545 million in 2016.
Number three in net income last year was Canadian Natural Resources, with $2.397 billion, compared to a net loss of $204 million in 2016.