The
That compares with 806,900 boe/d in the same period of last year and represents an increase of approximately 12,000 barrels per day from the third quarter of 2023.
The uptick in output was largely due to strong performance from Cenovus' oilsands assets, in particular its
Cenovus is also bringing new well pads on at its
In a conference call with analysts, CEO
While planned maintenance and turnaround projects will temper oilsands output over the summer, he said 2024 should exceed 2023 in terms of total production.
"December was probably the second-highest production month that we've ever had as a company," McKenzie said.
"We expect Q4 to be even bigger next year than it was this year, particularly as we bring on more well pads right across the business."
Shares in Cenovus rose seven per cent on Thursday to close at
For the full year 2023, Cenovus' crude oil production from the oilsands averaged 593,400 barrels per day, including 186,300 barrels per day at
The company's 2024 guidance calls for oilsands production to be in the range of 590,000 to 610,000 barrels per day.
Additional production growth is expected in 2025 and 2026 due to ongoing optimization work at both
Cenovus' higher production in its most recent quarter was offset by lower commodity prices, so that the company's fourth-quarter earnings fell to
Revenue for the quarter also declined to
But the company's near-record-setting output is part of an overall industry trend as Canadian oilsands producers ramp up output in preparation for the
The additional pipeline capacity not only gives Canadian oil companies the ability to grow their production, it is also expected to reduce the price discount Canadian producers typically take on their oil in part due to a lack of export capacity.
Cenovus is a major contracted shipper on
Earlier this month,
This report by The Canadian Press was first published
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