Cenovus Reports Third-Quarter Results in Line With Our Expectations
Cenovus reported third-quarter production volumes of 273 mboe/d, down from 282 mboe/d in the year-ago period and slightly below our expectations of 276 mboe/d. Declines were driven by natural reservoir declines and the 2015 sale of Cenovus’ legacy business. Partially offsetting the declines were increases in oil sands production from Foster Creek and Christina Lake. The company narrowed its full-year production guidance to a range of 266-272 mboe/d from the previous estimate of 258-280 mboe/d, a...Cenovus Energy is in the business of development, production and marketing of crude oil, natural gas and natural gas liquids ("NGLs") in Canada with refining operations in the U.S. Co. operates in two business segments: Upstream, which includes Co.'s development and production of crude oil, NGLs in Canada, is organized into two operations: Oil sands and conventional; and Refining and Marketing, which is focused on the refining of crude oil products into petroleum and chemical products at two refineries located in the U.S. This segment also markets Co.'s crude oil and natural gas, as well as third-party purchases and sales of product.
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