Growth projects look more realistic with the implementation of SA SAGD.
Cenovus reported fourth-quarter production volumes of 283 mboe/d, up 6% compared with the year-ago period and in line with our expectations. Increased production volumes were driven by production from the Christina Lake Phase F and Foster Creek Phase G expansion projects. Increases in production were partially offset by natural reservoir declines on the company’s conventional production and the 2015 sale of Cenovus’ legacy business. The company also increased in proved reserves by 5% to 2.7 bill...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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