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Cenovus Oil Sands Facilities Processing at Reduced Rate; Storage Excess
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Cenovus reported that its oil sands facilities have been operating at a reduced rate and is storing excess barrels.
This is in reponse to wider than normal light-heavy price differentials and recent pipeline capacity constraints as well as the slow pace of the ramp-up in crude-by-rail export capacity in Alberta.
Guidance Unchanged
While this strategy may result in fluctuating production from month to month, Cenovus continues to expect full-year oil sands volumes for 2018 to be within the company’s guidance range of 364,000 to 382,000 barrels per day.
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