Quarterly / Earnings Reports | Production | Fourth Quarter (4Q) Update | Production Restart
After 2016 Production Decrease, Connacher Ramps Up Output in Q1
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Connacher had reported its Q4 and year-end 2016 results (all amounts are in Canadian dollars unless otherwise noted).
OperationsAs oil prices increased in the second half 2016 and 2017, the Company restored production on 16 of the 18 wells at Pod One which were previously suspended. Based on field estimates, Q1 2017 production was approximately 12,000 bbl/d.
The Company is expected to complete a turnaround at Algar by the end of Q2 2017.
Q1 Operational Highlights Q4 2016 production decreased 28% to 10,086 bbl/d (Q4 2015 – 13,919 bbl/d) due to the Company’s strategic decision to reduce production in the low commodity price environment Q4 2016 blending costs decreased 28% to $10.8 million (Q4 2015 – $14.9 million), primarily due to lower total diluent volumes associated with decreased…- ✓ Full news archive — U.S., Canada & international coverage
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