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Cenovus Cutting Costs, Relying on Strong Oil Sands Production
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Cenovus Energy Inc. has achieved solid production growth in 2014, driven by strong performance at its oil sands projects in northern Alberta.
In addition, while the average benchmark price for Brent crude and West Texas Intermediate (WTI) decreased year over year, the company's upstream operations benefited from higher average prices for its heavy crude oil sold as Western Canadian Select (WCS). These factors, along with a weakening in the Canadian dollar versus the U.S. dollar, contributed to 19% higher upstream operating cash flow compared with 2013. This increase was more than offset by a sharp decline in operating cash flow from refining, largely due to lower average market crack spreads and higher heavy crude oil feedstock costs. Cenovus also increased its reserves base in 2014…
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