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Cenovus Production Up 20 Percent from Christina Lake SAGD
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Cenovus Energy Inc. has reported solid first quarter results that continued to reflect the strength of its integrated business plan.
While increased oil prices and lower market crack spreads reduced margins from the company's refining operations, those higher prices benefited Cenovus's operating cash flow from its producing oil assets.
Cenovus's oil sands production averaged 120,444 bbls/d net in the first quarter, up 20% from a year earlier, primarily driven by strong performance at the company's Christina Lake oil sands project. Production at Christina Lake increased 48% from 2013, averaging 65,738 bbls/d net as phase E approached full production capacity. This latest expansion phase which was on time and on budget, brought Christina Lake's gross production capacity to 138,000 bbls/d.
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