Cenovus Energy (CVE) Misses Q1 EPS by 2c

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Go back to Cenovus Energy (CVE) Misses Q1 EPS by 2c

Cenovus first-quarter oil sands production up 20%

April 29, 2015 6:00 AM EDT

Oil sands per-unit operating costs decline 31%

Combined oil sands production averaged more than 144,000 barrels per day (bbls/d) net in the first quarter, up 20% from the same period in 2014. Total oil production was more than 218,000 bbls/d, 11% higher than in 2014. Upstream per-unit operating costs declined 23%, including a 31% decrease in oil sands per-unit operating costs, compared with the first quarter of 2014. Cash flow was $495 million, a 45% decline from the first quarter in 2014. Higher oil sands production and lower operating costs were more... More