Canadian oil company, Cenovus Energy Inc. CVE announced that John Brannan, Executive Vice-President & Chief Operating Officer, will retire from his role in September. Brannan has served Cenovus and its predecessor companies for 14 years and has been responsible for all upstream projects and operations, centralized supply services, and health and safety functions for the past five years.
Cenovus Energy recorded solid production growth in the first quarter compared with the same period in 2014, driven by 20% higher production at its oil sands operations. Oil sands operating costs were 31% lower than in the first quarter of 2014, primarily due to higher production and a decrease in fuel costs.
Over the next 18 months, Cenovus expects to add approximately 100,000 bbls/d of gross incremental oil sands production capacity from its phase F expansion and optimization work at Christina Lake as well as the phase G expansion at Foster Creek. This would bring the total oil sands production capacity to 390,000 bbls/d in 2016.
Headquartered in Calgary, Alberta, Cenovus is an integrated oil company with ownership interest in two high-quality refineries in Illinois and Texas. Cenovus’ operations include increasing oil projects and growing natural gas and crude oil production in Alberta and Saskatchewan.
Cenovus enjoys the benefits of industry-leading oil sands assets that position it for long-term growth. We believe that the company will remain focused on enhancing its operational efficiency throughout 2015.
Currently, Cenovus carries a Zacks Rank #3 (Hold). Some better-ranked players from the sector are Transmontaigne Partners L.P TLP, Pembina Pipeline Corporation PBA and Africa Oil Corp AOIFF. All these stocks carry a Zacks Rank #1 (Strong Buy).
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