Cenovus Oil Production Rises 15% in Q1

Cash flow was $971 million, or $1.28 per share in the first quarter, an increase of 7% from the same period in 2012, mainly due to strong performance from the company's refining business. Operating cash flow from refining almost doubled to $524 million compared with the same quarter a year earlier. Combined oil sands production at Foster Creek and Christina Lake averaged more than 100,000 barrels per day (bbls/d) net in the first quarter, up 22% from a year earlier. Production at Christina Lake increased 79% to an average of more than 44,000 bbls/d net. Conventional oil production, including Pelican Lake, averaged almost 80,000 bbls/d in the quarter, a 7% increase from the same period a year ago. Regulatory applications and environmental impact assessments (EIAs) were submitted for new phases at Christina Lake and Foster Creek. Cenovus drilled 315 gross stratigraphic test wells in the first quarter, primarily to support the expansion and development of the company's oil sands projects. "Our refining business continues to deliver excellent results, clearly demonstrating the benefit of our integrated strategy. When our cash flow from heavy oil production is affected by low commodity prices, our refineries give us a financial advantage by See full press release