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
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