Canadian oil producer triples profit and lifts output outlook toward one million barrels a day
That MEG deal, valued at $8.6bn and closed in November after a bidding war with Strathcona Resources Ltd., added more than 100,000 barrels a day of output next to Cenovus’s Christina Lake operations, per Reuters.
McKenzie said the company remains on track to lift MEG production to 150,000 barrels a day by 2028, the Canadian Press reported.
Cenovus also trimmed its oil sands operating cost guidance, to a range of $10.75 to $11.75 per barrel from $11.25 to $12.75, according to the company.
The quarter coincided with a shifting policy backdrop.
Cenovus belongs to the Oil Sands Alliance, which signed a memorandum of understanding this month, the Canadian Press reported.
