Yahoo Finance Cenovus (CVE) Resumes Wildfire-Impacted Production in Alberta
Cenovus Energy Inc. CVE resumed about 62,000 barrels of oil equivalent per day (Boe/d) of production after shutdowns that resulted from wildfires in Alberta.
Cenovus is one of the largest oil sands producers in Canada. In May, the Canadian oil producer’s 85,000 Boe/d of production were affected in Rainbow Lake, Kaybob-Edson, Elmworth-Wapiti and Clearwater operating areas.
Cenovus cited that about 20,000-Boe/d Rainbow Lake operations are expected to restart production within 7-10 days. The company said that 3,000 Boe/d remained offline since the fire broke out as power infrastructure was being restored in several remote locations.
Last month, oil and gas producers in Alberta temporarily shut down production as wildfires flared across the Canada province. Companies with operations in the western and northwestern parts of the province removed workers and discontinued operations due to the active fires burning across Alberta.
Cenovus shut down some conventional production in the area. However, the company did not mention which assets were affected or how much volume was offline. Cenovus has operations in the Kaybob Edson area, west of Edmonton.
There were several active wildfires in the oil sands region. The company’s operations are in the northeast part of the province and did not appear to be at risk.
Cenovus claimed that no significant damage had been identified after getting access to the sites. The company’s other assets, involving its oil sands operations and Lloydminster complex, have not been impacted.
Headquartered in Calgary, Canada, Cenovus is a leading integrated energy firm. Starting from pumping out oil from its oil sand projects in Canada, the company’s operations comprise marketing the produced oil, natural gas and natural gas liquids.
Cenovus currently carries a Zack Rank #3 (Hold). Some better-ranked players in the energy space are Enterprise Products Partners LP EPD, Sunoco LP SUN and Eni SPA E, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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