• Cenovus Energy (CVE) provided an update on its downstream operations
  • The Lloydminster refinery has continued to run well through December and into January
  • Downstream throughput was significantly reduced in December
  • Cenovus Energy is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region
  • Cenovus Energy Inc. (CVE) opened trading at C$25.37

Cenovus Energy (CVE) has provided an update on its downstream operations.

The update follows recent extreme winter storms and severely cold temperatures at the company’s U.S. and Canadian refining operations, along with unplanned operational challenges and third-party pipeline outages, which impacted refinery throughput and operational availability. 

The Lloydminster refinery has continued to run well through December and into January. However, the company’s refineries in the U.S. and the Lloydminster Upgrader experienced various degrees of unplanned operational issues, weather-related impacts and third-party pipeline outages. As a result, downstream throughput was significantly reduced in December.

Cenovus now expects Q4 2022 downstream throughput in the ranges set out below.

Estimated Q4 2022 Throughput
Canadian Manufacturing90 – 95 (Mbbls/d)
U.S. Manufacturing370 – 380 (Mbbls/d)

The Lima refinery is now operating at full rates. The Lloydminster Upgrader and Borger Refinery are each expected to return to full rates by the middle of January. The Wood River refinery, currently operating at approximately 65 per cent capacity, is expected to continue to increase rates through the first quarter. As a result of these impacts, Q1 2023 downstream refinery throughput will be lower than anticipated.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region and upgrading, refining and marketing operations in Canada and the United States.

Cenovus Energy Inc. (CVE) opened trading at C$25.37.


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