", Husky CEO Rob Peabody said the deal would allow the combined companies to "make better returns in a tougher environment.". Terms & Conditions, The role of Canada’s resources in delivering our modern world, Biden calls for 'transition' from oil, GOP sees opening, Hydrogen mega-project in Australia on approval fast-track, Cenovus CEO defends $17.7B blockbuster ConocoPhillips deal, Cenovus confirmed it is considering sale of non-producing oilsands assets, Cenovus plans to accelerate drilling on acquired ConocoPhillips gas properties, Rising Star duo share passion for creating change in industry, Alberta to stop limits on oil production in December after nearly two years, $100 million fund to be used to cut oilpatch emissions, fuel new product development. oil refinery future ongoing: Premier, Pieridae hires new engineer and builder for Nova Scotia LNG export project, Calfrac makes changes to recapitalization plan in an effort to woo shareholders. Enjoy 24/7 news, data and analysis on Canada’s oilpatch with the Daily Oil Bulletin. Pseudonyms will no longer be permitted. Cenovus owns 50 per cent of two U.S. refineries in Illinois and Texas in partnership with Phillips 66, and Husky owns a refinery in Lima, Ohio, and is a 50-50 partner with BP in a refinery in Toledo, Ohio. Cenovus recorded a netback of $20.08/bbl at Foster Creek in the first quarter of 2017, and a $22.79/bbl netback at Christina Lake. The merger combines Cenovus production of about 475,000 boe/d with Husky's 275,000 boe/d and their combined refining and upgrading capacity is expected to total about 660,000 barrels per day (Cenovus 250,000 bpd, Husky 410,000 bpd). Privacy Policy MONTHLY BITUMEN PRODUCTION & SOR CENOVUS • CHRISTINA LAKE. "And so it helps stabilize their cash flow and allows them, hopefully, if they can achieve the synergies they're striving for, to pay down their debt quicker and start growing again.". From the landscapes to the mountains to the…, Democrat Joe Biden's remark that he would “transition'' away from oil in the U.S. in favour of renewable energy drew…, An ambitious hydrogen project in western Australia that seeks to become the world’s largest renewable energy export facility got a…. "But I think those fewer and fewer names will be producing those same barrels for a lower price in a more competitive market.". Husky also has an upgrader and asphalt refinery near Lloydminster on the Alberta-Saskatchewan border _ which could be used to process Cenovus bitumen in future _ and is repairing a refinery in Wisconsin after a fire in 2018. Husky shareholders will receive 0.7845 of a Cenovus share plus 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share. The combined companies are expected to be able to sustain output at about 750,000 barrels of oil equivalent per day for about $2.4 billion a year, 25 per cent less than required separately, Pourbaix said. As of March 2017, Cenovus Energy Christina Lake became the second thermal oilsands project to realize monthly average production above 200,000 bbls/d. During demobilization, Cenovus extended our contract to include … Industrial Construction PLANS FOR CHRISTINA LAKE AND NARROWS LAKE. The optimization project adds 22,000 bbls/d of gross productive capacity, with volumes ramping up over 2016. “Planning the work, collaboration and asking the right questions were key factors in this success,” Gouthro says. We reserve the right to close comments at any time. As of March 2017, Cenovus Energy Christina Lake became the second thermal oilsands project to realize monthly average production above 200,000 bbls/d. Cenovus to buy Husky Energy for $3.8B, designed to 'weather the current environment', Alberta government will lift measures limiting oil production as of December, Renewable energy, retrofits touted as job-creating alternative to oil sector devastation, Bouncing back from a layoff in oil and gas is harder than it used to be, CBC's Journalistic Standards and Practices. Last Monday, ConocoPhillips announced it would buy shale producer Concho Resources in a deal valued at $9.7 billion U.S. that would create one of the largest U.S. oil producers. The merger combines Cenovus production of about 475,000 boe/d with Husky's 275,000 boe/d and their combined refining and upgrading capacity is expected to total about 660,000 barrels per day. Oilsands & Heavy Oil The company also looked closely at how it managed the shiftwork, which was split between a nine-day main shift and a five-day back shift. Trusted suppliers providing standardized equipment—those that had proven their ability to deliver high-quality results on time during previous jobs, in other words—could focus more on their work because Cenovus needed to do fewer check-ins and inspections with these providers. He added about $200 million in savings will come from sharing technical expertise and the other $600 million through better use of capital by focusing on assets with higher return potential. Build on past successes. ``Over the past several months as we worked together on this transaction, from a value and strategic perspective, the merits and overall fit have become abundantly clear,'' he said on the call. Cold Lake Pipeline: Polaris Pipeline: OPERATOR. "I don't think that necessarily that our deal was a trigger for that. But, you know, you're seeing everybody continue to push to drive their costs down and improve their competitiveness. This means that the project is already delivering above its nameplate within months of achieving first production. We have two projects that are producing oil — Christina Lake and Foster Creek – as well as regulatory approval for future oil sands development projects, including our 100 percent owned Narrows Lake and Telephone Lake assets. Production is expected to average 170,000 bbl/day, up about 10,000 bbl/day from 2019. A surprise move by Cenovus Energy Inc. to buy rival Husky Energy Inc. for $3.8 billion in shares will create the third-largest Canadian oil and natural gas producer by total production, the companies announced Sunday. In 2019, our oil sands projects produced approximately 354,000 barrels of oil per day (bbls/d) combined. The merger combines Cenovus production of about 475,000 boe/d with Husky's 275,000 boe/d and their combined refining and upgrading capacity is expected to total about 660,000 barrels per day. With files from Canadian Press, Reuters, Meegan Read/CBC and Helen Pike/CBC. Cenovus Energy's acquisition of ConocoPhillips’ share in Christina Lake and Foster Creek has closed, the company announced on Wednesday, providing it the ability to realize the full benefit of the projects’ cash flow versus 50 percent previously.
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