Oil curtailments working? – Trade News – Castanet.ranking

Oil curtailments working? – Trade News – Castanet.ranking

Oil curtailments working?

| Chronicle:

Photo: The Canadian Press

The Cenovus Energy logo is considered at the firm’s headquarters in Calgary.

Cenovus Energy Inc. reported a profit of $a hundred and ten million in its first quarter when in contrast with a loss a one year ago because it benefited from improved prices for western Canadian oil.

The firm says the strategy in prices for western Canadian oil ensuing from the Alberta executive’s curtailment program larger than offset the influence of decreased production and increased working charges through the principle quarter.

Cenovus says its profit amounted to nine cents per part for the three months ended March 31, when in contrast with a loss of $654 million or Fifty three cents per part a one year ago.

Deplorable sales totalled near to $5.2 billion, up from $four.7 billion within the same quarter final one year.

Cenovus reported first-quarter oil sands production of 342,980 barrels per day, down five per cent when in contrast with a one year ago, whereas working charges rose to $9.06 per barrel when in contrast with $eight.Seventy eight a one year ago.

Production from the firm’s Deep Basin resources averaged 104,290 barrels of oil linked per day, down 18 per cent from a one year ago ensuing from the sale of its Pipestone business, lower capital funding, natural declines and weather-linked outages.

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May 24, 2019

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