Canada’s Cenovus Energy will boost its energy production by 19% over the next five years, in line with pipeline capacity growth, Cenovus CEO Drew Zieglgansberger said at the company’s annual investor day. Cenovus has plants to lift production by 150,000 boepd to 950,000 boepd by 2028, the CEO said. For now, Canada’s heavy oil, produced by Cenovus Energy, Canadian Natural Resources, Suncor, and Repsol, trades at a discount to the U.S.
Cenovus Energy stock fell 1.25% on Monday as the Canadian market took a beating, closing short of its 52-week high of C$5.48 that it hit on October 19. Cenovus Energy held its 2024 Investor Day in Toronto on Tuesday, with the Leadership Team providing updates to the company’s strategy, outlook, and operations. Last month, the company reported that it had just missed analyst estimates for its quarterly profit but exceeded production estimates and refinery throughput volumes.
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