Oil sands producer Cenovus Energy Inc. (NYSE: CVE) posted a wider quarterly loss on Feb. 13, but said the impact of output cuts will be more than offset by an improvement in Canadian crude prices this year.
Prices of Canadian heavy oil have fallen in relation to the U.S. benchmark due to transportation bottlenecks, but a recent move by the province of Alberta to impose output curbs on oil producers has eased a supply glut.
Cenovus said its production fell 10% to 432,713 barrels of oil equivalent per day (boe/d). Analysts on average were expecting Cenovus to produce about 451,000 boe/d, according to IBES data from Refinitiv.
During the quarter, differentials between Canadian crude and U.S. benchmark prices reached record highs.
Cenovus' net loss widened to C$1.35 billion (US$1.02 billion), or C$1.10 per share, in the fourth quarter ended Dec. 31, from C$776 million, or 63 Canadian cents per share, in the year-ago period. (US$1 = C$1.3231)
Permian Basin production rates are compared for Northern white and in-basin proppant types.
A new downhole safety valve will create an improved well control tool for cable-deployed ESPs retrofitted to production wells.
DCP Midstream LP and Windrock Inc., a subsidiary of Apergy Corp., have agreed on Jan. 21 to jointly develop a first of its kind set of digital solutions that combines artificial intelligence (AI) and industry expertise to increase asset reliability, enhance safety, and improve efficiency.