Cenovus Energy ( NYSE: CVE ) said late Sunday that winter storms and severe cold temperatures at U.S. and Canadian refining operations, combined with unplanned operational challenges and third-party pipeline outages, have hurt refinery throughput and operational availability.
Cenovus ( CVE ) said downstream throughput was significantly reduced in December, and now sees Q4 U.S. manufacturing throughput at 370K-380K bbl/day and Canadian manufacturing throughput at 90K-95K bbl/day, while Q1 2023 downstream refinery throughput also will be lower previously expected.
The company expects the Lloydminster upgrader and Borger refinery will return to full rates by the middle of January, while the Wood River refinery, currently operating at ~65% capacity, should continue to increase rates through Q1.
Cenovus Energy ( CVE ) is a quality company that has been deleveraging rapidly, positioning it for much higher shareholder returns in 2023, Jonathan Weber writes in an analysis published recently on Seeking Alpha .
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Cenovus Energy says December storms slowed refining operations