Cenovus oil sands production is up in its second quarter but a bite was taken out of its earnings.
Production at Foster Creek and Christina Lake SAG-D projects saw a 17% jump to average 94,000 barrels per day.
The projects are both going through expansions and are jointly owned by ConocoPhillips
From last year, it saw a 10% drop in operating earnings to $255-million and a 55% drop in net profit to $179-million.
Its cash flow fell 6% to $871-million.
The company says it’s because of expenses related to the sale of some light oil assets as well as exploration costs.
July 24th, 2013
