Cenovus Oil Sands Production Up 25% In 2014 - Quick Facts

(RTTNews) - Cenovus Energy Inc. (CVE, CVE.TO) reported that the combined oil sands production averaged over 128,000 barrels per day or bbls/d net in 2014, up by 25% from 2013. Total oil production averaged more than 203,000 bbls/d net, an increase of 14% from 2013. Capital investment was $3.1 billion, 6% lower than in 2013.

Brian Ferguson, Cenovus President & Chief Executive stated: "With low oil prices expected to persist through 2015, we plan to continue building our production capacity, but at a slower pace, focusing on expansion projects at Foster Creek and Christina Lake that are already well advanced."

Cenovus Energy achieved solid production growth in 2014, driven by strong performance at its oil sands projects in northern Alberta. Further, while the average benchmark price for Brent crude and West Texas Intermediate decreased year-on-year, the company's upstream operations benefited from higher average prices for its heavy crude oil sold as Western Canadian Select.