Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is providing an update on its Conventional production operations following ongoing wildfire activity in northern Alberta. Fires in the north-central region of the province have led the Government of Alberta to declare a state of emergency and a number of communities are under evacuation orders. With a focus on the safety of its people and integrity of its assets, on May 4, as a precaution, Cenovus began safely and methodically shutting in a number of producing Conventional fields and bringing down processing plants.
Approximately 85,000 barrels of oil equivalent per day (BOE/d) of production, primarily dry gas, has been impacted in the company’s Rainbow Lake, Kaybob-Edson, Elmworth-Wapiti and Clearwater operating areas. The overall wildfire situation is being closely monitored and the company’s other assets, including its oil sands assets and Lloydminster complex, have not been impacted. The company isn’t aware of any significant damage to date and will resume operations as soon as it’s safe and permitted to do so. Cenovus’s annual guidance range for 2023 is between 790,000 BOE/d and 810,000 BOE/d. The company is maintaining that guidance range and will continue to assess the duration of the production impact from the fires.
Cenovus is grateful for the efforts of its teams who have worked tirelessly to keep the company’s people and assets safe, as well as the support of provincial emergency management teams and firefighters to keep our communities safe.
