Comes 18 years after Foster Creek facility was launched as the first commercial oil sands project to use steam-assisted gravity drainage.
In Q1, improved commodity pricing drove a strong financial performance, and royalty payments of more than $190 million.”
Energy company showed a profit in Q1 compared to a loss a year ago.
Company is confident Alberta will encourage its as an alternative to delayed new export pipelines.
Price discounts are costing the Canadian economy as much as $80 million per day.
Sale to NuVista includes Pipestone and Wembley natural gas and liquids production, 39% interest in Wembley plant.
Joins other energy players that have reduced their exposure in the oil sands.
74 cent per share loss compared with a year earlier profit of $211 million or 25 cents per share.
Will consult with stakeholders on the viability of its $7.4-billion project with continuing opposition from the government.
Energy executive replaces Ivor Ruste who is set to retire on April 30.
As much as 30% more bitumen could be stuffed into existing pipelines if it is partially refined.
Every US dollar increase in the price difference costs the company $125 million in revenue.
Cenovus said drill rig site has been shut down for an investigation.
Pourbaix says supporting new energy pipelines to ensure growing market access remains a priority.
Technology worthwhile but low cost of natural gas makes it a more viable option.