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A Cenovus Energy employee at an oil production facility in Alberta. Article content Cenovus Energy Inc. reported a first-quarter profit on April 26 that more than halved as crude prices scaled back and the oil and gas producer also lowered its full-year production outlook. Article content Crude oil prices eased during the quarter after rising to multi-year highs last year following Russia’s invasion of Ukraine. Article content During the first three months of 2023, oil prices came under pressure as the recent banking crisis in the United States raised concerns about a dip in oil demand. Cenovus said its quarterly upstream production fell two per cent to 779,000 barrels of oil equivalent per day (boepd), while its downstream production decreased nine per cent to 457,900 barrels per day (bpd). The company lowered its annual upstream production outlook to between 790,000 boepd and 810,000 boepd, from its previous forecast of 800,000 boepd to 840,000 boepd. Cenovus also cut its full-year forecast for U.S. downstream throughput to between 480,000 bpd and 500,000 bpd, from an earlier estimate of 510,000 bpd to 550,000 bpd, in part due to unplanned outages early in the first quarter. Article content “As the year progresses, we […]
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