Cenovus chief says Canada needs to get serious on carbon capture in face of global competition

, which boosted a production tax credit known as 45Q to provide emitters up to $85 per metric tonne of carbon dioxide captured and permanently stored. He said the incentive added “significant support” for American producers to cover both the capital investments and operating costs related to carbon capture and storage projects .

Pourbaix made the comments Wednesday during a conference call with investors following the company’s release of third-quarter earnings. Cenovus reported net earnings of $1.6 billion in the third quarter, down slightly from the previous quarter thanks to increased energy price volatility and higher operating costs.

The company also made significant headway in paying down debt during the quarter, slashing net debt by 30 per cent to $5.3 billion by Sept. 30. Cenovus has previously said that once it reaches a net debt target of $4 billion it will aim to return 100 per cent of that quarter’s excess free funds flow to shareholders — a milestone some analysts say could be reached this quarter.

Total revenues were $17.5 billion, down from $19.2 billion in the previous quarter, mainly due to lower commodity prices and a widening price differential between Canadian heavy crude oil and the U.S. benchmark light sweet oil .Article content

Carbon is great for the environment. Don't let anyone tell you otherwise.

Cenovus needs to get serious about putting down the milkshakes and cheeseburgers

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