Cenovus Energy cuts production outlook due to impact from wildfires, profit slumps

reported a 64% fall in second-quarter profit on Thursday, and lowered total production outlook for 2023 as wildfires in Canada's main oil producing province Alberta forced companies to curtail output.

Some oil and gas companies in Alberta were also forced to re-curtail output as record-high temperatures and tinder-dry vegetation led to an intense, early start to the wildfire season in western Canada this year. Cenovus lowered its 2023 upstream production outlook to between 775,000 barrels of oil equivalent per day and 795,000 boepd, from its earlier forecast of 790,000 boepd and 810,000 boepd.

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