CALGARY — Cenovus Energy has been able to restore almost all of its output in northwest Alberta it temporarily curtailed due to wildfires in May and June, but the company has still had to lower its overall production guidance for the year because of the blazes.
Cenovus' upstream production in the second quarter of 2023 was 729,900 barrels of oil equivalent per day, down from 761,500 a year earlier for comparison. "As you can imagine, with the amount of impact we had , there's not a lot of fuel left. There's not a lot left to burn and reactivate that risk for us."
The company's refinery throughput averaged almost 538,000 barrels per day in the quarter as volumes ramped up following restart work at the Superior and Toledo refineries.Both of those U.S. refineries have caused challenges for Cenovus recently. The company has incurred costs associated with the commissioning and restart of the Superior Refinery in Wisconsin, which has been closed since an explosion and fire five years ago.