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Old 04-24-2019, 12:34 PM   #14

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Cenovus says it's 'crystal clear' Alberta production cuts are working

The company says the improvement in prices for western Canadian oil due to the Alberta government's curtailment program more than offset the impact of reduced production and increased operating costs during the first quarter.

“It should now be crystal clear that the government’s temporary curtailment program is doing what it was intended to do and has had an immediate, positive impact not only for our industry, but for all Albertans, in the form of improved royalty revenue,” said Cenovus President and Chief Executive Officer Alex Pourbaix in a statement.

He said that when oil price differentials reached record highs in the fourth quarter of 2018, Cenovus was in a royalty credit position of $29 million. During the last three months, Cenovus paid $191 million in royalties to Alberta.

"We only account for about 10 per cent of Alberta’s total oil production. This has been a big win for Alberta,” Pourbaix said.
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