67 WALL STREET, New York - July 3, 2014 - The Wall Street Transcript has just published its Oil & Gas Review 2014 Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Oil & Gas Review 2014
Companies include: Cenovus Energy Inc. (CVE) and many more.
In the following excerpt from the Oil & Gas Review 2014 Report, the EVP and CFO of Cenovus Energy Inc. (CVE) discusses company strategy and the outlook for this vital industry:
TWST: Could you please give us an overview of Cenovus with a look at any significant changes that occurred since we last spoke to you in February of 2013?
Mr. Ruste: Cenovus is a next generation oil sands producer. We have an extensive portfolio of oil sands assets located in Northeastern Alberta. We're a public company listed on the New York and Toronto stock exchanges and were formed out of the split from Encana at the end of November 2009. We are focused on developing our oil sands resources and anticipate being able to produce between just over 500,000 barrels per day by 2023 in our long-term strategic plan.
Our strategy is unchanged, certainly, from what you would have heard a year ago. We have an extensive portfolio of assets that we have been adding a little bit to over the last two, three years, and are evaluating where we can make the most effective development of that portfolio.
And as you will have seen in our 2014 budget announcement back in early December, our focus is evolving. We will be focusing a little more on developing our oil sands projects as opposed to adding what we call contingent or prospective resources. We recognize in this current commodity price environment that going about the right pace of development for our asset base - and it's an excellent high-quality portfolio - will allow us to achieve that strategy of getting to over 500,000 barrels per day of oil production net to Cenovus.
TWST: Can you give us a closer look at what I believe are your two major producing oil projects, Foster Creek and Christina Lake? And I believe you started a third project, Narrows Lake, and how is that developing?
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.