Cenovus Energy Inc , Canada's second-largest independent oil producer, said on Wednesday it will boost spending in 2013 and raise production by 14 percent as it ramps up output at its northern Alberta oil sands projects.It warned, however, that fourth-quarter cash flow will fall short of targets.The company forecast net production of 180,000 to 196,000 barrels per day (bpd) of oil in 2013, up from an expected 165,000 bpd this year. It also said it would spend between C$3.2 billion ($3.25 billion) and C$3.6 billion next year, up from about C$3.35 billion in 2012.Cenovus warned, however, that recent low prices for heavy oil from the oil sands would cut into fourth-quarter cash flow, which it estimated at about C$700 million, or about C$400 million below its previous estimate. It said the lower cash flow estimate was also a result of higher taxes and longer than expected turnarounds at the two U.S. refineries it co-owns with Phillips 66.
Cenovus Energy, Inc. is a Canada-based investment firm that is focused on the oil and gas industry. Shares of CVE fell by 0.96% or $-0.3273/share to $33.88. In the past year, the shares have traded as low as $28.83 and as high as $39.81. On average, 876626 shares of CVE exchange hands on a given day and today's volume is recorded at 1063947.
Cenovus Energy, Inc. is a Canada-based investment firm that is focused on the oil and gas industry. Shares of CVE fell by 1.16% or $-0.39/share to $33.32. In the past year, the shares have traded as low as $30.09 and as high as $39.64. On average, 1317760 shares of CVE.TO exchange hands on a given day and today's volume is recorded at 2761300.
Phillips 66 is a holding company. The Company is engaged in producing natural gas liquids (NGL) and petrochemicals. Shares of PSX traded higher by 0.62% or $0.33/share to $53.37. In the past year, the shares have traded as low as $28.75 and as high as $54.32. On average, 4341580 shares of PSX exchange hands on a given day and today's volume is recorded at 4527366.
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