The company had been grappling with production snags following a deadly fire at its refinery in Toledo, Ohio last year and an explosion at the refinery in Superior, Wisconsin in 2018.
Cenovus forecast downstream throughput for 2024 between 630,000 and 670,000 barrels per day (bpd), compared with 580,000 bpd to 610,000 bpd expected this year.
The company’s U.S.-listed shares rose 1.6% before the bell.
Cenovus also expects higher operating costs in 2024 due to maintenance and repair activities.
The Calgary, Alberta-based company forecast expenses between C$4.5 billion ($3.35 billion) and C$5 billion in 2024, higher than its estimated 2023 costs of C$4 billion to C$4.5 billion.
“We will remain focused on reducing costs and continued capital discipline,” Cenovus CEO Jon McKenzie said.
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