Cenovus has released its report for the first quarter of 2016. While the company is still very much in cost cutting mode, production at the Foster Creek site is expected to increase to 70,000 barrels a day by the end of this year.
Cenovus say they’ve completed most of their 440 layoffs planned this year and have reduced their operating costs per barrel by 14% to 11.08. Production at Foster Creek has been trending upwards since March after a 10% drop earlier in the quarter. This drop was planned as the company decided to save money by foregoing some maintenance costs for a while. The facility is currently producing 60,882 barrels a day on average. Cenvous hopes to get that number closer to 65 in the first half of 2016 and up to 70 before the year closes out.
Cenovus is currently producing 197,551 barrels of oil a day company wide.