Cenovus Energy Inc. CVE-T says its refinery throughput for the fourth quarter of 2022 and the first quarter of 2023 will be weaker than expected.
The Calgary-based oil company says extreme winter weather, along with operational issues and third-party pipeline outages, has negatively affected its U.S. and Canadian refining operations.
Cenovus says its Lloydminster refinery ran at full production rates in December, but its Lloydminster upgrader and U.S. refineries ran at reduced rates.
While Cenovus says its Lima refinery has returned to full operation, its Wood River refinery is currently operating at 65 per cent capacity and its Lloydminster upgrader and Borger refinery won’t return to full operation until mid-January.
Cenovus says it now expects fourth-quarter Canadian refinery throughput of 90 to 95 thousand barrels per day, and U.S. refinery throughput of 370 to 380 thousand barrels per day.
The company says it will provide an update to its 2023 corporate guidance in February, if necessary.
Editor’s note: (Jan. 16, 2023): A previous version of this story referred to refinery estimates in millions, instead of thousands per day.