Dominion Lending Centres Clearlease Reports Cenovus Energy (TSX:CVE) targets oil production of 500,000 barrels per day by 2021

Dominion Lending Centres Clearlease Reports Cenovus Energy (TSX:CVE) targets oil production of 500,000 barrels per day by 2021

VANCOUVER, BC (June 6, 2011) Dominion Lending Centres Clearlease Reports Oilsands operator Cenovus Energy Inc. is setting its production sights higher, announcing Monday June 6, 2011 that it aims to churn out 500,000 barrels of oil per day by the end of the decade.

“Based on the strong performance delivered by our teams over the past year, we believe we can bring on substantially more oil production earlier than initially planned,” president and CEO Brian Ferguson said in a news release before stock markets opened.

The growth is expected to be driven largely by a six-fold increase in output from its vast oilsands holdings in northern Alberta.

Cenovus was created in late 2009 from the split of Encana Corp. (TSX:ECA) into two independent publicly traded energy companies — an integrated oilsands operator and a pure play natural gas producer.

In its 2010 strategic plan, Calgary-based Cenovus (TSX:CVE) set the lofty goal of producing 300,000 barrels from the oilsands by 2019. Its sights are now set higher, with a target of 350,000 barrels per day by the end of 2019 and 400,000 barrels per day by the end of 2021.

“We’re continuing down the path created by our strategic plan last year — just moving a little faster,” Ferguson said.

Cenovus shares dropped nearly 2.4 per cent to $34.13 in Monday morning trading on the Toronto Stock Exchange .

Cenovus plans to spend an average of $3.5 billion per year, with a new oilsands project phase expected to come on stream every 12 to 18 months.

The plan also foresees conventional oil production of 120,000 to 130,000 barrels per day by the end of 2016, nearly double current production of about 70,000.

“We’re able to proceed with our growth plans thanks to our strong balance sheet and our anticipated cash flow being well in excess of what’s needed for approved projects,” Ferguson added.

However, the company said there is “considerable flexibility” built into its capital plan since only $1.1 billion of the 2012 plan is committed to maintain operations and build approved expansions. Cenovus anticipates an average of $800 million to $1 billion in committed capital for each of the remaining years of the next decade.

Cenovus also said it plans to take a balanced approach to cash flow in excess of committed capital, with “a priority is expected to be placed on using excess cash flow to grow the dividend after 2011.”

Organic growth will be funded with the balance of free cash flow and, if necessary, additional debt financing will be used to support capital investment for the first half of the 10-year plan.

Foster Creek and Christina Lake are expected to contribute about two-thirds of oilsands production. Those projects are part of a 50-50 joint-venture with U.S. energy giant ConocoPhillips .

To achieve its production growth, Cenovus is working to have 400,000 barrels per day to 500,000 barrels per day net of oilsands projects approved by regulators by 2015, it said.

The strong resource base at Foster Creek has prompted the company to increase expected total gross production capacity to between 270,000 barrels per day and 290,000 barrels per day, from the previous expectation of 235,000 barrels per day gross.

Video Link: http://youtu.be/f_kk7WJa7Uk

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk


Dominion Lending Centres Clearlease Reports Cenovus Energy (TSX:CVE) targets oil production of 500,000 barrels per day by 2021

VANCOUVER, BC (June 6, 2011) Dominion Lending Centres Clearlease Reports Oilsands operator Cenovus Energy Inc. is setting its production sights higher, announcing Monday June 6, 2011 that it aims to churn out 500,000 barrels of oil per day by the end of the decade.

“Based on the strong performance delivered by our teams over the past year, we believe we can bring on substantially more oil production earlier than initially planned,” president and CEO Brian Ferguson said in a news release before stock markets opened.

The growth is expected to be driven largely by a six-fold increase in output from its vast oilsands holdings in northern Alberta.

Cenovus was created in late 2009 from the split of Encana Corp. (TSX:ECA) into two independent publicly traded energy companies — an integrated oilsands operator and a pure play natural gas producer.

In its 2010 strategic plan, Calgary-based Cenovus (TSX:CVE) set the lofty goal of producing 300,000 barrels from the oilsands by 2019. Its sights are now set higher, with a target of 350,000 barrels per day by the end of 2019 and 400,000 barrels per day by the end of 2021.

“We’re continuing down the path created by our strategic plan last year — just moving a little faster,” Ferguson said.

Cenovus shares dropped nearly 2.4 per cent to $34.13 in Monday morning trading on the Toronto Stock Exchange .

Cenovus plans to spend an average of $3.5 billion per year, with a new oilsands project phase expected to come on stream every 12 to 18 months.

The plan also foresees conventional oil production of 120,000 to 130,000 barrels per day by the end of 2016, nearly double current production of about 70,000.

“We’re able to proceed with our growth plans thanks to our strong balance sheet and our anticipated cash flow being well in excess of what’s needed for approved projects,” Ferguson added.

However, the company said there is “considerable flexibility” built into its capital plan since only $1.1 billion of the 2012 plan is committed to maintain operations and build approved expansions. Cenovus anticipates an average of $800 million to $1 billion in committed capital for each of the remaining years of the next decade.

Cenovus also said it plans to take a balanced approach to cash flow in excess of committed capital, with “a priority is expected to be placed on using excess cash flow to grow the dividend after 2011.”

Organic growth will be funded with the balance of free cash flow and, if necessary, additional debt financing will be used to support capital investment for the first half of the 10-year plan.

Foster Creek and Christina Lake are expected to contribute about two-thirds of oilsands production. Those projects are part of a 50-50 joint-venture with U.S. energy giant ConocoPhillips .

To achieve its production growth, Cenovus is working to have 400,000 barrels per day to 500,000 barrels per day net of oilsands projects approved by regulators by 2015, it said.

The strong resource base at Foster Creek has prompted the company to increase expected total gross production capacity to between 270,000 barrels per day and 290,000 barrels per day, from the previous expectation of 235,000 barrels per day gross.

Video Link: http://youtu.be/f_kk7WJa7Uk

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk


Dominion Lending Centres Clearlease Reports Cenovus Energy (TSX:CVE) targets oil production of 500,000 barrels per day by 2021

VANCOUVER, BC (June 6, 2011) Dominion Lending Centres Clearlease Reports Oilsands operator Cenovus Energy Inc. is setting its production sights higher, announcing Monday June 6, 2011 that it aims to churn out 500,000 barrels of oil per day by the end of the decade.

“Based on the strong performance delivered by our teams over the past year, we believe we can bring on substantially more oil production earlier than initially planned,” president and CEO Brian Ferguson said in a news release before stock markets opened.

The growth is expected to be driven largely by a six-fold increase in output from its vast oilsands holdings in northern Alberta.

Cenovus was created in late 2009 from the split of Encana Corp. (TSX:ECA) into two independent publicly traded energy companies — an integrated oilsands operator and a pure play natural gas producer.

In its 2010 strategic plan, Calgary-based Cenovus (TSX:CVE) set the lofty goal of producing 300,000 barrels from the oilsands by 2019. Its sights are now set higher, with a target of 350,000 barrels per day by the end of 2019 and 400,000 barrels per day by the end of 2021.

“We’re continuing down the path created by our strategic plan last year — just moving a little faster,” Ferguson said.

Cenovus shares dropped nearly 2.4 per cent to $34.13 in Monday morning trading on the Toronto Stock Exchange .

Cenovus plans to spend an average of $3.5 billion per year, with a new oilsands project phase expected to come on stream every 12 to 18 months.

The plan also foresees conventional oil production of 120,000 to 130,000 barrels per day by the end of 2016, nearly double current production of about 70,000.

“We’re able to proceed with our growth plans thanks to our strong balance sheet and our anticipated cash flow being well in excess of what’s needed for approved projects,” Ferguson added.

However, the company said there is “considerable flexibility” built into its capital plan since only $1.1 billion of the 2012 plan is committed to maintain operations and build approved expansions. Cenovus anticipates an average of $800 million to $1 billion in committed capital for each of the remaining years of the next decade.

Cenovus also said it plans to take a balanced approach to cash flow in excess of committed capital, with “a priority is expected to be placed on using excess cash flow to grow the dividend after 2011.”

Organic growth will be funded with the balance of free cash flow and, if necessary, additional debt financing will be used to support capital investment for the first half of the 10-year plan.

Foster Creek and Christina Lake are expected to contribute about two-thirds of oilsands production. Those projects are part of a 50-50 joint-venture with U.S. energy giant ConocoPhillips .

To achieve its production growth, Cenovus is working to have 400,000 barrels per day to 500,000 barrels per day net of oilsands projects approved by regulators by 2015, it said.

The strong resource base at Foster Creek has prompted the company to increase expected total gross production capacity to between 270,000 barrels per day and 290,000 barrels per day, from the previous expectation of 235,000 barrels per day gross.

Video Link: http://youtu.be/f_kk7WJa7Uk

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk




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