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Wildfires force Cenovus, Canadian Natural to shut Pelican Lake facilities

Jun. 08, 2016 2:24 PM ETCenovus Energy Inc. (CVE) Stock, CVE:CA StockCOP, CNQ, CVEBy: Carl Surran, SA News Editor3 Comments
  • The wildfires in Alberta are again affecting crude oil production, as Cenovus Energy (CVE -2.8%) and Canadian Natural Resources (CNQ -3.2%) evacuate oil facilities near Pelican Lake.
  • Flames advanced yesterday to within 1 km of CVE's main Pelican Lake complex, forcing the company to shut down its heavy oil plant and evacuate 118 staff; the site produced ~23K bbl/day of heavy oil during Q1.
  • CNQ also temporarily halted some production at its 49K bbl/day Pelican Lake operations and evacuated non-essential staff.
  • Further north, oil sands producers have begun restarting operations after the fires forced last month's shutdown of more than 1M bbl/day of production in the Fort McMurray region; ConocoPhillips (COP +0.2%) says 10% of its wells have been activated at its 60K bbl/day Surmont project, with most of its ~700 employees expected onsite by the end of this week.

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