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Released December 09, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Cenovus Energy Incorporated's (NYSE:CVE) (Calgary, Alberta) capital investment plan for 2022 includes spending to finish rebuilding and upgrading the Superior Refinery in Wisconsin, which was shut down following a fire and explosion in 2018. On Wednesday, the integrated oil and gas company unveiled its capital spending plans for 2022, which run C$300 million (US$237 million) higher than this year's estimated spend.
Industrial Info is tracking more than US$13 billion worth of Cenovus projects in various stages of development. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining and Oil & Gas Project databases can click here for a list of detailed project reports.
The company's capital spending guidance for 2022 runs between C$2.6 billion (US$2 billion) and C$3 billion (US$2.4 billion), compared with its C$2.3 billion-to-C$2.7 billion (US$1.8 billion-to-US$2.1 billion) guidance for 2021.
The Superior Refinery rebuild and upgrade project, which experienced delays due to the COVID-19 pandemic, is now 70% complete, and is on schedule for a full restart by early 2023, according to Cenovus. The facility formerly was owned by Husky Energy Incorporated, which was acquired by Cenovus in 2020.
The company's guidance for 2022 includes C$200 million to C$250 million (US$158 million to US$198 million) for the rebuild and upgrade of the Superior Refinery, which is expected to be largely offset by insurance proceeds from the 2018 fire and explosion. Spending on the project ran between C$520 million and C$570 million (US$411 million and US$451 million) in 2021. Subscribers can learn more by clicking here.
The revived refinery will have a potential throughput of 45,000 barrels per day (BBL/d) and 50 million BBL/d, with 71% of its feedstock from heavy crude oil. The facility's product slate will include an increase in asphalt for roads and other infrastructure, Cenovus officials said during the company's Investor Day presentation on Wednesday.
The company's five-year plan also includes debottlenecks at its Lloydminster asphalt refinery and upgrader in Saskatchewan.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Industrial Info is tracking more than US$13 billion worth of Cenovus projects in various stages of development. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining and Oil & Gas Project databases can click here for a list of detailed project reports.
The company's capital spending guidance for 2022 runs between C$2.6 billion (US$2 billion) and C$3 billion (US$2.4 billion), compared with its C$2.3 billion-to-C$2.7 billion (US$1.8 billion-to-US$2.1 billion) guidance for 2021.
The Superior Refinery rebuild and upgrade project, which experienced delays due to the COVID-19 pandemic, is now 70% complete, and is on schedule for a full restart by early 2023, according to Cenovus. The facility formerly was owned by Husky Energy Incorporated, which was acquired by Cenovus in 2020.
The company's guidance for 2022 includes C$200 million to C$250 million (US$158 million to US$198 million) for the rebuild and upgrade of the Superior Refinery, which is expected to be largely offset by insurance proceeds from the 2018 fire and explosion. Spending on the project ran between C$520 million and C$570 million (US$411 million and US$451 million) in 2021. Subscribers can learn more by clicking here.
The revived refinery will have a potential throughput of 45,000 barrels per day (BBL/d) and 50 million BBL/d, with 71% of its feedstock from heavy crude oil. The facility's product slate will include an increase in asphalt for roads and other infrastructure, Cenovus officials said during the company's Investor Day presentation on Wednesday.
The company's five-year plan also includes debottlenecks at its Lloydminster asphalt refinery and upgrader in Saskatchewan.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
