Cenovus Energy Inc T.CVE.WT

CC: CEO GAVE GREAT COLOR On US REFINING INTEGRATION

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Toledo Refinery:

- has 90,000 - 95,000 bbls/d of HEAVY CRUDE OIL REFINING CAPACITY out of the TOTAL 160,000 PROCESSING CAPACITY

- it COSTS USD 6.00 per barrel to TRANSPORT BY PIPELINE the CVE WCS from HARDISTY AB TERMINAL (near EDMONTON) to TOLEDO REFINERY in OHIO

Superior Refinery:

- has 35,000 bbls/d of HEAVY CRUDE OIL REFINING CAPACITY out of the TOTAL 49,000 PROCESSING CAPACITY

- it COSTS USD 4.00 per barrel to TRANSPORT BY PIPELINE the CVE WCS from HARDISTY AB TERMINAL (near EDMONTON) to SUPERIOR REFINERY in WISCONSIN

Refinery Utilization:

- 76% in Q4/2023

- 90+ % as of NOW

* 65-70% (as of NOW ) at Superior Refinery

* Superior is PROCESSING ONLY THE HEAVY CRUDE OIL as the SEMI-REFINED PRODUCTS are NOT BEING PROCESSED

* they are STILL DEBUGGING that EQUIPMENT as it has BEEN A CHALLENGE TO REACH NAMEPLATE CAPACITY with the NEW KIT (BUILT with INSURANCE MONEY) and the refinery NOT OPERATING for 5 + YEARS {since the FIRE/EXPLOSION}

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two more things: 1- TOLEDO and LIMA refineries are DIRECTLY CONNECTED by PIPELINES so they CAN OPERATE as ONE INTEGRATED UNIT with TRANSFERS of CRUDE OIL and FUEL PRODUCTS BETWEEN THEM to OPTIMIZE NET MARGINS 2- CVE is STUDYING to MARKET into the PADD1 region {US EAST COAST- New York etc.} to TAKE ADVANTAGE of the HIGHER and MORE STABLE 3-2-1 CRACK SPREADS * they have a 20,000 barrels STORAGE

[RottenRonnie7]

That would be Line 5 & things arent lookin good for that right now. RR

[Quintessential1]

A line 5 shutdown isn't an issue for Ohio based refineries and is highly unlikely anyway given the current US administration's penchant for cheap fuel prices ATM. https://energynews.us/2021/02/04/in-pushing-for-line-5-shutdown-bad-river-band-points-to-alternative-route/ GLTA