CENOVUS ENERGY $29.31 - Toronto symbol CVE

CENOVUS ENERGY $29.31 (Toronto symbol CVE; Shares outstanding: 757.0 million; Market cap: $22.8 billion; TSINetwork Rating: Average; Dividend yield: 3.6%; www.cenovus.com) has opened the latest phase of its 50%-owned Foster Creek oil sands project in Alberta.

U.S.-based ConocoPhillips (New York symbol COP) owns 50% of both Cenovus’s Foster Creek and Christina Lake projects.

Foster Creek produced an average of 119,000 barrels a day in August 2014. This latest phase should add 30,000 barrels when it reaches fullcapacity in the next 12 to 18 months.

Future phases should raise Foster Creek’s daily output to 210,000 barrels by 2016.

Cenovus is a buy.

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