02-06-2025
- Business
- The Market Online
Cenovus pulls out staff over risk of Alberta wildfires
Cenovus Energy (TSX:CVE) gave an operational update regarding its Christina Lake oil sands facility in northern Alberta, following ongoing wildfire activity in the region
All staff are safe, and preliminary inspections have revealed no damage to infrastructure
Cenovus stated that it anticipates a full restart of operations in the near term, pending safety assessments and environmental conditions
Cenovus Energy (TSX:CVE) stock last traded at C$18.08
Cenovus Energy (TSX:CVE) gave an operational update regarding its Christina Lake oil sands facility in northern Alberta, following ongoing wildfire activity in the region. The company emphasized that the safety of its personnel and the protection of its infrastructure remain top priorities.
In a media update, the integrated energy company confirmed that all staff are safe, and preliminary inspections have revealed no damage to infrastructure. As a precautionary measure, only essential personnel remain on site at Christina Lake, where production was methodically shut in beginning May 29. Approximately 238,000 barrels per day of production have been impacted.
Cenovus stated that it anticipates a full restart of operations in the near term, pending safety assessments and environmental conditions.
Meanwhile, MEG Energy Corp. (TSX:MEG) has also taken proactive steps to ensure the safety of its workforce. All non-essential personnel have been evacuated from its Christina Lake Regional Project (CLRP), while critical operating staff remain on site to maintain essential functions.
The wildfire has disrupted third-party power line infrastructure connecting CLRP to Alberta's electric grid, prompting MEG to safely disconnect from the grid. Despite the outage, MEG's cogeneration capabilities have enabled continued production at the site.
However, the power disruption has delayed the startup of MEG's Phase 2B operations, which were poised to resume following a planned turnaround. Phase 2B represents approximately 70,000 barrels per day of production. MEG is working closely with the utility provider and other stakeholders to restore grid connectivity and return to full operational capacity.
Both companies continue to monitor the evolving wildfire conditions and are coordinating with emergency services and provincial authorities to ensure a safe and timely return to normal operations.
Cenovus Energy Inc. has oil and natural gas production operations in Canada and the Asia Pacific region and upgrading, refining and marketing operations in Canada and the United States.
Cenovus Energy (TSX:CVE) stock last traded at C$18.08 and though it had risen 13.04 per cent in May 2025, it has lost 32.62 per cent since this time last year.
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