Alberta oilsands specialist Cenovus Energy Inc. staged a recovery during the first three months of this year, fueled by its C$3.8 billion ($3 billion) all-stock takeover of Husky Energy Inc.

Cenovus Energy

Oil and natural gas liquids production, 90% dominated by northern Alberta bitumen extraction, jumped by 49% to 620,090 b/d from 416,802 b/d a year earlier.

Oilsands netback prices for heavy crude shot up tenfold to C$26.56/bbl ($21.25/bbl) from C$2.58/bbl ($2.06/bbl) in the year-ago period.

Natural gas output, enhanced by acquired international properties from Husky, grew 2.3-fold to 895 MMcf/d in the first three months of this year from 395 MMcf/d.

Operating costs rose by 47% to C$11.40/bbl (US$9.12/bbl) due to increases inherited from Husky plants plus rising prices for natural gas...