Source: Cenovus Energy
Cenovus Energy’s (NYSE: CVE) downstream operations include the Wood River Refinery in Illinois and the Borger Refinery in Texas, which are jointly owned with ConocoPhillips (NYSE: COP), the operator.
In addition to the 25,000 bbls/d (gross) coking capacity at Borger, 65,000 bbls/d (gross) of coking capacity is being added at Wood River with the coker and refinery expansion (CORE) project. This will increase total coking capacity at Wood River to 83,000 bbls/d (gross).
The CORE project is approximately 80% complete and the final cost is expected to be within 10% of budget. The project remains on track for a mid-2011 start up.
It is anticipated this project will improve net margins at Wood River by approximately $4.00 per barrel.
With the completion of the CORE project, Cenovus’s two refineries will be among the most complex in the United States, with the ability to process a wide variety of crude feedstocks and produce a large quantity of high value clean products. These refineries will have a combined capability to process as much as 275,000 bbls/d (gross) of heavy crude oil.