Cenovus Energy Pumps $1.5B Into Ohio Refineries: Report

Cenovus Energy Inc. CVE is reportedly making an investment of $1.5 billion in its Ohio refineries, including Lima and Oregon.

The company also aims to add 115 new jobs to its office in Dublin, reported Reuters, citing a local magazine.

As per the local media report, Allen Economic Development Group President and CEO Dave Stratton said, “The recent announcement by Cenovus of significant investment in North America and Northwestern Ohio is great news for the greater Lima region and for the refinery in Lima.”

“This investment highlights their commitment to the Lima facility. The collaborative partnership of our state, regional and local economic development organizations tirelessly supports business growth in Lima/Allen County.”

The report also quoted Doreen Cole, executive vice president, downstream, who stated, Ohio provides a ‘vital strategic location’ that aided in the company’s decision to expand.

Dean Hempfling, Lima Refinery general manager, stated, “The Lima Refinery continues to be a key asset for Cenovus, and these investments include funding for training and modernizing equipment at the facility.” 

At the end of 2023, Cenovus’ total proved and total proved plus probable reserves were approximately 5.9 billion BOE and 8.7 billion BOE, respectively, almost flat Y/Y.

Price Action: CVE shares closed higher by 1.07% at $21.80 on Wednesday.

Image sourced from Shutterstock