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Cenovus Energy, a Canadian company, has cut its production forecast for 2025.

Cenovus Energy, a Canadian oil and natural gas producer, reduced its forecast for its upstream production in the full year on Thursday. It cited the temporary shutdown of its Rush Lake facility.

The company responded to an early-May steam leak from a casing rupture in an injection well, resulting in the temporary shutdown of Rush Lake's facilities in central-west Saskatchewan.

Cenovus expects upstream production in 2025 to range between 805,000 and 825,000 barrels of oil-equivalent per day, as opposed to the 805,000 to 845,000 previously projected.

The total upstream production for the second quarter was 765.900 boepd. This is down from 800.800 boepd one year ago. This is due to planned turnarounds, scheduled maintenance at offshore installations and short-term impacts of wildfire activity in Christina Lake.

In May, wildfires in Alberta disrupted the operations of several oil companies, including Cenovus Energy, Canadian Natural Resources, and MEG Energy. This led to temporary closures and evacuations.

Cenovus total downstream throughput was 665.800 barrels per days for the third quarter, compared to 622.700 bpd one year earlier.

Benchmark Brent crude oil prices fell during the quarter of April-June compared to a year ago, due to a weaker global demand, increased supply by OPEC+ and market volatility caused by tariffs.

Cenovus, based in Calgary, Alberta, posted a net profit of C$851 (614.57) million, or 45 Canadian Cents per share during the quarter ended June 30. This compares to C$1.0 billion or 53 Canadian Cents per share a year ago. ($1 = 1.3847 Canadian dollars) (Reporting by Katha Kalia in Bengaluru; Editing by Shilpi Majumdar)

(source: Reuters)