Cenovus Energy (CVE) Q4 2019 Earnings Call Transcript

Cenovus Energy (CVE) Q4 2019 Earnings Call Transcript

[Operator instructions] Please be advised that this conference call may not be recorded or rebroadcast without the expressed consent of Cenovus Energy.. Today, I want to highlight the achievements of the past year and give some color around how we believe 2020 will shape up.. We maintained our industry-leading low-cost structure, continue to exercise capital discipline, strengthen our balance sheet, increase market access and enhance shareholder value.. We also exceeded an important milestone in our crude-by-rail business last year, moving more than 100,000 barrels of oil per day by the end of 2019.. We set an ambitious goal to grow our rail capacity from essentially zero to 100,000 barrels of oil per day by December, and I am happy to report we exceeded that goal.. Our rail program is an important part of our strategy to improve market access, so we can achieve greater exposure to global oil pricing.. Through the recently announced Special Production Allowance or SPA program, rail also allows us to exceed the Government of Alberta's mandated production curtailment levels.. I'm extremely proud of the work our teams did to successfully build our rail program in 2019.. This year, we will continue to optimize our rail operations