CNNMoney interviewed Cenovus CEO Alex Pourbaix on the sidelines of the Energy Venture Summit in Denver, Colorado.
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Tax credits for U.S. oil and gas producers will most likely expire at the end of the year. And many analysts and industry officials don’t think producers will be able to replace those credits as quickly as necessary — for reasons ranging from uncertainty about when and if the credits will be reauthorized to how tough it would be to generate the type of technological breakthrough needed.
Pourbaix, however, said Cenovus will need to keep producing oil despite the prospects of not being able to recover the credits.
“We’re already here, and what do we want to do now? Given the size of our footprint here, we’re going to be here for a while, and so we need to make sure that we continue to operate,” he said.
“We’ve been a supplier to the refineries here for many years now, and at the end of the day we need those refineries that need fuel, so we need to make sure that we continue to supply fuel that the U.S. needs.”
Pourbaix said the company will issue its next earnings report “in a few weeks,” just before the end of the year.