Cenovus Energy Schedules Major Turnaround at Lima Refinery

The scheduled maintenance is expected to reduce annualized throughput at the Lima facility by 20,000 to 24,000 b/d, according to a company investor presentation released Thursday. On a broader scale, Cenovus estimates its total U.S. refining volumes will decline by 35,000 to 45,000 b/d during the third quarter, with a steeper drop of 40,000 to 50,000 b/d projected for the final three months of the year.

Managing the U.S. Refining Portfolio

The Lima site is a cornerstone of Cenovus’s American operations, which also include the 160,000 b/d Toledo refinery in Ohio and a 50,000 b/d facility in Superior, Wisconsin. Management noted that the Toledo refinery recently completed its own first-quarter maintenance cycle 11 days ahead of schedule, a 59-day project that suggests strong operational execution heading into the Lima turnaround.

These maintenance cycles follow a period of significant portfolio restructuring. During the fourth quarter, Cenovus reported a U.S. crude throughput of 353,000 b/d, maintaining a 97% utilization rate. This volume represents a sharp decline from the 605,000 b/d recorded in the third quarter—a shift resulting from the sale of the company's 50% stakes in the Wood River and Borger refineries to Phillips 66.

Beyond its U.S. refining interests, the Calgary-based firm remains a dominant player in Alberta’s oil sands and maintains production assets across Canada and the Asia Pacific region. As a major heavy oil producer, the company continues to integrate its upstream production with downstream refining and marketing to buffer against market volatility.