CALGARY — Cenovus Energy Inc. recorded a massive upswing in profit in its latest quarter amid increased commodity prices and higher margins.
The Calgary-based oil producer had net earnings of $2.4 billion in the second quarter, or $1.23 per basic share, compared with $224 million or 11 cents per share a year earlier.
Revenue for the three months ended June 30 was $19.2 billion, up from $10.58 billion in the second quarter of 2021.
Total production reached 761,500 barrels of oil equivalent per day, down from 765,900 boe/d in the prior year period.
Alex Pourbaix, Cenovus president and CEO, says the company executed on its commitment of returning 50 per cent of excess free funds flow to shareholders in the quarter.
He says the oil producer also maintained strong operational and financial performance during a period of significant planned turnarounds and maintenance.
“We’re well positioned for even better performance in the second half of the year as our assets return to operating at normal rates across the portfolio,” Pourbaix said in a statement Thursday.
This report by The Canadian Press was first published July 28, 2022.
Companies in this story: (TSX:CVE)
The Canadian Press
- 0027 TED_NA Helium 2021_30
- 0028 SIMSA_Energy_Forum_2022
- 0025 Kendalls
- 0026 Buffalo Potash Quinton Salt
- 0024 Southern Bolt Katrina Southern Folk Rock Intro
- 0023 LC Trucking tractor picker hiring mix
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0019 Jerry Mainil Ltd hiring dugout
- 0018 IWS Hiring Royal Summer
- 0014 Buffalo Potash What if PO
- 0015 Latus Viro PO Ad 01
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0006 JK Junior
- 0004 Royal Helium PO Ad 02