Cenovus reports $1.61B Q3 profit, up from $551M a year ago

Cenovus Energy Inc. reported its third-quarter profit almost tripled compared with a year ago, helped by higher commodity prices.

The company also declared a variable dividend payment of 11.4 cents per share in addition to its base dividend of 10.5 cents per share.

Cenovus says it earned $1.61 billion or 81 cents per diluted share for the quarter ended Sept. 30, up from $551 million or 27 cents per diluted share a year earlier.

Revenue for the quarter was $17.47 billion, up from $12.70 billion in the same quarter last year.

Total upstream production was about 777,900 barrels of oil equivalent per day down from 804,800 boe/d in the third quarter of 2021, while its downstream throughput averaged 533,500 barrels per day, down from 554,100 b/d a year earlier.

On an adjusted basis, the company says its funds flow amounted to $1.49 per diluted share for the quarter, up from $1.15 per diluted share in the third quarter of 2021.

© 2022 The Canadian Press

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