Canadian oil and gas firm Cenovus Energy's CVE.TO quarterly profit rose on Thursday, helped by strong demand for crude oil amid tight supplies and higher production.
Supply cuts from OPEC+ countries led by Saudi Arabia and Russia kept the crude oil market tight. That provided a boost to U.S. oil prices, which climbed 9.4% on an average, sequentially during the quarter.
Cenovus said its quarterly upstream production climbed to 797,000 barrels of oil equivalent per day (boepd) from 777,900 boepd a year earlier, as it restarted production that had been offline due to Alberta wildfires and planned maintenance activity.
The Canadian energy firm reported a downstream throughput of 664,300 barrels per day (bpd), compared with 533,500 bpd a year earlier.
The Calgary, Alberta-based company reported net income of C$1.86 billion ($1.35 billion), or 97 Canadian cents per share, for the quarter ended Sept. 30, compared with C$1.61 billion, or 81 Canadian cents per share, a year earlier.
($1 = 1.3819 Canadian dollars)
(Reuters - Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi Majumdar)