Cenovus Energy Inc on Thursday reported a near 11-fold surge in second-quarter profit, helped by its purchase of rival Husky and rising energy prices after the Russian invasion of Ukraine.
Oil prices have scaled multi-year records this year as Western sanctions against major exporter Russia squeezed an already under-supplied market. Brent crude, the global benchmark was trading at over $108 a barrel on Thursday.
Cenovus, which completed its purchase of Husky in January to create Canada's No. 3 oil and gas producer, said its production fell to 761,500 barrels of oil equivalent per day (boepd) in the quarter, from 765,900 boepd a year earlier.
The production decline was due to a planned turnaround at its Christina Lake facility, the company said.
The Calgary, Alberta-based company's net earnings rose to C$2.43 billion ($1.90 billion), or C$1.19 Canadian cents per share, for the three months ended June 30, from C$224 million, or 11 Canadian cents per share, a year earlier.
($1 = 1.2815 Canadian dollars)
(Reuters - Reporting by Shariq Khan; Editing by Shailesh Kuber)
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