Cenovus Energy's Quarterly Profit Rises as Production Climbs

Credit: Dolores Harvey - stock.adobe.com
Credit: Dolores Harvey - stock.adobe.com

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)

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