In its most recent quarter, Cenovus Energy Inc.’s profit went up since commodity prices went up and margins climbed.
In the second quarter, the Calgary-based oil producer made a net profit of $2.4 billion, or $1.23 per basic share. Up from $224 million, or 11 cents per share, in the same period last year.
For the three months that ended on June 30, revenue was $19.2 billion, which was up from $10.58 billion in the second quarter of 2021.
Total production hit 761,500 barrels of oil equivalent per day, which is less than the previous year’s 765,900 boe/d.
The president and CEO of Cenovus, Alex Pourbaix says that the company kept its promise to return 50% of the quarter’s excess free funds flow to shareholders.
He says that the company also had good operational and financial results during a time when there were a lot of planned shutdowns and repairs.
“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,” said Pourbaix on Thursday.
Original source material for this article taken from here