Cenovus 3Q Profit Rises on Higher Energy Production

Dow Jones11-04

Cenovus Energy posted a jump in third-quarter profit, driven by its oil sands production that pushed companywide production above one million barrels a day for the first time.

The Canadian integrated energy company on Wednesday posted net income of 3.36 billion Canadian dollars ($2.4 billion), or C$1.83 a share, up from C$1.29 billion, or C$0.72 a share, in the comparable quarter a year ago.

According to FactSet, analysts were expecting C$1.60 a share.

Total revenues, which are net of royalties, rose to C$19.14 billion from C$15.14 billion.

Consolidated revenues fell to C$16 billion in the period, down from C$17.4 billion, missing forecasts of C$16.87 billion.

Production was at a record high in the quarter, reaching an average of 1.024 million barrels of oil equivalent a day, the first time it exceeded one million barrels of average daily production.

Total oil sands production was 833,000 barrels of oil a day.

"This milestone was achieved in only our seventeenth year operating as an independent company. Our asset performance continues to unlock significant value across our portfolio," Chief Executive Jon McKenzie said.

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