Cenovus Energy reports $220M first-quarter profit compared with a loss a year ago

CALGARY — Cenovus Energy Inc. reported a profit of $220 million in its latest quarter compared with a loss of $1.8 billion a year ago.

The energy company says the profit amounted to 10 cents per share for the quarter ended March 31 compared with a loss of $1.46 per share in the first three months of 2020.

Revenue totalled $9.15 billion, up from $3.96 billion in the same quarter last year before the company acquired Husky Energy Inc.

Upstream production was 769,254 barrels of oil equivalent per day, up from 482,594 boepd a year ago, while downstream throughput was 469,100 barrels per day, up from 221,100 bpd in the same quarter last year.

Cenovus says it had $245 million in one-time integration costs in the quarter related to its acquisition of Husky and that total integration costs for the year are expected to be within the anticipated $500 million to $550 million range.

It says it completed two-thirds of its planned workforce reductions in the first quarter, with the rest expected later in the year and into 2022 as integration projects wrap up.

This report by The Canadian Press was first published May 7, 2021.

Companies in this story: (TSX:CVE)

The Canadian Press