Cenovus posts massive upswing in profit as second-quarter net earnings reach $2.4B

Energeticcity is the voice of the Peace.  But we need your help. Give $10 a month today and be the reason we can cover the next story!

CALGARY — Cenovus Energy Inc. recorded a massive upswing in profit in its latest quarter amid increased commodity prices and higher margins.

The Calgary-based oil producer had net earnings of $2.4 billion in the second quarter, or $1.23 per basic share, compared with $224 million or 11 cents per share a year earlier.

Revenue for the three months ended June 30 was $19.2 billion, up from $10.58 billion in the second quarter of 2021.

Total production reached 761,500 barrels of oil equivalent per day, down from 765,900 boe/d in the prior year period.

Alex Pourbaix, Cenovus president and CEO, says the company executed on its commitment of returning 50 per cent of excess free funds flow to shareholders in the quarter.

He says the oil producer also maintained strong operational and financial performance during a period of significant planned turnarounds and maintenance.

“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,” Pourbaix said in a statement Thursday.

This report by The Canadian Press was first published July 28, 2022.

Companies in this story: (TSX:CVE)

The Canadian Press

Thanks for Reading!

Energeticcity.ca is the voice of the Peace, bringing issues that matter to the forefront with independent journalism. Our job is to share the unique values of the Peace region with the rest of B.C. and make sure those in power hear us. From your kids’ lemonade stand to natural resource projects, we cover it–but we need your support.


Give $10 a month to Energeticcity.ca today and be the reason we can cover the next story.

Don't miss a news

story with our daily email!

This site uses cookies to provide you with a great user experience. By continuing to use this website, you consent to the use of cookies in accordance with our privacy policy.