Cenovus reports second quarter profits down, lowers upstream production guidance

CALGARY — Cenovus Energy Inc. lowered its upstream production guidance for the year as it reported a second-quarter profit of $866 million, down from $2.4 billion in the same quarter last year.

The profit amounted to 44 cents per diluted share, down from $1.19 per diluted share a year earlier, while revenue for the quarter totalled $12.2 billion, down from $19.2 billion in the same three months of 2022.

Cenovus says upstream production in the second quarter was 729,900 barrels of oil equivalent per day, down from 761,500 a year earlier, as the company experienced production impacts due to Alberta wildfire activity and planned maintenance.

Downstream throughput was 537,800 barrels per day compared with 457,300 in the same quarter last year.

In its guidance for the year, the company says it now expects upstream production for 2023 to be between 775,000 and 795,000 barrels of oil equivalent per day, down from its outlook last quarter of between 790,000 and 810,000

The company maintained its guidance for downstream throughput to between 580,000 and 610,000 barrels per day.

This report by The Canadian Press was first published July 27, 2023.

Companies in this story: (TSX:CVE)

The Canadian Press