July 30 (Reuters) – Cenovus Energy Inc, Canada's No.2 independent oil producer, said its second-quarter profit more than tripled, helped by increased production at its Christina Lake oil sands project in northern Alberta.
The company's net income rose to C$615 million ($566 million), or 81 Canadian cents per share, in the quarter ended June 30, from C$179 million, or 24 Canadian cents, a year earlier.
Oil sands production at the Christina Lake project jumped 77 percent to average nearly 68,000 barrels per day (bpd). Total production rose by a third to average almost 125,000 bpd.
Operating profit, which excludes most one-time items, rose 85 percent to C$473 million, or 62 Canadian cents. ($1 = 1.0867 Canadian Dollars)
(Reporting by Ashutosh Pandey in Bangalore; Editing by Savio D'Souza)
Copyright 2017 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you