Cenovus' Profit Triples as Oil Sands Production Jumps

Reuters

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.

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