Cenovus Energy 1Q Earnings Jump With Higher Quarterly Production

By Robb M. Stewart

Cenovus Energy logged a jump in first-quarter earnings on the back of a higher operating margin and a gain on the sale of assets, and with an increase in production.

The Canadian oil and natural gas company recorded net earnings of 1.18 billion Canadian dollars ($853.4 million), or C$0.62 a share, against C$636 million, or C$0.32, a year earlier. The result included a C$25 million gain from asset sales in the latest period.

On an adjusted basis that strips out certain items, per-share earnings came in at C$1.19 a share.

Revenue for the quarter, less royalties, rose to C$15.68 billion from C$13.76 billion last year

Production for the period averaged 800,900 barrels of oil equivalent a day, down slightly on the previous quarter but up from 779,000 a barrels a year earlier and slightly higher than the 799,200 barrels a day expected by analysts polled by FactSet. Downstream throughput increased to 655,200 barrels a day from 457,900 barrels on average a year earlier.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

May 01, 2024 07:05 ET (11:05 GMT)

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