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

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.

2:18 Canada capable of increasing oil production, but market access and pipelines still a big issue

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.