The company says the improvement in prices for western Canadian oil due to the Alberta government's curtailment program more than offset the impact of reduced production and increased operating costs.

Cenovus Energy Inc. reported a profit in its second quarter, boosted by its purchase of most of the Canadian assets of ConocoPhillips.

Tourmaline Oil Corp. is buying a significant package of shale oil and gas assets from Royal Dutch Shell for $1.37 billion, as the energy giant makes a further retreat from Canada.