Cenovus swings to $224M profit in Q2 on improved conditions, Husky takeover
Cenovus Energy Inc. swung to a $224-million net profit in its latest quarter on a large recovery in sales due to improved market conditions since the onset of the COVID-19 pandemic and its takeover of rival Husky Energy Inc.
The Calgary-based oil producer earned 11 cents per share in the second quarter, compared with a loss of 19 cents per share or $235 million a year earlier.
Revenues for the three months ended June 30 was $10.58 billion, up from $2.17 billion in the second quarter of 2020.
Cenovus was expected to earn 31 cents per share on $9.78 billion of revenues, according to financial data firm Refinitiv.
Total production reached 765,900 barrels of oil equivalent per day, up 65 per cent from 465,400 boe/d in the prior year period.
As a result, Cenovus is increasing its production guidance for 2021 by two per cent with total capital expenditures to remain unchanged.
“Our results underscore the earnings power of the combined company as we further integrate and deliver on our expanded asset base,” said CEO Alex Pourbaix, adding he expects to accelerate debt reduction in the second half of the year.
The company says it is on track to achieve $1.2 billion of synergies and net debt of $10 billion by the end of the year, down from $12.4 billion at the end of the quarter.
This report by The Canadian Press was first published July 29, 2021
CTVNews.ca Top Stories
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
2 teens charged in Halifax homicide: police
Two teenagers have been charged with second-degree murder in connection to an alleged homicide near the Halifax Shopping Centre earlier this week.
'Deep ignorance': Calls for Manitoba trustee to resign sparked after comments about Indigenous people and reconciliation
A rural Manitoba school trustee is facing calls to resign over comments he made about Indigenous people and residential schools earlier this week.
ByteDance prefers TikTok shutdown in U.S. if legal options fail, Reuters sources say
TikTok owner ByteDance would prefer to shut down its loss-making app rather than sell it if the Chinese company exhausts all legal options to fight legislation to ban the platform from app stores in the U.S., four sources said.
12-year-old hippo in Japan raised as a male discovered to be a female
When Gen-chan arrived at a zoo in Japan in 2017, no one questioned whether the then-five-year-old hippopotamus was a boy. Seven years later, zoo staff made a surprising discovery: Gen-chan, now 12, was female.
Here's why Harvey Weinstein's New York rape conviction was tossed and what happens next
Here's what you need to know about why movie mogul Harvey Weinstein's rape conviction was thrown out and what happens next.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.
Legendary hockey broadcaster Bob Cole dies at 90: CBC
Bob Cole, a welcome voice for Canadian hockey fans for a half-century, has died at the age of 90. Cole died Wednesday night in St. John's, N.L., surrounded by his family, his daughter, Megan Cole, told the CBC.