Cenovus posts jump in quarterly profit as production nearly doubles [Business News Network (BNN) Energy & Resources (Canada)]
Cenovus Energy Inc (CVE)
Last cenovus energy inc earnings: 4/29 06:00 am
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Source: Business News Network
Cenovus posts jump in quarterly profit as production nearly doubles Oil producer Cenovus Energy Inc's ( CVE.TO ) fourth-quarter profit soared, as production nearly doubled and the Canadian company reined in expenses. The Calgary-based company has been cutting workforce and lowering operating expenses as new chief executive, Alex Pourbaix, seeks to aggressively reduce costs and lower debt. Cenovus said on Thursday it reduced general and administrative costs by 44 per cent per barrel of oil equivalent (BOE) and oil sands operating costs by 6 per cent per barrel in 2017 from 2016. The company's net income jumped to $620 million, or 50 cents per share, in the quarter ended Dec. 31, from $91 million, or 11 cents per share, in the year-ago period. Total production was 554,606 barrels of oil equivalent per day, up 96 per cent, largely helped by production from its Christina Lake and Foster Creek oil sands operations in Alberta.
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