Strong oil prices, refinery profits boost Cenovus earnings [CBC (Canadian Broadcasting Corporation)]
Cenovus Energy Inc (CVE)
Last cenovus energy inc earnings: 4/29 06:00 am
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Source: CBC
Strong oil prices, refinery profits boost Cenovus earnings The Calgary-based company had a strong fourth quarter, beating expectations Cenovus Energy Inc. is reporting higher fourth-quarter profits boosted by stronger oil prices, better-than-expected refinery profits and production that almost doubled after it bought out its American oilsands partner. The company reported net income of $620 million or 50 cents per share, well ahead of $91 million, or 11 cents per share, in the year-earlier period. Revenue was $5.1 billion, ahead of analyst predictions of $4.7 billion as reported by Thomson Reuters. The company said it had largely completed a 15 per cent cut to its workforce in January and February, part of its plan under new CEO Alex Pourbaix to eliminate $1 billion in cumulative capital, operating and administration costs over two years. Combined production at Cenovus's Christina Lake and Foster Creek steam-driven oilsands operations in northern Alberta averaged 292,000 barrels per d
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CVE
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