Cenovus Energy reports Q3 profit up; overcomes start-of-year challenges

CALGARY — Cenovus Energy Inc. saw its profits surge in the third quarter as the Calgary based oil company overcame a number of challenges that had plagued it earlier in the year.

While Cenovus benefited in the third quarter from higher commodity prices, it also saw its upstream production in the quarter increase by nine per cent from the second quarter to 797,000 barrels of oil equivalent per day. The gains reflect the full operation of Cenovus' Toledo refinery after a second-quarter restart, as well as the full and stable startup of its Superior refinery in early October.

Cenovus had previously forecast that its profitability would improve in the last half of this year as those refineries came back online, and McKenzie said the company will continue to focus on"grinding out value" from these assets in the coming years."Refining is a core part of our business," McKenzie told analysts on a conference call.

Source: News Formal (newsformal.com)

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