Cenovus Profit Jumps 83% on Higher Crude Prices and Refining Margins
Cenovus Energy, one of Canada's largest heavy oil producers, reported an 83% surge in first-quarter profit. The company attributed the significant increase to higher crude prices and strong refining margins.
Total upstream production rose to a record 972,100 barrels of oil equivalent per day (boepd) in the first quarter, up 19% from last year's results. This growth was largely driven by the acquisition of MEG Energy, which added Christina Lake assets to Cenovus's portfolio.
The company's refining operations also experienced significant improvements, with a downstream operating margin of C$734 million in the quarter compared to a loss of C$237 million last year. Refinery utilization stood at 97%, and crude throughput reached about 458,500 barrels per day.