Cenovus Energy Earnings Dented by Fall in Prices
By Robb M. Stewart
Cenovus Energy's profit fell in the last quarter of 2023 as the energy company was squeezed by lower commodity prices and refinery crack spreads, as well as the cost of processing crude bought in earlier periods at higher prices.
The Canadian oil and natural-gas company recorded net earnings of 743 million Canadian dollars ($548.6 million), or C$0.39 a share, down from C$784 million, or C$0.39, a year earlier.
Revenue for the quarter fell 6.6% to C$13.1 billion from C$14.1 billion last year, with lower revenue in both its upstream and downstream divisions.
Production for the period averaged 808,600 barrels of oil equivalent a day, up from 797,000 the year before and ahead of the 805,300 expected by analysts. Downstream throughput fell 13% to 579,100 barrels a day on average.
Late last year, the company laid out plans for upstream production this year of between 770,000 and 810,000 oil-equivalent barrels a day and downstream crude throughput of 630,000 to 670,000 barrels daily.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
February 15, 2024 06:43 ET (11:43 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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