Oil & Gas Product News Logo

Stronger commodity prices drive Cenovus earnings up for Q2

Stronger commodity prices drive Cenovus earnings up for Q2

Higher commodity prices and throughputs from downstream operations connected to the Husky acquisition drove Cenovus to a strong second quarter of 2021, the company has reported.

Cenovus reported cash from operating activities increased from $834 million in 2020 to $1.369 million in the three months ending June 30. Net earnings through the period were $224 million, compared to a 2020 loss of $235 million.

Production was significantly higher through the quarter as well. Cenovus reported production and throughput of 614,900 barrels/day of oil and natural gas liquids through the period, compared to 400,050 the previous year, while natural gas production was up from 392 million cubic feet/day to 906 million cubic feet/day.

"Our results underscore the earnings power of the combined company as we further integrate and deliver on our expanded asset base," said Alex Pourbaix, Cenovus President & Chief Executive Officer. "We posted a strong second quarter and expect to accelerate deleveraging in the second half of this year."

Company info

500 Centre Street SE
P.O. Box 766
Calgary, AB
CA, T2P 0M5

Website:
cenovus.com

Phone number:
1-877-766-2066

Read more

Related Articles