October 24, 2013 / 10:43 AM / 4 years ago

Canada's Cenovus Energy profit rises on higher volumes, prices

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Pipelines carrying steam to wellheads and heavy oil back to the processing plant line the roads and boreal forest at the Cenovus Energy Christina Lake Steam-Assisted Gravity Drainage (SAGD) project 120 km (74 miles) south of Fort McMurray, Alberta, August 15, 2013.Todd Korol

(Reuters) - Canadian oil producer Cenovus Energy Inc (CVE.TO) reported a 28 percent rise in third-quarter profit, driven by higher oil prices and increased volumes.

The company said its net profit rose to C$370 million from C$289 million a year earlier.

Operating profit, however, fell nearly 28 percent to C$313 million, or 41 Canadian cents per share.

The decline in operating profit was partly due to a sharp drop in market crack spreads, the price difference between crude oil and the refined product.

Cenovus operates numerous oil sand, conventional oil and natural gas projects in Canada, and holds a 50 percent stake in two refineries in the United States.

Reporting By Kanika Sikka in Bangalore; Editing by Saumyadeb Chakrabarty

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