April 30, 2014 / 10:19 AM / in 3 years

Canada's Cenovus posts higher profit as oil sands production rises

April 30 (Reuters) - Canadian oil and gas producer Cenovus Energy Inc reported a 44 percent rise in first-quarter profit, helped by increased production at its Christina Lake oil sands project in northern Alberta.

The company’s profit jumped to C$247 million ($225.25 million), or 33 Canadian cents per share, in the quarter ended March 31, from C$171 million, or 23 Canadian cents per share, a year earlier.

Operating profit, which excludes most one-time items, fell to C$378 million, or 50 Canadian cents per share, from C$391 million, or 52 Canadian cents per share, a year earlier.

Cenovus’s production at Christina Lake rose 48 percent to an average of 65,738 net barrels per day. ($1 = 1.0966 Canadian Dollars) (Reporting by Sayantani Ghosh in Bangalore; Editing by Don Sebastian)

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