October 23, 2014 / 3:38 PM / 4 years ago

Refinery outage hurts Cenovus Energy's quarterly profit

Brian Ferguson, president and CEO of Cenovus addresses shareholders at the company's annual general meeting in Calgary, Alberta, April 25, 2012. REUTERS/Todd Korol

(Reuters) - Cenovus Energy Inc (CVE.TO), Canada’s No.2 independent oil producer, reported a 4 percent fall in quarterly profit mainly due to an outage at a refinery.

Cenovus’s operating cash flow from refining fell 53 percent due to an unplanned coker outage in July at its Borger refinery in Texas and a planned turnaround at the Wood River refinery in Illinois.

The company has a 50 percent stake in the two U.S. refineries operated by Phillips 66 (PSX.N).

Cenovus, which co-owns the Foster Creek and Christina Lake oil sands projects with ConocoPhillips (COP.N), said its total oil production rose 13 percent to 199,089 barrels per day (bpd), driven by a 23 percent jump in oil sands production.

Natural gas production fell 7 percent.

Production at Foster Creek rose 15 percent to an average of nearly 57,000 bpd.

Cenovus’s cash flow, a key indicator of its ability to fund new projects, rose 6 percent to C$985 million, or C$1.30 per share.

Net income fell to C$354 million, or 47 Canadian cents per share, in the third quarter ended Sept. 30 from C$370 million, or 49 Canadian cents per share, a year earlier.

Operating profit, which excludes most one-time items, rose 19 percent to C$372 million, or 49 Canadian cents per share.

Reporting by Scott Haggett in Calgary and Ashutosh Pandey in Bangalore; Editing by Joyjeet Das and Kirti Pandey

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