Company News

Canada's Cenovus Energy reports quarterly profit on higher crude prices

Oct 31 (Reuters) - Canadian oil producer Cenovus Energy Inc reported a quarterly profit on Thursday compared to a loss a year earlier, benefiting from higher crude prices because of government-imposed production curbs and company’s cost management.

The Calgary-based company reported a net profit of C$187 million ($141.97 million), or 15 Canadian cents per share, for the third quarter, from a loss of C$242 million, or 20 Canadian cents per share, a year earlier.

Total production fell to 448,496 barrels of oil equivalent per day(boe/d) from 495,592 boe/d.

$1 = 1.3172 Canadian dollars Reporting by Shanti S Nair in Bengaluru and Nia Williams in Calgary; Editing by Vinay Dwivedi