February 11, 2010 / 12:16 PM / 8 years ago

UPDATE 1-Cenovus Energy posts Q4 profit, sets dividend

* Q4 EPS $0.03

* Q4 cash flow $0.30/shr

* Q4 operating earnings $0.20/shr

* Sets dividend of C$0.20/shr

Feb 11 (Reuters) - Cenovus Energy Inc CVE.TO, the oil sands focused company spun off from EnCana Corp ECA.TO, reported a quarterly profit mainly on production ramp-up at two key projects in northeast Alberta, and reiterated its 2010 outlook.

For the fourth quarter ended Dec. 31, the company earned $24 million, or 3 cents a share.

Cenovus, which started trading on the New York Stock Exchange in December, said operating earnings were $152 million, or 20 cents a share, for the quarter.

Cash flow, a key indicator of company’s ability to pay for new drilling and major projects, was $225 million, or 30 cents a share.

Revenue, net of royalties, was $2.83 billion.

Production at Foster Creek project, after adjusting royalties was 45,035 barrels a day, while Christina Lake produced 7,022 barrels a day during the quarter.

The company declared a dividend of 20 Canadian cents a share, payable on March 31, and said it expects to report earnings in Canadian dollars from the first quarter.

Shares of the company closed at C$24.74 Wednesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Ratul Ray Chaudhuri)

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