* 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)