Mining & Metals
Cenovus Energy's Q1 Net Earnings Surge YoY on Higher Upstream Production
Cenovus Energy's (CVE.TO) net earnings for the first quarter jumped year over year as it achieved its highest-ever quarterly upstream production, the company said Wednesday.Net earnings were C$1.57 billion, or $0.83 per share, up from $859 million, or $0.47 per share. The result beat the earnings per share consensus estimate of $0.74 as compiled by FactSet.Revenues were $15 billion, a decline from $16.05 billion. The result exceeded the sales consensus estimate of $13.17 billion as compiled by FactSet.First-quarter results were driven by increases in benchmark crude oil prices, upstream production and refined product pricing, the company said.Total upstream production was 972,100 barrels of oil equivalent per day, rising from 818,900 BOE/d. Total downstream crude throughput was 458,500 barrels per day, a decrease from 665,400 bbls/d.Cenovus' board has approved a 10% increase in the quarterly base rate dividend to $0.22 per common share, starting in the second quarter. The dividend is payable on June 30 to shareholders of record as of June 15.
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