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Canada’s Cenovus Energy posts profit in 2nd qtr

Canada’s Cenovus Energy posts profit in 2nd qtr

OTTAWA: Oil producer Cenovus Energy Inc reported a profit in the second quarter, compared to a year-ago loss, helped by its recent purchase of ConocoPhillips’ Canadian oil-sands assets.

Cenovus reported a net profit of C$2.64 billion ($2.1 billion), or C$2.37 per share in the second quarter ended June 30, compared with a loss of C$267 million or 5 Canadian cents per share, a year earlier. Production jumped 65 percent to 436,929 barrels of oil equivalent per day, Cenovus said.