Cenovus Energy gains on higher second-quarter profit
CVE•Shares rise in premarket trading
- U.S.-listed shares of Canadian oil sands producer Cenovus Energy CVE.TO were up 4.3% at $28.87 premarket.
- The stock rose after the company posted a rise in second-quarter profit, helped by higher upstream production.
Second-quarter profit and production details
Net income rose to C$2.87 billion ($2.04 billion), or C$1.53 per share, in the three months ended June 30, from C$851 million ($603.67 million), or 45 Canadian cents per share, a year earlier.
Total upstream production was 970,400 barrels of oil equivalent per day (boepd) in the second quarter, up from 765,900 boepd a year earlier.
The company increased its full-year upstream production forecast by 25,000 boepd to between 970,000 and 1.01 million boepd.
As of the last close, the stock was up 63.4% year to date.
($1 = 1.4102 Canadian dollars)
