Cenovus raises annual production outlook on strong oil sands performance
CVE•Quarterly production and profit rise
The company said its total upstream production was 970,400 barrels of oil equivalent per day (boepd) in the three months ended June 30, up from 765,900 boepd a year earlier, as oil sands volumes were boosted by the MEG Energy acquisition and growth projects at Christina Lake, Foster Creek and Sunrise.
The Calgary, Alberta-based company's net income rose to C$2.87 billion ($2.04 billion) or C$1.53 per share, in the second quarter, from C$851 million ($603.67 million), or 45 Canadian cents per share, a year earlier.
($1 = 1.4097 Canadian dollars)
Cenovus raises production outlook after strong quarter
July 29 (Reuters) - Cenovus Energy CVE.TO raised its 2026 production outlook on Wednesday, after reporting a rise in quarterly profit as higher oil prices and record oil sands output boosted earnings.
The Canadian oil producer increased its full-year upstream production forecast by 25,000 barrels of oil equivalent per day (boepd) to between 970,000 and 1.01 million boepd, citing stronger-than-expected performance across its oil sands assets and optimized turnaround activity.
Integrated oil companies such as Cenovus are gaining from a global fuel market disrupted by the Iran war, which has tightened supply, raised oil prices and boosted earnings from both production and refining.
