Cenovus Energy ( NYSE: CVE ) +1.5% pre-market Wednesday after reporting a rise in Q3 profit and higher cash generation, despite increased oil price volatility in the period.
Cenovus' ( CVE ) Q3 net earnings tripled to C$1.61B (US$1.18B), or C$0.81/share, from C$551M, or C$0.27/share, in the year-earlier quarter.
Q3 adjusted funds flow rose to C$1.49/share from C$1.15/share, and generating cash from operating activities of C$4.09B nearly doubled from C$2.14B in the prior-year quarter.
The company lowered its long-term debt to C$8.8B during the quarter from C$11.2B at the end of Q2.
Cenovus ( CVE ) said Q3 total upstream production fell 3.3% to 777.9K boe/day from 804.8K boe/day a year earlier, largely due to planned maintenance and an unplanned power outage in August in its Foster Creek site.
Cenovus Energy's ( CVE ) NYSE tock price return shows a 62% YTD gain and a 67% increase during the past year .
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Cenovus Energy's Q3 profit triples, production ticks lower