(Reuters) – Cenovus Energy posted a rise in first-quarter profit on Wednesday, as the Canadian oil and gas company benefited from higher production and throughput volumes.
Refining throughput in the quarter of 655,200 barrels per day (bpd) was a record volume for Cenovus. Throughput volume was 457,900 bpd a year earlier.
Total upstream production was 800,900 barrels of oil equivalent per day (boepd), higher than 779,000 boepd in the year-ago period.
The Calgary, Alberta-based firm’s reported net income rose to C$1.2 billion ($871.46 million), or 62 Canadian cents per share, in the first quarter from C$636 million, or 32 Canadian cents per share, a year earlier.
The company said higher operating margin and a gain on asset sales also helped boost earnings.
($1 = 1.3770 Canadian dollars)
(Reporting by Kabir Dweit in Bengaluru; Editing by Sriraj Kalluvila)
Comments