Cenovus Posts Net Earnings of $187M in Third Quarter of 2019

Cenovus Energy is seeing a minor profit in the third-quarter compared to their previous three months.

The oil company released their quarterly report last week highlighting net earnings of $187 million from July to September.

This is down from the $1.7 billion they generated in the second-quarter, however, it is up from the $242 million they loss during the same period of 2018.

“We’re continuing to do everything we said we would do,” said Alex Pourbaix, Cenovus President & CEO.

“Through our focus on safe and reliable operations, cost leadership and capital discipline, we are generating strong results that support further debt reduction and increased shareholder value.”

Cenovus was able to average over 354,000 barrels of oil per day, down sightly from last year.

Production at their Christina Lake site, south of Fort McMurray, was around 1989,000 bbls/d, a seven per cent drop from production in 2018.

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