Cenovus Posts Net Earnings of $113M in Fourth Quarter of 2019

Cenovus Energy was able to post a profit in the last three months of 2019.

The oil company released their fourth-quarter report on Wednesday highlighting net earnings of $113 million.

This is up from the $1.35 billion they lost in the same period of 2018 but down from the $187 million they collected in the third quarter of 2019.

Overall, Cenovus was able to generate over $2.1 billion in earnings last year.

As for production, they were able to produce around 374,000 barrels of oil per day at their Foster Creek oilsands and Christina Lake site which is located south of Fort McMurray.

This is slightly up from the nearly 355,000 they averaged from July to September.

Cenovus is planning on ramping up the Phase G expansion at Christina Lake over the next six to 12 months.

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