Cenovus Posts Net Earnings Of $224M Over Last Three Months

The last three months were quite successful for Cenovus Energy.

The oil company released their second quarter update on Thursday which highlighted net earnings $224 million.

This comes after bringing in $220 million in the first three months of the year and a loss of $235 million from the same time period of last year.

“Our results underscore the earnings power of the combined company as we further integrate and deliver on our expanded asset base,” said Alex Pourbaix, Cenovus President and CEO.

“We posted a strong second quarter and expect to accelerate deleveraging in the second half of this year.”

The company also had integration expenditures of around $46 million with part of it due to continued reductions in their workforce.

Meanwhile, Cenovus was able to average around 765,000 barrels per day.

This is more than a 50 per cent jump from what they produced in April to June of 2020.

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