Alberta-based Cenovus Energy is out with its fourth-quarter results from 2023.

The company is reporting oil production was up with an output of 808,600 barrels of oil equivalent per day compared to 806,900 bpd in the previous Q4. This represents the second-highest production output in the company’s history.

Chief Executive Officer for Cenovus, Jon McKenzie, said investments in oilsands growth projects are paying off for the company. He also cautioned that scheduled project maintenance will slow production slightly this coming summer.

While production was up in Q4, it was counterbalanced by reduced commodity prices, resulting in the company’s fourth-quarter earnings declining from $784 million in 2022 to $743 million. The company announced a downstream flow rate of 579,100 barrels per day (bpd), marking an increase from 473,500 bpd recorded a year prior.

Profit narrowly missed analyst’s expectations, but the high production caused shares in Cenovus to surge by over 7 per cent in Thursday trading.