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Cenovus and Encana both post Q1 profits

Cenovus Energy is reporting a first-quarter profit of $426 million, thanks to increasing production volumes. The earnings are roughly nine times higher than their earnings for the same time last year.

The increase in profit works out to about 56 cents per share. Analysts polled by Thomson Reuters were expecting earnings to come in around 54 cents per share. Cenovus is still relatively new to the oilpatch, having split off from natural gas producer Encana in 2009.

Meanwhile, Encana Corporation is posting a Q1 profit of $12 million, despite falling natural gas prices. It’s a dramatic increase in earnings from the first quarter of 2011, where the company had a net loss of $361 million.