Production’s up but profit’s down for Cenovus’ first quarter.
The fourth- largest Canadian oil producer says its net earnings fell to $171-million.
That’s a 60% dip from last year’s first quarter, when the company raked in $426-million.
But its cash flow from refining went up 97%.
So far this year it has produced more than 180,000 barrels of oil a day.
That’s up 15% from last year’s almost 157,000.
That’s mostly because of growth at its Christina Lake oil sands project.
It also says it still on track to continue expanding its sites adding, 85,000 b-p-d by the end of 2014.
The company also says it will consider buying space on any of the proposed major pipelines if they get built.
April 24th, 2013
