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Cenovus Energy reports profits in the first quarter

Cenovus Energy Inc. . THE CANADIAN PRESS/Jeff McIntosh

CALGARY (660 NEWS) – There is some good news when it comes to the Alberta oil and gas industry.

In the first quarter of the year, the newly combined Cenovus Energy Inc and Husky Energy Inc announced they made $1.9 billion dollars.

That is a big change from last year’s first quarter when there was a loss of more than $500 million.

Reuters is reporting that part of the upswing can be the result of COVID-19 vaccine rollouts as well as some areas lifting health restrictions.

Overall, the oil and gas industry is seeing a steady recovery, with the price for a barrel of oil hovering around $65.00. USD.

Cenovus, which acquired Husky Energy earlier this year for about U.S $5 billion, also says it has completed two-thirds of it’s workforce reduction.

The company says its total production rose 64.7 per cent to $769,254 barrels of oil equivalent per day (BOEPD) in the first quarter.