Canada’s Cenovus Energy swings to quarterly profit on higher demand

News wire — Cenovus Energy Inc on Friday swung to a first-quarter profit from the previous three-month period, as global crude recovered on the back of easing COVID-19 restrictions and vaccine rollouts.

The oil and gas industry saw a steady recovery, driven by an uptick in travel demand in the quarter. Crude prices witnessed a rebound in the last few months of 2020 as vaccine hopes boosted economic recovery.

Cenovus, which acquired Husky Energy earlier this year for about $5 billion, said its total production rose 64.7% to 769,254 barrels of oil equivalent per day (boepd) in the quarter.

The company reported total downstream throughput of 469,100 barrels per day (bbls/d), compared with crude runs of 372,000 bbls/d in the fourth quarter.

The Calgary, Alberta-based company posted net earnings of C$220 million ($180.56 million), or 10 Canadian cents per share, in the quarter ended March 31, from a net loss of C$153 million, or 12 Canadian cents per share, in the fourth quarter.

($1 = 1.2184 Canadian dollars)

(Reporting by Sahil Shaw in Bengaluru; Editing by Shailesh Kuber)

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