Cenovus Energy reports $220M first-quarter profit compared with loss a year ago

$220M profit at Cenovus

Cenovus Energy Inc. reported a profit of $220 million in its latest quarter compared with a loss of $1.8 billion a year ago.

The energy company says the profit amounted to 10 cents per share for the quarter ended March 31 compared with a loss of $1.46 per share in the first three months of 2020.

Revenue totalled $9.15 billion, up from $3.96 billion in the same quarter last year before the company acquired Husky Energy Inc.

Upstream production was 769,254 barrels of oil equivalent per day, up from 482,594 boepd a year ago, while downstream throughput was 469,100 barrels per day, up from 221,100 bpd in the same quarter last year.

Cenovus says it had $245 million in one-time integration costs in the quarter related to its acquisition of Husky and that total integration costs for the year are expected to be within the anticipated $500 million to $550 million range.

It says it completed two-thirds of its planned workforce reductions in the first quarter, with the rest expected later in the year and into 2022 as integration projects wrap up.

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