Alberta-based Cenovus Energy’s second quarter profits tripled compared to 2013.
Cenovus had a second quarter profit of US$566 million (C$615 million) compared to a US$164 million (C$179 million) for the same period last year, Reuters said Wednesday.
Cenovus is Canada’s second largest oil and gas producer.
Production at both Cenovus’ oil sands projects, Christina Lake and Foster Creek, were up, the company said.
Production at Christina Lake jumped 77 percent over last year to an average of nearly 68,000 bbls/d net in the second quarter.
Foster Creek production averaged almost 57,000 bbls/d net in the quarter, an increase of 3 percent from the second quarter of 2013.
Combined oil sands production at Foster Creek and Christina Lake averaged almost 125,000 barrels per day net in the second quarter, up 33 percent from 2013.
Cenovus generated nearly $1.2 billion in cash flow, a 37 percent increase compared to the second quarter of 2013.
Increased production and higher commodity prices drove Cenevus’ profits up, the company said.
Cenovus’s strong oil sands, conventional oil and natural gas production helped offset a decline in refining operating cash flow due to lower market crack spreads and higher crude oil feedstock costs.
“We’re pleased with the solid growth in our oil sands production, supported by strong cash flow from both our conventional and refining assets,” said Executive Vice-President & Chief Operating Officer John Brannan.