Cenovus Profit Jumps 83 Percent on Record Production
Cenovus Energy reported a first-quarter profit of 1.57 billion Canadian dollars and raised its dividend. Record output followed the MEG Energy acquisition.
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Cenovus Energy Inc reported an 83% jump in first-quarter profit to C$1.57 billion (US$1.16 billion) on Wednesday following its acquisition of MEG Energy. Net earnings rose from C$859 million a year earlier as upstream production reached a record 972,100 barrels per day. Investors receive a 10% dividend increase to 22 Canadian cents per share starting in the second quarter.
