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Cenovus Q2 profit boosted by ConocoPhillips deal, revenue up from year ago

CALGARY — Cenovus Energy Inc. (TSX:CVE) reported a profit in its second quarter, boosted by its purchase of most of the Canadian assets of ConocoPhillips.

The company reported a quarterly profit of $2.64 billion or $2.37 per share, including a $1.8-billion non-cash revaluation gain on its interest in an oilsands joint venture with ConocoPhillips that it acquired full ownership in.

The profit compared with a loss of $267 million or 32 cents per share in the same quarter last year.

On an operating basis, Cenovus reported a profit of $398 million or 36 cents per share in its latest quarter compared with a loss of $39 million or five cents per share a year ago.

Gross sales totalled $4.08 billion, up from nearly $2.75 billion.

In May, Cenovus closed the acquisition of most of ConocoPhillips's Canadian assets including the oilsands joint venture and most of its Deep Basin conventional assets in Alberta and British Columbia.

The Canadian Press

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