Cenovus reports $551M Q3 profit, doubles dividend and plans share buyback

CALGARY — Cenovus Energy Inc. doubled its dividend and announced a share buyback plan for up to 10 per cent of its shares as it reported a third-quarter profit of $551 million.

The company says it will now pay a quarterly dividend of 3.5 cents per share, up from 1.75 cents per share.

The increased payment to shareholders came as Cenovus reported its third-quarter profit amounted to 27 cents per share, compared with a loss of $194 million or 16 cents per share a year ago.

Revenue totalled $12.7 billion, up from nearly $3.7 in the same quarter last year.

The increase came as total upstream production rose to 804,800 barrels of oil equivalent per day compared with 471,799 a year ago.

Downstream throughput was 554,100 barrels per day, up from 191,100 in the same quarter last year.

This report by The Canadian Press was first published Nov. 3, 2021.

Companies in this story: (TSX:CVE)

See the Press Release Here

The Canadian Press

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