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.