Oilsands producer Cenovus boosts net earnings by 44 per cent in first quarter

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CALGARY - Cenovus Energy (TSX:CVE) says oil sands production was up 20 per cent in its first quarter and net earnings jumped 44 per cent to $247 million.

That amounts to 33 cents per share, compared with $177 million, or 23 cents, in the same quarter in 2013.

The Calgary company reported slightly lower operating earnings of $378 million in the first quarter which excludes some items, down three per cent from $391 million in the same quarter last year. That amounts to 50 cents per share diluted compared with 52 cents year-over-year.

Combined oil sands production at Foster Creek and Christina Lake in northern Alberta averaged 120,444 barrels per day in the quarter, up from 100,347 barrels per day in the same quarter last year.

Total oil production was up nine per cent to 196,854 barrels per day year-over-year.

Cenovus says it generated nearly $1.2 billion in operating cash flow, a four per cent decrease year-over-year due to higher production and commodity prices that were offset by lower refining margins.

Organizations: Cenovus Energy, TSX

Geographic location: CALGARY, Foster Creek, Christina Lake Northern Alberta

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