May 1

Cenovus Tops Earnings Forecast as Refining Jumps to Record

0  comments

[[{“value”:”

One of Canada’s biggest oil and gas companies, Cenovus Energy (NYSE: CVE), booked higher-than-expected earnings for the first quarter of 2024 amid strong oil and gas production and record throughput volumes at its refineries.

Cenovus reported on Wednesday nearly doubled earnings per share of $0.45 (C$0.62) for Q1 2024 compared to the same period of 2023. The earnings were higher than the average analyst estimate of $0.39 (C$0.54), according to LSEG data cited by Reuters.

For the first quarter of 2024, refining throughput for Cenovus stood at 655,200 barrels per day (bpd)—a record volume – as Cenovus continues to improve its downstream reliability, the company said.

Crude throughput in the Canadian refining segment was 104,100 bpd in the first quarter, compared with 100,300 bpd in the fourth quarter of 2023.

In U.S. refining, crude throughput was 551,100 bpd in the first quarter, compared with 478,800 bpd in the fourth quarter.

“Throughput in the quarter increased primarily due to improved operating performance and availability across the company’s operated and non-operated refining assets, in addition to lower levels of planned maintenance when compared with the prior quarter,” Cenovus said.

The company also boosted first-quarter earnings thanks to a higher operating margin and a gain on asset divestitures in the first quarter of 2024.

At the end of last year, Cenovus said it expects to spend more capital in 2024 compared to 2023 to boost upstream production and capture better margins in the downstream segment.

“We will continue to progress strategic initiatives in our base business in 2024 that will enhance our integrated operations and further drive our ability to grow total shareholder returns, even in periods of price volatility,” Cenovus president and CEO Jon McKenzie said at the time.

Earlier this year, Cenovus chief commercial officer Drew Zieglgansberger said at the annual investor day that the company would boost its energy production by 19% over the next five years, to 950,000 boepd by 2028, in line with pipeline capacity growth.

Source: Oilprice.com

Take the Survey at https://survey.energynewsbeat.com/

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

The post Cenovus Tops Earnings Forecast as Refining Jumps to Record appeared first on Energy News Beat.

“}]]  


Tags


You may also like

RRC Challenging New EPA Rule

RRC Challenging New EPA Rule