Cenovus Energy posts 56% fall in quarterly profit on lower production
Adds details on maintenance activities, lower commodity prices, peer comparison in paragraphs 2 to 7
Oct 31 (Reuters) -Canadian oil and gas producer Cenovus Energy CVE.TO posted a 56% slump in third-quarter profit on Thursday, due to a decline in production and throughput volumes as well as lower commodity prices.
Global Brent crude LCOc1 averaged $78.3 a barrel in the reported quarter, nearly 9% lower than a year earlier, while Canadian natural gas prices slumped to their lowest level in more than two years.
Cenovus said its total upstream production was 771,300 barrels of oil equivalent per day (boepd) in the quarter, down from 797,000 boepd a year earlier.
Canada's oil sands projects and refineries undergo essential maintenance or turnarounds, which often involve temporarily shutting down production.
Total downstream throughput for the quarter ended Sept. 30 fell 3% from a year earlier to 642,900 barrels of crude oil per day (bpd), due to a major turnaround at its Lima refinery. The refinery has a refining capacity of 183,000 bpd, per the U.S. Energy Information Administration.
Cenovus shuttered an estimated 42,000-47,000 bpd of upstream production in the third quarter, compared to 11,000-14,000 bpd in the previous three months.
"With planned upstream and downstream maintenance activities behind us, we are well positioned to deliver strong operations for the balance of the year and into 2025," said CEO Jon McKenzie.
Separately, peer Canadian Natural Resources CNQ.TO also posted a drop in third-quarter profit on Thursday, due to a decline in production and lower crude prices.
The Calgary, Alberta-based company's net income fell to C$820 million ($589.17 million), or 42 Canadian cents per share, in the three months ended Sept. 30, from C$1.86 billion, or 97 Canadian cents per share, a year earlier.
($1 = 1.3918 Canadian dollars)
Reporting by Vallari Srivastava in Bengaluru; Editing by Krishna Chandra Eluri
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