Cenovus reports sizeable profits after ConocoPhillips asset acquisition

By Mohammed Mestar

Cenovus has reported strong second quarter figures, recording a net profit of $2.64bn in the three months leading up to June.

The oil company, with its main area of the focus in the Albertan oil sands, enjoyed a positive quarter compared to the same period last year, when it posted losses of $267mn. 

Its turnaround is down to the acquisition of the oil sands assets of ConocoPhillips, a transaction that completed in May for a total figure in the region $17.7bn.

See also:

“These results demonstrate that we’re solidly on track with our updated strategy to focus on increasing funds flows through disciplined capital allocation to our two production platforms,” said Brian Ferguson, Cenovus President & Chief Executive Officer. 

“With our increased size and scale and continued commitment to deleverage our balance sheet, I believe the new Cenovus is well positioned to deliver significant value to shareholders in the years ahead.”

Cenovus was formed in 2009 from Encana Corp, employs 3,500 workers and has its headquarters in Calgary. 

The company is currently recruiting for a new CEO with Ferguson due to retire from the post in October, a move that was announced last month.


Featured Articles

People over profit is steering business in a new direction

An unsettling few years has resulted in more and more companies hiring Chief People Officers to implement a culture that prioritises employee wellbeing

Databricks: The phenomenal rise of a data and AI heavyweight

Founded a decade ago, Databricks is on a mission to help data teams solve the world’s toughest problems using tools including its Lakehouse Platform

Business Chief expands portfolio with new look and coverage

Business Chief US & Canada launches with fresh new look and extended coverage of the region, with exclusive executive interviews, opinions and insights

Google at 25: The remarkable rise of a technology colossus

Technology & AI

Mind the Gap – fashion retailer Uniqlo targets US market

Corporate Finance

Meet Manish Sharma, the new CEO of Accenture North America

Leadership & Strategy