Cenovus posts profit compared to year-ago loss on higher Canadian crude prices

Oil and gas producer Cenovus Energy reported a quarterly profit on Thursday compared with a loss a year earlier, benefiting from a rise in Canadian crude prices due to a mandatory production cut by the Alberta government.

Net earnings from continuing operations was C$1.78 billion ($1.36 billion), or C$1.45 per share, in the second quarter ended June 30, compared with a loss of C$410 million, or 33 Canadian cents per share, a year earlier. [ ]

Total production fell to 443,318 barrels of oil equivalent per day from 518,530 boe/d in the quarter.

(Reporting by Taru Jain and Shradha Singh in Bengaluru; Editing by Arun Koyyur)