Cenovus Energy reported a rise in third-quarter profit on Wednesday, as the Canadian oil and gas producer got a boost from record upstream production and stronger refining margins.
Integrated oil producers benefited from higher oil prices during the quarter as geopolitical tensions supported commodity markets.
Supply constraints also widened refining margins by lifting diesel, gasoline and jet fuel prices relative to crude, boosting earnings from downstream operations.
Cenovus achieved its highest-ever quarterly upstream production of 1.024 million barrels of oil equivalent per day (boepd), crossing the 1-million-boepd threshold for the first time.
The company had reported total upstream production of 832,900 boepd a year earlier.
The Calgary, Alberta-based company’s net income rose to C$3.36 billion ($2.40 billion), or C$1.83 per share, in the three months ended September 30, from C$1.29 billion, or 72 Canadian cents per share, a year earlier.
(Reporting by Dharna Bafna and Tyakshi Singh; Editing by Shilpi Majumdar)