Cenovus Q2 profit boosted by ConocoPhillips deal, revenue up from year ago

CALGARY – Cenovus Energy Inc. (TSX:CVE) reported a profit in its second quarter, boosted by its purchase of most of the Canadian assets of ConocoPhillips.

The company reported a quarterly profit of $2.64 billion or $2.37 per share, including a $1.8-billion non-cash revaluation gain on its interest in an oilsands joint venture with ConocoPhillips that it acquired full ownership in.

The profit compared with a loss of $267 million or 32 cents per share in the same quarter last year.

On an operating basis, Cenovus reported a profit of $398 million or 36 cents per share in its latest quarter compared with a loss of $39 million or five cents per share a year ago.

Gross sales totalled $4.08 billion, up from nearly $2.75 billion.

In May, Cenovus closed the acquisition of most of ConocoPhillips’s Canadian assets including the oilsands joint venture and most of its Deep Basin conventional assets in Alberta and British Columbia.