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Cenovus Energy Inc. said its profits rose to $2.8 billion in the spring quarter — a more than three-fold increase — as the company churned out new production and war in Iran led to elevated oil prices.
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Calgary-based Cenovus is the first major producer to report its earnings for the second quarter, which coincided with an energy supply shock in the Middle East that pushed North American oil above US$100 a barrel.
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The company says it’s on track to produce the equivalent of a million barrels of oil per day in July, due in part to record production at its oilsands projects.
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Strong earnings and rising production at the energy giant are likely a sign of what’s to come from the oilpatch as key players open their books this week.
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Analysts expect that executives might also weigh in on a proposed West Coast pipeline and other major projects, with the federal and Alberta governments hoping they are laying the groundwork for new growth in the industry.
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Even without a new government-backed oil line to the British Columbia coast, several other projects largely proposed by industry could allow the oilpatch to export significantly more oil and gas in the coming years.
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The projects, including proposed improvements to the Trans Mountain pipeline, Enbridge Inc.’s Mainline upgrades and South Bow Corp.’s Prairie Connector line into the United States, could increase pipeline capacity by more than a million barrels per day, according to a recent report by Desjardins Capital Markets.
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More to come…
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