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Oilsands major Cenovus Energy Inc. reported sharply higher first-quarter profits of $1.6 billion Wednesday, up 83 per cent from a year earlier, as the company recorded its first full quarter of operations since it acquired rival producer MEG Energy Corp.
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The Calgary-based producer posted record upstream production of 972,100 barrels of oil equivalent per day in the first three months of the year, driven largely by the integration of MEG’s oilsands assets at the newly named Christina Lake North project.
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Canadian oil producers are benefiting from stronger oil prices triggered by war in the Middle East that has disrupted shipping and crude flows in the Persian Gulf.
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Cenovus also reported a six per cent increase in offshore production. The company said drilling is underway at its new West White Rose offshore project in Newfoundland and Labrador and reaffirmed that first oil is still expected in the third quarter of 2026.
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The company beat analyst expectations for cash flow, reporting adjusted funds flow of $3.38 billion in the quarter, up more than 50 per cent from $2.21 billion in the same period last year.
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