Cenovus reports Q1 profit up from year ago, raises quarterly base dividend

Cenovus reports Q1 profit up from year ago, raises quarterly base dividend

CALGARY — Cenovus Energy Inc. raised its dividend as it reported a first-quarter profit of $1.18 billion, up from $636 million a year ago.

The company says it will now pay a quarterly base dividend of 18 cents per share, up from 14 cents per share.

Cenovus also declared a variable dividend payment of 13.5 cents per share to shareholders of record on May 17 that will be payable on May 31.

The company says its first-quarter profit amounted to 62 cents per diluted share for the quarter ended March 31, up from 32 cents per diluted share a year earlier.

Revenue totalled $13.40 billion in the quarter, up from $12.26 billion in the first quarter of 2023.

Upstream production in the quarter averaged 800,900 barrels of oil equivalent per day, up from 779,000 a year earlier, while downstream throughput averaged 655,200 barrels per day, up from 457,900 in the same quarter last year.

This report by The Canadian Press was first published May 1, 2024.

Companies in this story: (TSX:CVE)

The Canadian Press