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Canada's Cenovus Energy quarterly profit falls on weak oil prices

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Canadian oil and gas producer Cenovus Energy posted a fall in fourth-quarter profit on Thursday, as lower commodity prices and weak refining margins offset higher production.
Canada's Cenovus Energy reported a significant drop in its quarterly profit, with net earnings falling to $784 million, or 40 cents per share, for the first quarter ending March 31, down from $1.2 billion, or 62 cents per share, in the same period the previous year. This decline was primarily attributed to weaker oil prices, which negatively impacted the company's upstream production. Despite the profit drop, Cenovus managed to increase its total upstream production by 2.7% to 800,900 barrels of oil equivalent per day (boepd), with notable growth in oil sands production. However, this was offset by lower natural gas and conventional liquids production. The company also faced challenges from a $140 million wildfire-related outage at its Rainbow Lake facility, although it expects to recover most of these costs through insurance. Additionally, Cenovus reduced its debt by $1 billion during the quarter, bringing its net debt down to $5.1 billion.

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[ https://www.msn.com/en-ca/money/other/canada-s-cenovus-energy-quarterly-profit-falls-on-weak-oil-prices/ar-AA1zsujy ]