Cenovus reports Q1 profit down, lowers production guidance and raises dividend
By The Canadian Press on April 26, 2023.
CALGARY – Cenovus Energy Inc. lowered its production guidance for the year and raised its dividend as it reported a first-quarter profit of $636 million, down from $1.6 billion in the same quarter last year. The company says it will now pay a base quarterly dividend of 14 cents per share, up from 10.5 cents. The increased payment to shareholders came as Cenovus reported a profit of 32 cents per diluted share, down from 79 cents per diluted share a year earlier. Revenue for the quarter totalled $12.3 billion, down from $16.2 billion in the first three months of 2022. Cenovus says upstream production in the first quarter was 779,000 barrels of oil equivalent per day, compared with 798,600 a year earlier, while downstream throughput was 457,900 barrels per day compared with 501,800 in the same quarter last year. In its guidance for the year, the company says it now expects upstream production for 2023 to be between 790,000 and 810,000 barrels of oil equivalent per day, down from its December prediction for between 800,000 and 840,000. The company also lowered its guidance for downstream throughput to between 580,000 and 610,000 barrels per day compared with earlier expectations for between 610,000 and 660,000, due to a reduction at its U.S. operations. This report by The Canadian Press was first published April 26, 2023. Companies in this story: (TSX:CVE) 9-8
