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



Cenovus Energy Inc. has some good news to share with its investors. In the first quarter of this year, the company saw a significant increase in profit compared to the same period last year. Their profit surged to $1.18 billion, up from $636 million a year ago.


To celebrate this positive performance, Cenovus announced that it will be boosting its quarterly base dividend. Shareholders will now receive 18 cents per share, up from the previous 14 cents per share.


But that's not all. Cenovus isn't stopping there in showing appreciation to its shareholders. They've also declared a variable dividend payment of 13.5 cents per share. This payment is set for shareholders of record on May 17 and will be disbursed on May 31.


Breaking down the numbers, the company's first-quarter profit translates to 62 cents per diluted share, a significant jump from the 32 cents per diluted share recorded a year earlier. Additionally, revenue for the quarter amounted to $13.40 billion, up from $12.26 billion in the first quarter of 2023.


Cenovus has also been actively increasing its production. In the upstream sector, production averaged 800,900 barrels of oil equivalent per day in the quarter, compared to 779,000 barrels per day a year earlier. Meanwhile, downstream throughput saw a notable increase, averaging 655,200 barrels per day compared to 457,900 barrels per day in the same quarter last year.


Overall, it's been a strong start to the year for Cenovus Energy Inc., with both profit and production on the rise. This positive momentum bodes well for the company and its shareholders moving forward.


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