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By Reuters
Cenovus Energy surpassed market estimates for fourth-quarter adjusted profit on Thursday, helped by higher upstream production.
Canadian oil sands producers, including Cenovus, have remained resilient amid a global oil industry downturn, supported by years of investment that have made them among North America’s lowest-cost producers.
The country’s oil producers are also gaining from the expanded Trans Mountain pipeline, which opens access to global markets and lessens their dependence on the U.S. pipeline system.
Peer Suncor Energy earlier this month beat fourth-quarter earnings estimates on higher production, while Imperial Oil, majority owned by Exxon Mobil , in January posted lower quarterly profit due to a drop in crude prices.
Canada is the world’s fourth-largest oil producer. It is the top global producer of heavy crude oil, similar in quality to Venezuelan oil, which it pumps from its oil sands.
Earlier this month, Prime Minister Mark Carney said that Canadian crude oil is low risk and will stay competitive even if output in Venezuela rises after the U.S. capture of President Nicolas Maduro.
The company said its total upstream production was 917,900 barrels of oil equivalent per day in the quarter, up from 816,000 boepd a year earlier.
In early December, the company set its 2026 capital budget at up to C$5.3 billion ($3.87 billion) and forecast higher 2026 production.
Total downstream throughput for the quarter was 465,500 barrels per day, compared with 666,700 bbl per day a year ago.
The Calgary, Alberta-based company posted an adjusted profit of 50 Canadian cents per share for the three months ended December 31, compared with analysts’ average estimate of 39 Canadian cents per share, according to data compiled by LSEG.
See the Cenovus Press Releasae Here
($1 = 1.3684 Canadian dollars)
Reporting by Katha Kalia in Bengaluru; Editing by Leroy Leo
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