Cenovus Energy Reports Profit For Q1- Quick Facts

(RTTNews) - Cenovus Energy Inc.(CVE) reported net earnings of C$220 million or C$0.10 per basic share compared with net loss of C$1.797 billion or C$1.46 per basic share in the comparable quarter last year.

Net earnings in the quarter were positively impacted by higher operating margin, unrealized foreign exchange gains and risk management gains.

The company had cash from operating activities of C$228 million in the quarter compared with C$125 million last year.

For the second quarter, the Board declared a dividend of C$0.0175 per share, payable on June 30, to common shareholders of record as of June 15, 2021.

"With the extensive due diligence we undertook prior to the acquisition of Husky, and our experience since the close of the acquisition, we're highly confident we'll deliver at least $1 billion in synergies this year and reach our planned $1.2 billion in annual run-rate synergies by the end of 2021," said Alex Pourbaix, Cenovus President & Chief Executive Officer. "If the current commodity price environment is sustained, we expect to approach our $10 billion net debt target this year, prior to the benefit of any asset sales."