Cenovus Energy Turns To Profit In Q3

(RTTNews) - Cenovus Energy Inc. (CVE, CVE.TO) reported that its third-quarter net earnings from continuing operations were C$187 million compared with a net loss from continuing operations of C$242 million a year earlier. The swing from a net loss to net earnings was largely driven by higher operating earnings in the third quarter of 2019 and a before-tax loss of C$795 million recorded in the third quarter of 2018 on the divestiture of the Cenovus Pipestone Partnership.

Adjusted funds flow declined to C$916 million from C$977 million last year.

Total revenue in the quarter was C$4.7 billion, compared with C$5.9 billion in the same period in 2018.

The company declared a dividend of $0.0625 per share for the fourth quarter, payable on December 31, 2019 to common shareholders of record as of December 13, 2019.