Calgary-based Cenovus reports second quarter earnings of $1 billion, debt target hit
Cenovus Energy Inc. says it will be returning “substantially” more money to shareholders in upcoming quarters after achieving its debt reduction target.
The Calgary-based oil and gas company says in second-quarter results that it hit its net debt target of $4 billion in July and so will be returning 100% of excess free cash flow to shareholders starting in the third quarter.
The company says its second quarter earnings rose to $1 billion, up from $866 million in the same quarter last year.
Earnings worked out to 53 cents per diluted share, up from 44 cents from last year.
Cenovus says excess free funds flow in the quarter ending June 30 was $735 million, up from $505 million in the same quarter a year earlier.
The company reported revenues of $14.9 billion for the second quarter, up from $12.2 billion for the same quarter last year.
This report by The Canadian Press was first published August 1, 2024.
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