Oil producer Cenovus Energy Inc.’s said Feb. 15 its fourth-quarter profit soared, as production nearly doubled and the Canadian company reined in expenses.
The Calgary-based company has been cutting workforce and lowering operating expenses as new CEO, Alex Pourbaix, seeks to aggressively reduce costs and lower debt.
Cenovus said on Feb. 15 it reduced general and administrative costs by 44% per barrel of oil equivalent (boe) and oil-sands operating costs by 6% per barrel in 2017 from 2016.
The company’s net income jumped to CA$620 million (US$497 million), or 50 Canadian cents per share, in the quarter ended Dec. 31, from CA$91 million (US$72 million), or 11 Canadian cents per share, in the year-ago period.
Total production was 554,606 boe/d, up 96%, largely helped by production from its Christina Lake and Foster Creek oil sands operations in Alberta.