(Reuters) – Cenovus Energy (NYSE:) reported higher first-quarter profit on Wednesday as the Canadian oil and gas company benefited from increased production and throughput.
Refining volume for the quarter of 655,200 barrels per day (bpd) was a record volume for Cenovus. A year earlier, throughput capacity amounted to 457.9 thousand barrels per day.
Total production was 800,900 barrels of oil equivalent per day (boe/d), up from 779,000 boe/d in the year-ago period.
The Calgary, Alberta-based company’s net income rose to C$1.2 billion ($871.46 million), or 62 Canadian cents per share, in the first quarter from C$636 million, or 32 Canadian cents per share, a year earlier.
The company said higher operating margins and gains from asset sales also helped boost earnings.
($1 = 1.3770 Canadian dollars)