Cenovus Energy Inc. (CVE-T) was lower after it reported third-quarter results that fell short of the Street’s expectations, despite seeing its profit almost tripled compared with a year ago, helped by higher commodity prices.
The company also declared a variable dividend payment of 11.4 cents per share in addition to its base dividend of 10.5 cents per share.
Cenovus says it earned $1.61-billion or 81 cents per diluted share for the quarter ended Sept. 30, up from $551 million or 27 cents per diluted share a year earlier.
The Street had expected earnings of 85 cents.
Revenue for the quarter was $17.47-billion, up from $12.70-billion in the same quarter last year.
Total upstream production was about 777,900 barrels of oil equivalent per day down from 804,800 boepd in the third quarter of 2021, while its downstream throughput averaged 533,500 barrels per day, down from 554,100 bpd a year earlier.
On an adjusted basis, the company says its funds flow amounted to $1.49 per diluted share for the quarter, up from $1.15 per diluted share in the third quarter of 2021.