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Cenovus Energy Q2 Profit Falls 40%

Canadian independent oil producer Cenovus Energy's (CVE.TO) second-quarter profit fell 40% on weaker prices for oil and natural gas. Net earnings fell to C$396 million, or 52 cents per share, from C$655 million, or 86 cents per share, Reuters reported.

It said Cenovus's cash flow, a key indicator of its ability to pay for new projects, fell about 2% to C$925 million, or C$1.22 per share, from C$939 million, or C$1.24 per share, a year earlier.

Total oil production rose 28% to 155,566 barrels per day, whereas natural gas production fell 9% to 596 million cubic feet per day.

Production from the company's Christina Lake and Foster Creek oil sands projects rose 38% to 80,317 barrels per day.

Weaker prices for both oil and natural gas were somewhat offset by the increase in oil production, the company said in a statement.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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