UPDATE: Cenovus Q4 Profit Jumps on Reserves Growth, Yet Shares Slip 7 cents
Cenovus Energy Inc (CVE.TO), Canada's No. 2 independent oil producer, was slightly lower in the morning, down 10 cents at $38.50, even after announcing that fourth quarter profit more than tripled, helped by substantial reserves and resources growth, Reuters reports.
Reuters said the company earned C$266 million, or 35 Canadian cents a share, up from C$78 million, or 10 Canadian cents a share, a year earlier. Cash flow, a glimpse into the company's ability to fund operations, rose about 32% to C$851 million, or C$1.12 a share, from C$645 million, or 85 Canadian cents a share.
More than 313,000 CVE shares have changed hands so far.
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