(Calgary) Cenovus Energy revised its upstream production forecast downward as it posted second-quarter profit of $866 million on Thursday, down from $2.4 billion in the same period. last year.
Earnings per share were 44 cents, down from $1.19 a year ago, while revenue was $12.2 billion, down from $19.2 billion in the prior second quarter .
Upstream production in the most recent quarter hit the equivalent of 729,900 barrels of oil per day, up from 761,500 barrels of oil a year earlier, as company production was hit by the Alberta wildfires and planned maintenance operations.
Downstream production was 537,800 barrels per day, compared to 457,300 barrels per day in the second quarter of last year.
In its full-year guidance, Cenovus said it now expects upstream production of between 775,000 and 795,000 barrels of oil per day equivalent in 2023. the equivalent of between 790,000 and 810,000 barrels of oil per day for the fiscal year.
The company maintained its forecast for downstream production, which is expected to be between 580,000 and 610,000 barrels per day.
Company in this story: (TSX: CVE)
