The oil company Cenovus increases its profits tenfold

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The oil company Cenovus multiplies its profits

Calgarian company Cenovus took advantage of high prices oil during the second quarter of 2022.

The financial results of the oil company Cenovus set the tone for what promises to be a very good second quarter for hydrocarbon companies. The Canadian company's profits reached more than $2.4 billion, 10 times more than the same period in 2021.

Between the end of March and the end of June, the price of a barrel of American oil fluctuated between US$100 and more than US$120 due, in particular, to the war in Ukraine and the economic sanctions against Russia.

According to the company release, Cenovus has repurchased enough shares to increase shareholder revenue by $1 billion in the second quarter of 2022.

Thanks to these growing profits, the oil company decided to increase its expenses, whereas the priority had until then been on shareholder dividends and debt repayment. The company plans to increase its investments by $400 million.

Cenovus announced in May the relaunch of the expansion project of the extraction platform West White Rose, Newfoundland. The following month, it acquired BP's 50% stake in the Sunrise oil sands site in exchange for its share in the Bay du Nord project.

We are well positioned for even better results in the second half of the year, said Cenovus President Alex Pourbaix.

Inflation should have relatively little effect on the company, which plans its activities several years in advance, he added.

Internationally, the Shell company, headquartered social is in London, reported profits of nearly US$11.5 billion on Thursday, up two billion from the previous quarter. The French company TotalEnergies has more than doubled its profits in one year to around 7.4 billion dollars (5.7 billion euros).

The results publication salvo of the second quarter continues Friday with Imperial. Suncor and Canadian Natural will release their financial results on August 4.

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