Cenovus Energy says profits tripled on higher prices, record oilsands production

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Or sign-in if you have an account.Cenovus says it’s on track to produce the equivalent of a million barrels of oil per day in July, due in part to record production at its oilsands projects. Photo by Brent Lewin/BloombergCenovus Energy Inc. said its profits rose to $2.8 billion in the spring quarter — a more than three-fold increase — as the company churned out new production and war in Iran led to elevated oil prices.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountCalgary-based Cenovus is the first major producer to report its earnings for the second quarter, which coincided with an energy supply shock in the Middle East that pushed North American oil above US$100 a barrel.The company says it’s on track to produce the equivalent of a million barrels of oil per day in July, due in part to record production at its oilsands projects.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. 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Please try againStrong earnings and rising production at the energy giant are likely a sign of what’s to come from the oilpatch as key players open their books this week.Analysts expect that executives might also weigh in on a proposed West Coast pipeline and other major projects, with the federal and Alberta governments hoping they are laying the groundwork for new growth in the industry.Even without a new government-backed oil line to the British Columbia coast, several other projects largely proposed by industry could allow the oilpatch to export significantly more oil and gas in the coming years.The projects, including proposed improvements to the Trans Mountain pipeline, Enbridge Inc.’s Mainline upgrades and South Bow Corp.’s Prairie Connector line into the United States, could increase pipeline capacity by more than a million barrels per day, according to a recent report by Desjardins Capital Markets.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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