ALBERTA

Cenovus Energy beats Q3 estimates on several fronts including cash flow

10/23/2014 08:01 EDT | Updated 12/23/2014 05:59 EST
CALGARY - Cenovus Energy Inc. (TSX:CVE) beat analyst estimates on several key measures in the third quarter.

It had $354 million of net income and $372 million of operating earnings in the third quarter with $4.97 billion of revenue.

The Calgary-based oilsands producer and petroleum refiner says its operating earnings amounted to 49 cents per share, which was up from 41 cents a year earlier and seven cents ahead of analyst estimates.

Cash flow per share on a diluted basis was $1.30, up from $1.23 a year before and 15 cents ahead of analyst estimates.

Revenue was down from $5 billion in the third quarter of 2013 but ahead of estimates by about $300 million. Net income was 47 cents per share, down from 49 cents per share in the third quarter of 2013.

Analysts had estimated 41 cents per share of operating earnings, $1.15 per share of cash flow and $4.61 billion of revenue according to estimates compiled by Thomson Reuters.

The company said its cash flow improved due to increased production volumes from its oilsands operations, higher natural gas prices and lower finance costs — which offset weaker crude oil prices and lower output from all its refineries.

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