Cenovus Energy reports 2nd quarter earnings of $1B, debt target hit

Cenovus Energy Inc. says it will beryllium returning “substantially” much money to shareholders successful upcoming quarters aft achieving its indebtedness simplification target.

The Calgary-based lipid and state institution says successful second-quarter results that it deed its nett indebtedness target of $4 cardinal successful July and truthful will beryllium returning 100% of excess free rate travel to shareholders starting successful nan 3rd quarter.

The institution says its 2nd 4th net roseate to $1 billion, up from $866 cardinal successful nan aforesaid 4th past year.

Earnings worked retired to 53 cents per diluted share, up from 44 cents from past year.

Cenovus says excess free costs travel successful nan 4th ending June 30 was $735 million, up from $505 cardinal successful nan aforesaid 4th a twelvemonth earlier.

The institution reported revenues of $14.9 cardinal for nan 2nd quarter, up from $12.2 cardinal for nan aforesaid 4th past year.

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