By Adriano Marchese


Cenovus Energy Inc. on Wednesday reported a rise in third-quarter profit and higher cash generation despite more volatile oil prices in the period.

The Calgary, Alberta-based integrated oil and natural gas company reported net earnings of 1.61 billion Canadian dollars ($1.18 billion), or C$0.81 a share, compared with C$551 million, or C$0.27 a share, a year earlier.

Adjusted funds flow per share also rose to C$1.49 from C$1.15, while generating cash from operating activities of C$4.09 billion, nearly doubled the C$2.14 billion a year earlier.

During the quarter, the company reduced its long-term debt to C$8.8 billion as of the end of September, from C$11.2 billion at the end of the previous quarter, using its higher free funds flow.

Total upstream production fell slightly to an average of 777,900 barrels of oil equivalent a day from 804,800.

"Solid operating performance at our upstream assets drove another strong quarter for Cenovus, even with increased commodity price volatility," President and Chief Executive Officer Alex Pourbaix said.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

11-02-22 0641ET