producer were still up 192 per cent over the same period last year, buoyed by overall higher energy prices since Russia’s invasion of Ukraine.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
The company also declared a variable dividend payment of 11.4 cents per share in addition to its base dividend of 10.5 cents per share, payable on Dec. 2.Article content “Solid operating performance at our upstream assets drove another strong quarter for Cenovus, even with increased commodity price volatility,” Cenovus chief executive Alex Pourbaix said. “We are delivering on our shareholder returns framework, reducing our net debt and providing enhanced value through continued share buybacks and dividends, including declaring our first variable dividend.”
Total revenues were $17.5 billion, down from $19.2 billion in the previous quarter, mainly due to lower commodity prices and a widening price differential between Canadian heavy crude oil and the U.S. benchmark light sweet oil .
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