Canada's Cenovus Energy profit rises on higher volumes, prices

Thu Oct 24, 2013 6:36am EDT

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Oct 23 (Reuters) - Canadian oil producer Cenovus Energy Inc reported a 28 percent rise in third-quarter profit, driven by higher oil prices and increased volumes.

The company said its net profit rose to C$370 million from C$289 million a year earlier.

Operating profit, however, fell nearly 28 percent to C$313 million, or 41 Canadian cents per share.

The decline in operating profit was partly due to a sharp drop in market crack spreads, the price difference between crude oil and the refined product.

Cenovus operates numerous oil sand, conventional oil and natural gas projects in Canada, and holds a 50 percent stake in two refineries in the United States.

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