Cenovus reports Q1 profit up from year ago, raises quarterly base dividend

CALGARY — Cenovus Energy Inc. raised its dividend as it reported a first-quarter profit of $1.18 billion, up from $636 million a year ago.

The company says it will now pay a quarterly base dividend of 18 cents per share, up from 14 cents per share. Cenovus also declared a variable dividend payment of 13.5 cents per share to shareholders of record on May 17 that will be payable on May 31. The company says its first-quarter profit amounted to 62 cents per diluted share for the quarter ended March 31, up from 32 cents per diluted share a year earlier.Upstream production in the quarter averaged 800,900 barrels of oil equivalent per day, up from 779,000 a year earlier, while downstream throughput averaged 655,200 barrels per day, up from 457,900 in the same quarter last year.

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