Cenovus Q1 Profit Falls, Revenue Rises

Cenovus Energy reported first-quarter net income of C$859 million, or 47 Canadian cents per share, down from C$1.18 billion, or 62 cents per share, a year earlier, citing ongoing market volatility. Despite this profit decline, the company beat analyst expectations for earnings per share. Quarterly revenue increased 3.9% year-over-year to C$13.3 billion, up from C$12.8 billion. Cenovus shares have recently declined 3.07% and are trading 44.1% below their 52-week high. Shares of other major Canadian energy companies, including Suncor Energy and Canadian Natural Resources, have also underperformed and remain well below their 52-week highs. Cenovus continues to focus on shareholder returns and advancing key projects.