Cenovus Energy (NYSE: CVE) reported Q3 EPS of $0.23, $0.25 better than the analyst estimate of ($0.02).

• Adjusted funds flow of $916 million; cash from operating activities of $834 million
• Oil sands operating costs of $6.90 per barrel (bbl), 21% lower than in the second quarter of 2019 and 24% lower than in the first quarter
• Net earnings from continuing operations of $187 million versus a net loss a year prior
• An 11% year-over-year increase in realized crude oil sales prices to an average of $55.13/bbl driven by higher U.S. sales and narrower differentials
• A further reduction in net debt to $6.8 billion with net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) decreasing to 1.9 times
• Crude-by-rail volumes of more than 80,000 barrels per day (bbls/d) in September

“We’re continuing to do everything we said we would do,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “Through our focus on safe and reliable operations, cost leadership and capital discipline, we are generating strong results that support further debt reduction and increased shareholder value. In addition, our market access strategy is steadily increasing our exposure to global oil pricing.”

For earnings history and earnings-related data on Cenovus Energy (CVE) click here.