Cenovus Power Inc. doubled its dividend and introduced a share buyback plan for as much as 10 per cent of its shares because it reported a third-quarter revenue of $551 million.
The corporate says it should now pay a quarterly dividend of three.5 cents per share, up from 1.75 cents per share.
The elevated cost to shareholders got here as Cenovus reported its third-quarter revenue amounted to 27 cents per share, in contrast with a lack of $194 million or 16 cents per share a yr in the past.
Income totalled $12.7 billion, up from almost $3.7 in the identical quarter final yr.
The rise got here as complete upstream manufacturing rose to 804,800 barrels of oil equal per day in contrast with 471,799 a yr in the past.
Downstream throughput was 554,100 barrels per day, up from 191,100 in the identical quarter final yr.
© 2021 The Canadian Press
