Cenovus reports second quarter profits down, lowers upstream production guidance

Cenovus Energy Inc. lowered its upstream production guidance for the year as it reported a second-quarter profit of $866 million, down from $2.4 billion in the same quarter last year. The profit amounted to 44 cents per diluted share, down from $1.19 per diluted share a year earlier, while revenue for the quarter totalled $12.2 billion, down from $19.2 billion in the same three months of 2022. Cenovus says upstream production in the second quarter was 729,900 barrels of oil equivalent per day, d