Oilsands giant Cenovus Energy Inc. reported a third-quarter profit $1.29 billion, up from $820 million a year ago, as it saw record production.

The increase in profits came despite lower reported revenue of $13.20 billion, compared with $13.82 billion in the same quarter last year.

Upstream production also increased in Q3 to 832,900 barrels per day, up from 642,900 a year earlier.

Profit per share of 72 cents was also up from 42 cents per share a year earlier.

The financial situation at Calgary-based Imperial Oil is more mixed.

While Imperial reported a jump in upstream production to an average of 462,000 barrels per day, the highest in over 30 years, the company’s Q3 income plunged to $539 million, compared to $1.237 billion in the same quarter of 2024.

The company’s increased pro

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