Cenovus Energy Inc. says it will be returning “substantially” more money to shareholders in upcoming quarters after achieving its debt reduction target.
The Calgary-based oil and gas company says in second-quarter results that it hit its net debt target of $4 billion in July and so will be returning 100% of excess free cash flow to shareholders starting in the third quarter.
The company says its second quarter earnings rose to $1 billion, up from $866 million in the same quarter last year.
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Earnings worked out to 53 cents per diluted share, up from 44 cents from last year.
Cenovus says excess free funds flow in the quarter ending June 30 was $735 million, up from $505 million in the same quarter a year earlier.
The company reported revenues of $14.9 billion for the second quarter, up from $12.2 billion for the same quarter last year.
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