CALGARY - The Alberta government’s oil production curtailment program will deliver billions of dollars in benefits to taxpayers this year thanks to stronger crude prices, the chief executive of Cenovus Energy Inc. said Wednesday. Cenovus Energy Inc. reported a profit of $110 million in its first quarter compared with a loss a year ago as it benefited by improved prices for western Canadian oil. The plan has been opposed by producers with Canadian refining operations such as Suncor Energy Inc. and Imperial Oil Ltd. because lower local oil prices resulted in higher refinery profits. The beat was driven by higher oilsands prices and better profits due to lower oil feedstock prices at the two U.S. refineries Cenovus co-owns with operator Phillips 66, analysts said. It posted a net profit of $110 million, compared with a loss of $654 million a year earlier.

Source: thestar April 24, 2019 11:01 UTC