07:30 AM EDT, 05/01/2024 (MT Newswires) -- Cenovus Energy ( CVE ) reported higher first-quarter net earnings than the year-ago quarter as production increased.

First-quarter net earnings rose to $1.18 billion, or $0.62 per share, from $636 million, or $0.32 per share, in the year-ago quarter. The result beat the S&P Capital IQ consensus normalized EPS estimate of $0.48 for the quarter.

The company's total upstream production for the quarter amounted to 800,900 barrels of oil equivalent per day (boe/d), up from 779,000 boe/d. Total downstream throughput also increased to 655,200 barrels per day (b/d) from 457,900 b/d.

Beginning in the second quarter of 2024, the Board of Directors approved a 29% increase in the base dividend to $0.72 per share annually, and declared a variable dividend of $0.135 per share to fulfill the company's first quarter shareholder return allocation.