07:14 AM EDT, 10/31/2024 (MT Newswires) -- Cenovus Energy ( CVE ) on Thursday reported lower third-quarter net earnings, in part due to impacts of turnaround activity at its facilities.

Third-quarter net earnings fell to $820 million, or $0.42 per share, from $1.86 billion, or $0.97 per share. The result matched the S&P Capital IQ consensus normalized EPS estimate of $0.42 for the quarter.

Adjusted funds flow also decreased to $1.96 billion, or $1.05 per share, from $3.45 billion, or $1.81 per share. Revenues amounted to $16.56 billion, down from 17.31 billion.

Total upstream production came in at 771,300 barrels of oil equivalent per day (boe/d), down from 797,000 boe/d. Total downstream production also dropped to 642,900 barrels per day (b/d) from 664,300 b/d.

The company's board declared a quarterly base dividend of $0.180 per common share, payable on Dec. 31 to shareholders of record as of Dec. 13.

Cenovus' share price at last look gained 1.5% to US$16.92 in U.S. pre-market trading on Thursday.