12:00 PM EDT, 10/31/2024 (MT Newswires) -- Cenovus Energy ( CVE ) on Thursday said its third-quarter profit dropped 56%, in part due to impacts of turnaround activity at its facilities.

The oil producer and refiner said it earned $820 million, or $0.42 per share, in the quarter, down from $1.86 billion, or $0.97, in the year-prior quarter. 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. 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 from 664,300.

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

Cenovus shares were last seen down $1.185 to $21.995 on the Toronto Stock Exchange.

Price: 22.00, Change: -1.19, Percent Change: -5.11