Cenovus Energy Inc. is slashing its capital spending plan, in a March 10, 2020 story. (Photo by THE CANADIAN PRESS)

Cenovus reports $784M Q4 profit, CEO Alex Pourbaix to become executive chair

Cenovus Energy Inc. says chief executive Alex Pourbaix will become executive chair later this year, while chief operating officer Jon McKenzie will become chief executive.

The company says the moves will take place after its annual meeting set for April 26.

The announcement of the change in the executive suites came as the company reported a fourth-quarter profit of $784 million or 39 cents per diluted share for the quarter ended Dec. 31 compared with a loss of $408 million or 21 cents per diluted share a year earlier.

Revenue in the quarter was $14.1 billion, up from $13.7 billion in the last three months of 2021.

Cenovus reported total upstream production amounted to 806,900 barrels of oil equivalent per day for its most recent quarter, down from 825,300 a year earlier.

Total downstream throughput was 473,500 barrels per day, up from 469,900 in the fourth quarter or 2021.