<p>Big 2011 profits for Cenovus</p>
<p>February 16, 2012 | PEU160212</p>
<p>Cenovus Energy, one of Canada’s largest in situ oil-sands producers, posted 241% higher fourth-quarter profits as a result of higher production and prices. The company, which was spun off from Encana in late 2009, made net profit of C$266 million ($266 million) in the fourth quarter of 2011, compared with $78 million the year before. Production climbed to 144,273 barrels a day (b/d) from 129,593 b/d in the same period in 2010. Net in situ oil-sands output rose by 23%, to 74,596 b/d, from 60,789 b/d in fourth-quarter.</p>
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