Canada's Cenovus Energy profit rises on higher volumes, prices


Oct 23 (Reuters) - Canadian oil producer Cenovus Energy Inc reported a 28 percent rise in third-quarter profit,driven by higher oil prices and increased volumes.

The company said its net profit rose to C$370 million fromC$289 million a year earlier.

Operating profit, however, fell nearly 28 percent to C$313million, or 41 Canadian cents per share.

The decline in operating profit was partly due to a sharpdrop in market crack spreads, the price difference between crudeoil and the refined product.

Cenovus operates numerous oil sand, conventional oil andnatural gas projects in Canada, and holds a 50 percent stake intwo refineries in the United States.

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