Cenovus Energy on Wednesday reported its first-quarter profit fell by more than half from a year earlier, reflecting weaker crude prices and lower volumes in its U.S. refineries.
Cenovus, Canada's third-largest oil and gas producer, lowered its full-year production forecast and U.S. downstream throughput, but said refinery performance should improve in the second half of the year.
"This was a challenging quarter and, to be blunt, not up to the standard we set for ourselves," Cenovus' outgoing CEO, Alex Pourbaix, said on an earnings call.