Cenovus Energy posts fourth-quarter profit, names Jon McKenzie as new CEO

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Cenovus Energy posts fourth-quarter profit, names Jon McKenzie as new CEO
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Cenovus’s total revenue rose nearly 3% to $14.1-billion in the fourth quarter, helped by an increase in downstream operating margins

posted a net profit for the fourth quarter on Thursday, compared with a loss last year, and said Chief Operating Officer Jon McKenzie would become its president and chief executive officer.

Outgoing CEO Alex Pourbaix will shift to the role of executive chair after the company’s annual general meeting on April 26, where he will be nominated for election to the board. U.S. oil prices pulled back from a multiyear high in the quarter, but were trading 9 per cent higher than the year-ago level as Western sanctions against major energy producer Russia and a decision by OPEC+ to cut output tightened global supply.

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