Cenovus Energy Inc. recorded a massive upswing in profit in its latest quarter amid increased commodity prices and higher margins.

The Calgary-based oil producer had net earnings of $2.4 billion in the second quarter, or $1.23 per basic share, compared with $224 million or 11 cents per share a year earlier.

Revenue for the three months ended June 30 was $19.2 billion, up from $10.58 billion in the second quarter of 2021.

Total production reached 761,500 barrels of oil equivalent per day, down from 765,900 in the prior year period.

They own the West White Rose extension of Newfoundland which had been mothballed but is not back in the mix. It’s expected to resume later this year.