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The oilpatch rebound is here: Suncor, Cenovus swing to profit amid higher oil prices, reopening economies

The oilpatch rebound is here: Suncor, Cenovus swing to profit amid higher oil prices, reopening economies
Business
CALGARY — Two of Canada’s largest oil producers are profitable again as the North American crude oil benchmark trades at its highest monthly price in seven years and major companies promise to spend their excess cash on dividends and debt rather than drilling.

Suncor Energy Inc. and Cenovus Energy Inc., two of Canada’s three largest oil companies, reported better-than-expected quarterly profits Thursday and announced they cumulatively spent close to $2 billion on a combination of share buybacks, dividends and debt repayment in the second quarter.
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