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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added 29 cents to $49.04 on the New York Merc, while Brent for September added 52 cents to $51.49 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.85 to WTI ($39.19), unchanged. Natural gas for August added five cents to $2.97. The TSX energy index added 3.54 points to close at 180.05.

Cenovus Energy Inc. (CVE) added 94 cents to $10.89 on 13.1 million shares. This morning, it put out some impressively large numbers in its second quarter financials and new full-year guidance. The numbers admittedly lost some of their splendour once investors peered beneath the headlines. Earnings, for example, rocketed to $2.64-billion from a loss of $264-million a year earlier, but a good chunk of those earnings came from a $2.5-billion non-cash revaluation gain related to Cenovus's $17.7-billion asset acquisition from ConocoPhillips in May. Meanwhile, Cenovus's second quarter cash flow of 71 cents a share sharply exceeded analysts' predictions of 55 cents a share, but was more in line with the predictions after accounting for cash tax recoveries. Production was also in line with predictions at around 437,000 barrels of oil equivalent a day.

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