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Cenovus reported Thursday net earnings of $1.8 billion in the second quarter of this year, which is a dramatic reversal from the $410 million net loss it posted in the same period last year. Other oilsands companies reported similarly rebounding financial results Thursday.

Despite the improved financial results, hundreds of millions of dollars in income tax recovery from lower Alberta corporate tax rates and an uptick in oil prices Thursday shares in Cenovus, its competitors at Suncor Energy Inc. and Husky Energy Inc., all fell.

Cenovus shares fell close to 2 per cent mid-day Thursday to $12.08 each, while Suncor shares tumbled close to 3 per cent to $38.96 each and Husky dropped close to 7 per cent to $10.65 per share.

In light of oilsands shares trading at multi-year lows and close to historic lows, Cenovus’ Pourbaix said his company planned to be strategic in dividing its new financial flexibility between debt repayments, dividend hikes and “opportunistic” share buy backs.

“I would be of the view that the lower the share price — and particularly a share price that is below what we would view as the intrinsic value of the shares — then obviously the more attractive a share buyback would be,” he said, though he didn’t provide a price target for share buybacks.

Until more pipelines are built to take oil out of Alberta, however, Pourbaix said that Cenovus would be disciplined with the cash it’s generating and not commission new oilsands growth projects.