Oil and gas producer Cenovus Energy Inc CVE.TO reported a fall in first-quarter profit on Wednesday, hurt by lower oil prices.

Crude oil prices were volatile in the first quarter as the recent U.S. banking crisis raised concerns about a dip in oil demand, while a surprise OPEC+ production cut pushed up prices during the end of March.

Oil prices soared last year following Russia’s invasion of Ukraine.

Cenovus said its quarterly upstream production fell to 779,000 barrels of oil equivalent per day (boepd) from 798,600 boepd a year earlier.

The company lowered its annual upstream production outlook to between 790,000 boepd and 810,000 boepd, from its previous forecast of 800,000 boepd to 840,000 boepd.

The Calgary, Alberta-based company reported a net income of C$636 million ($466.45 million), or 32 Canadian cents per share, for the quarter, compared with C$1.63 billion, or 79 Canadian cents per share, a year earlier.

($1 = 1.3635 Canadian dollars)