Cenovus reports $241M 3rd-quarter loss
The Canadian Press | Posted: October 31, 2018 2:15 PM | Last Updated: October 31, 2018
The oilsands company says the loss amounted to 20 cents per share for the quarter
Cenovus Energy Inc. reported a loss of $241 million in its latest quarter as the company continued to focus on reducing debt.
The oilsands company says the loss amounted to 20 cents per share for the quarter ended Sept. 30 compared with a loss of $82 million, or seven cents per share, in the same quarter last year.
Revenue totalled $5.86 billion, up from $4.39 billion a year ago.
Operating earnings from continuing operations amounted to a loss of $41 million, or three cents per share, compared with a profit of $240 million, or 20 cents per share, a year ago.
Cenovus says cash from operations, together with $625 million from the sale of its Pipestone Partnership, helped reduce net debt to below $8 billion, down about $1.6 billion from the end of the second quarter.
In its outlook for the year, the company reduced its forecast capital spending by about $250 million with essentially no change to its production guidance.
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