Friday, 18 Sep 2020

Cenovus reports $241 million third quarter loss, lowers capex guidance

Cenovus Energy Inc. reported a loss of $241 million in its latest quarter as the company continued to focus on reducing debt.

The oil sands 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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