Newspaper article The Canadian Press

Cenovus Energy's Operating Loss Grows despite Cost-Cutting Progress

Newspaper article The Canadian Press

Cenovus Energy's Operating Loss Grows despite Cost-Cutting Progress

Article excerpt

Cenovus Energy operating loss grows

--

CALGARY - Cenovus Energy Inc. (TSX:CVE) reported a $251-million loss for the third quarter and said Thursday it's looking for additional areas to cut costs.

The loss amounted to 30 cents per share of the Calgary-based company, which is active in Alberta's oilsands, conventional oil production and oil refining.

A year earlier, Cenovus recorded a third-quarter profit of $1.8 billion or $2.16 per share, boosted by a $1.9-billion gain on asset sales that offset an operating loss.

It's operating loss in this year's third quarter was $236 million or 28 cents per share, which compared with last year's third-quarter operating loss of $28 million or three cents per share.

Cenovus chief executive Brian Ferguson says the company has lowered its costs and added oilsands production capacity but remains committed to finding additional cost reductions. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.