Cenovus Energy reports $69M loss in 3rd quarter
Production more than doubles after Calgary company's purchase of ConocoPhillips assets
The Canadian Press Posted: Nov 02, 2017 7:17 AM MT Last Updated: Nov 02, 2017 7:17 AM MT
Cenovus Energy Inc. says it lost $69 million in its latest quarter as it more than doubled its production compared with a year ago, boosted by its acquisition of most of the Canadian assets of ConocoPhillips earlier this year.
The company says the loss amounted to six cents per share for the quarter ended Sept. 30 compared with a loss of $251 million or 30 cents per share in the same quarter last year.
Revenue totalled $4.39 billion, up from $2.95 billion, as production averaged 590,851 barrels of oil equivalent per day, up from 273,405 a year ago.
Cenovus acquired of most of the Canadian assets of Houston-based ConocoPhillips in May.
The company has since been selling non-core assets and using the proceeds to reduce its debt.
Cenovus announced earlier this week that Alex Pourbaix would become its new president and chief executive starting on Nov. 6. The former TransCanada Corp. executive will replace Brian Ferguson, who is retiring after 33 years with Cenovus and its predecessor companies.
- MORE ECONOMIC NEWS | 'You're still the envy of the nation': What opportunities lie ahead in post-recession Calgary
- MORE ECONOMIC NEWS | Calgary to have Canada's fastest growing economy this year, Conference Board says
Copyright 2014 WestNet-HD Action News