Cenovus reports Q4 loss due to $1.9B one-time charge, revenue and production up

Cenovus Energy Inc. reported a fourth-quarter loss of $408 million as it took a $1.9-billion one-time non-cash impairment charge related to its U.S. refinery business.

The company, which completed its takeover of Husky Energy at the start of last year, says the loss amounted to 21 cents per share for the quarter ended Dec. 31 compared with a loss of $153 million or 12 cents per share a year earlier.

Revenue for the quarter totalled $13.7 billion, up from $3.5 billion a year earlier and $12.7 billion in the third quarter.

Adjusted funds flow amounted to $1.9 billion or 97 cents per share compared with $333 million or 27 cents per share a year earlier.

Cenovus says upstream production in the fourth quarter rose to 825,300 barrels of oil equivalent per day, compared with 467,200 boepd in the fourth quarter of 2020.

Total downstream throughput for the quarter was 469,900 barrels per day, up from 169,000 a year earlier.