Cenovus posts smaller loss as production more than doubles

Rows of steam generators line a road at the Cenovus Energy Christina Lake Steam-Assisted Gravity Drainage (SAGD) project 120 km (74 miles) south of Fort McMurray, Alberta, August 15, 2013. , REUTERS/Todd Korol

John Benny, Reuters

Nov 2, 2017

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Canadian oil producer Cenovus Energy Inc (CVE.TO) (CVE.N) reported a smaller third-quarter loss on Thursday as its purchase of ConocoPhillips' (COP.N) Canadian oil-sands assets more than doubled production.

Total production rose to 590,851 barrels of oil equivalent per day from 273,405 boed a year earlier.

Cenovus paid $13.3 billion in March to buy ConocoPhillips' (COP.N) Canadian oil sands assets.

The company trimmed its full-year spending by $100 million, saying it would not impact production in its core areas.

Cenovus said it continues to target $4 billion to $5 billion in asset sales in 2017.

Net loss narrowed to $69 million, or 6 cents per share, in the quarter ended Sept. 30 from a loss of $251 million, or 30 cents per share, a year earlier.

Third-quarter loss includes a charge of $440 million related to the sale of its Pelican Lake assets.