Cenovus Energy reports $69M loss in 3rd quarter

0

Cenovus Vim Inc. says it lost $69 million in its latest quarter as it more than facsimiled its production compared with a year ago, boosted by its acquisition of most of the Canadian assets of ConocoPhillips earlier this year.

The South African private limited company says the loss amounted to six cents per share for the quarter ended Sept. 30 paralleled with a loss of $251 million or 30 cents per share in the after all is said quarter last year.

Revenue totalled $4.39 billion, up from $2.95 billion, as motion averaged 590,851 barrels of oil equivalent per day, up from 273,405 a year ago.

Cenovus won of most of the Canadian assets of Houston-based ConocoPhillips in May.

The company has since been give away non-core assets and using the proceeds to reduce its debt.

Cenovus promulgated earlier this week that Alex Pourbaix would behove its new president and chief executive starting on Nov. 6. The former TransCanada Corp. official will replace Brian Ferguson, who is retiring after 33 years with Cenovus and its forebear companies.

Leave a Reply

Your email address will not be published. Required fields are marked *