Cenovus reports $69M loss in third quarter

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

The firm says the loss amounted to six cents per share for the quarter ended Sept. 30 weighed with a loss of $251 million or 30 cents per share in the for all that quarter last year.

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

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

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

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

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