Calgary company posted $113M profit in the fourth quarter of 2019
Cenovus Energy Inc. reported a loss in the final quarter of 2020 compared with a profit a year earlier.
The company says it lost $153 million or 12 cents per share for the quarter ended Dec. 31 compared with a profit of $113 million or nine cents per share in the fourth quarter of 2019.
Cenovus says its operating loss for the quarter totalled $551 million or 45 cents per share for the quarter compared with an operating loss of $164 million or 13 cents per share a year earlier.
Total production in the quarter averaged 467,202 barrels of oil equivalent per day, compared with 467,448 boepd a year earlier.
Cenovus completed its takeover of Husky Energy on Jan. 1.
Last month, the company unveiled a capital spending budget of between $2.3 billion and $2.7 billion for 2021, including $2.1 billion in sustaining capital.
From CBC | Issued February 9, 2021