Cenovus Posts Loss of $242M in Third Quarter

Latest Fort McMurray News, find out what's happening in Fort Mac

Cenovus Posts Loss of $242M in Third Quarter

For the second straight quarter, Cenovus Energy is reporting a loss in profits.

The oil company released their quarterly report on Wednesday which highlighted a loss in net earnings of $242 million.

This following a loss of $292 million in the previous quarter.

It wasn’t all bad news as Cenovus was able to generate ‘more than $700 million of free funds flow and nearly $1 billion in adjusted funds.’

Meanwhile, production peaked over 370,000 bbls/d – a modest gain from the same period of 2017.

Moving forward, Cenovus is also planning on ‘strategically’ slowing production at their Foster Creek and Christina Lake sites. Both saw minor increases year over year at 163,939 bbls/d and 212,733 bbls/d, respectively.

“The company is currently operating both facilities at reduced volumes and is managing production levels to avoid any impacts to its reservoirs,” the report read. “Cenovus will continue to monitor the Canadian price

environment and adjust its oil sands production accordingly.”

The company has also signed contracts to move up to 100,000 bbls/d of oil by rail, picking up steam throughout 2019.
Fort McMurray News
Posts: 18119
Joined: Wed May 04, 2011 2:30 am
Location: Fort McMurray, Alberta, Canada

Sponsored links

Advertise in Fort McMurray
Location: Alberta, Canada

Return to Fort McMurray News


  • Related topics
    Last post

Who is online

Users browsing this forum: Bing [Bot] and 9 guests