By The Canadian Press

Cenovus posts $914 million net loss

Apr 25, 2018 | 6:03 AM

CALGARY – Cenovus Energy posted a $914 million net loss from continuing operations in the first quarter.

It was a bigger shortfall than analysts had expected, amid challenging pricing conditions for heavy grades of crude oil as well as natural gas.

The Calgary-based company said the net loss amounted to 74 cents per share, which compared with a year earlier profit of $211 million or 25 cents per share.

The loss included a $100-million non-cash asset impairment charge for its Clearwater assets due to declining natural gas prices, as well as $469 million in risk-management losses.

Operating loss from continuing operations was $752 million, or 61 cents per share.

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Revenue was $4.61 billion, up from $3.54 billion a year ago and above analyst estimates, as oilsands volumes nearly doubled as a result of an acquisition in May 2017.

Analysts had estimated a net loss of 12 cents per share with $4.2 billion of revenue, according to Thomson Reuters data.

(The Canadian Press)