Canadian Manufacturing

Cenovus Energy reports $153M Q4 loss compared with $113M profit a year ago

Cenovus completed its takeover of Husky Energy on Jan. 1

February 9, 2021  The Canadian Press

CALGARY — 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.

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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.