Cenovus Energy swings to loss as coronavirus slams demand, price war hits market [Toronto Globe and Mail (Ontario, Canada)]
Cenovus Energy Inc (CVE)
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Source: Toronto Globe and Mail
Cenovus Energy swings to loss as coronavirus slams demand, price war hits market Canada’s Cenovus Energy swung to a quarterly loss on Wednesday, hurt by a significant decline in global demand for crude oil caused by the coronavirus outbreak and a price war between Saudi Arabia and Russia. The crash in global crude prices has dragged down oil producers’ stocks and forced companies to adopt cost-cutting strategies, with Cenovus suspending its dividend, cutting full-year spending, slashing output and pausing its crude-by-rail program. While total production rose 8% to 482,594 barrels of oil equivalent per day (boepd) as Canada’s main crude-producing Alberta province eased production cuts, Cenovus said prices for its crude declined 54% to $22.74 per barrel in the first quarter from a year earlier. Net loss stood at $1.80 billion, or $1.46 per share, in the first quarter ended March 31, compared to a profit of $110 million, or 9 cents per share, from a year earlier. Your time is valuable.
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