Cenovus posts $914M loss, considers slowing new oil sands project [Business News Network (BNN) Energy & Resources (Canada)]
Cenovus Energy Inc (CVE)
Last cenovus energy inc earnings: 4/29 06:00 am
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Source: Business News Network
Cenovus posts $914M loss, considers slowing new oil sands project CALGARY -- Cenovus Energy Inc. says it will consider slowing development of a 50,000-barrel-per-day oilsands expansion project that it started building early last year if there isn't meaningful progress on increasing pipeline capacity out of Alberta. The vow came as the Calgary-based company blamed clogged export pipelines for its worst heavy oil price discounts in five years during the first three months of 2018, contributing to a higher-than-expected $914-million net loss in the first quarter. Constraints in existing pipelines, slow response by railroads to supply locomotives to move oil, and oilsands output increases from new projects conspired in the first quarter to prevent the price of Western Canadian Select heavy crude from keeping pace with improvements in New York benchmark oil prices. Cenovus said the difference between WCS and West Texas Intermediate widened to US$24.28 per barrel, 67 per cent higher than in
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