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Cenovus Posts Loss of $242M in Third Quarter

Fort McMurray, AB, Canada / MIX 103.7
Cenovus Posts Loss of $242M in Third Quarter

Cenovus's Christina Lake project in northern Alberta uses steam-assisted gravity drainage (SAGD) to produce oil // Photo courtesy of Cenovus

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.

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