Suncor Energy and Cenovus Energy continue to be hit hard by 2020.
The two oil companies released their second-quarter updates earlier this week, both posting big losses.
In total, they lost a combined $849 million – Suncor at $614 million and Cenovus at $235 million.
These losses are much lower from their first-quarter numbers which some them lose around $5.3 billion.
“We experienced unprecedented volatility this quarter in all facets of our business as the COVID-19 pandemic and OPEC+ supply issues continued to impact the industry,” said Mark Little, Suncor President, and CEO.
“As we move forward, we will remain agile in the execution of our strategy as we continue to focus on the long-term financial health of the company and our plans to generate increasing shareholder returns.”
As for production, Suncor averaged 655,000 barrels of oil equivalent per day, down from the 803,000 they produced in the same time period as 2019.
Cenovus, however, improved on their production year over year, averaging 373,189 bbls/d.
“We made the strategic decision to use the flexibility of our business and relied on the collaboration of our upstream and marketing teams to manage the timing, storage, and sales approach for our oil production,” added Alex Pourbaix, Cenovus President, and CEO.
“We view the second quarter as a period of transition, with April as the low point of the downturn and the first signs of recovery taking hold in May and June.”