Oil sands producer Cenovus Energy Inc. (NYSE: CVE) posted a wider quarterly loss on Feb. 13, but said the impact of output cuts will be more than offset by an improvement in Canadian crude prices this year.
Prices of Canadian heavy oil have fallen in relation to the U.S. benchmark due to transportation bottlenecks, but a recent move by the province of Alberta to impose output curbs on oil producers has eased a supply glut.
Cenovus said its production fell 10% to 432,713 barrels of oil equivalent per day (boe/d). Analysts on average were expecting Cenovus to produce about 451,000 boe/d, according to IBES data from Refinitiv.
During the quarter, differentials between Canadian crude and U.S. benchmark prices reached record highs.
Cenovus' net loss widened to C$1.35 billion (US$1.02 billion), or C$1.10 per share, in the fourth quarter ended Dec. 31, from C$776 million, or 63 Canadian cents per share, in the year-ago period. (US$1 = C$1.3231)
2023-11-10 - The combined oil and natural gas rig count, traditionally an early indicator of future output, fell by two to 616 in the week to Nov. 10, the lowest since February 2022.
2023-09-29 - The oil and gas rig count, an early indicator of future output, fell by seven to 623 in the week to Sept. 29.
2023-10-20 - The oil and gas rig count, an early indicator of future output, rose two to 624 in the week to Oct. 20.
2023-10-06 - Drillers have cut active rigs for three quarters in a row in a delayed response to the sharp drop in prices since the middle of 2022.
2023-12-01 - The oil and gas rig count, an early indicator of future output, rose three to 625 in the week to Dec. 1.