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)
Recommended Reading
Santos’ Pikka Phase 1 in Alaska to Deliver First Oil by 2026
2024-04-18 - Australia's Santos expects first oil to flow from the 80,000 bbl/d Pikka Phase 1 project in Alaska by 2026, diversifying Santos' portfolio and reducing geographic concentration risk.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.
Tethys Oil Releases March Production Results
2024-04-17 - Tethys Oil said the official selling price of its Oman Export Blend oil was $78.75/bbl.
Exxon Mobil Guyana Awards Two Contracts for its Whiptail Project
2024-04-16 - Exxon Mobil Guyana awarded Strohm and TechnipFMC with contracts for its Whiptail Project located offshore in Guyana’s Stabroek Block.