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Cenovus Energy posts $668M Q1 loss

Takes hit from currency loss, lower oil and gas price.


Steam generators at Cenovus's Foster Creek project in northern Alberta. PHOTO: Cenovus Energy Inc.

Steam generators at Cenovus’s Foster Creek project in northern Alberta. PHOTO: Cenovus Energy Inc.

CALGARY — Cenovus Energy Inc. posted a $668-million net loss in the first quarter, largely as a result of currency fluctuations.

It also had an operating loss due primarily to lower cash flow because of average prices for crude oil and natural gas.

Excluding a $514-million foreign-exchange non-operating loss and other items, the Calgary-based company had an $88-million operating loss.

That compared with a $378-million operating profit a year earlier.

The Calgary-based company said it has taken steps to cut costs, including a previously announced 15% reduction of its workforce and a $700-million reduction in its 2015 capital budget, which will be about 40 per cent below last year’s levels.

Cenovus said it expects to be near the low end of its guidance range for 2015 operating expenses.

© 2015 The Canadian Press

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