Cenovus reports $241M 3rd-quarter loss

Cenovus Energy Inc. reported a loss of $241 million in its latest quarter as the company continued to focus on reducing debt.

The oilsands company says the loss amounted to 20 cents per share for the quarter ended Sept. 30 compared with a loss of $82 million, or seven cents per share, in the same quarter last year.

Revenue totalled $5.86 billion, up from $4.39 billion a year ago.

• TransAlta reports $86M loss in 3rd quarter

Operating earnings from continuing operations amounted to a loss of $41 million, or three cents per share, compared with a profit of $240 million, or 20 cents per share, a year ago.

Cenovus says cash from operations, together with $625 million from the sale of its Pipestone Partnership, helped reduce net debt to below $8 billion, down about $1.6 billion from the end of the second quarter.

In its outlook for the year, the company reduced its forecast capital spending by about $250 million with essentially no change to its production guidance.

• MORE CALGARY NEWS |Federal, provincial governments reach agreement on funding proposal for Calgary 2026 Olympic bid
• MORE CALGARY NEWS |Charity watchdog urges donors to think twice before giving to Calgary Flames Foundation
• Read more articles byCBC Calgary, like us onFacebookfor updates and subscribe to ourCBC Calgary newsletterfor the day's news at a glance