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Calgary-based Cenovus Energy reports $1.8B first quarter loss as oil prices plunge
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Cenovus Energy Inc. reported a $1.8-billion loss in its first quarter as oil prices fell due to a drop in demand as a result of the COVID-19 pandemic and a oil price war between Saudi Arabia and Russia.
The oilsands producer says the loss amounted to $1.46 per diluted share for the quarter compared with a profit of $110 million or nine cents per diluted share in the first quarter of 2019. [ Sign up for our Health IQ newsletter for the latest coronavirus updates ] On an operating basis, Cenovus says it lost nearly $1.2 billion or 97 cents per diluted share in the quarter compared with an operating profit of $69 million or six cents per share a year ago.
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