Cenovus Energy Slips To Loss In Q1

(RTTNews) - Cenovus Energy Inc. (CVE, CVE.TO) reported first-quarter a net loss of about C$1.8 billion or C$1.46 per share compared to net earnings of C$110 million or C$0.09 per share a year earlier.

The net loss was primarily due to the operating loss and non-operating foreign exchange losses of C$589 million compared with gains of C$209 million in the first quarter of 2019. The net loss was partially offset by a deferred income tax recovery of C$348 million compared to an expense of $41 million in the first quarter of 2019.

Operating loss was C$0.97 per share, compared to Operating income of C$0.06 per share in the prior year. Analysts polled by Thomson Reuters expected the company to a loss of $0.22 per share. Analysts' estimates typically exclude special items.

The company's first-quarter financial results were impacted by the significant decline in global demand and pricing for crude oil and refined products caused by COVID-19 and exacerbated by a dispute between Saudi Arabia and Russia that resulted in increased oil supply.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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