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.