Cenovus Energy to cut 15 pct jobs, reports bigger loss

Thu Feb 12, 2015 6:13am EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Feb 12 (Reuters) - Cenovus Energy Inc, Canada's second-largest independent oil producer, said it would cut 15 percent jobs and reported a much bigger quarterly loss, hurt by weak oil prices.

Net loss ballooned to C$472 million ($375.65 million), or 62 Canadian cents per share, in the fourth quarter ended Dec. 31, from C$58 million, or 8 Canadian cents per share, a year earlier.

The company reported an operating loss, which excludes most one-time items, of C$590 million, or 78 Canadian cents per share

In the year-ago quarter, the company reported an operating profit of C$212 million, or 28 Canadian cents per share. ($1 = C$1.2565) (Reporting by Shubhankar Chakravorty and Scott Haggett; Editing by Savio D'Souza)