Cenovus Energy profit plunges 80 pct amid crude slump

Thu Jul 30, 2015 6:24am EDT
 
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July 30 (Reuters) - Cenovus Energy Inc, Canada's No.2 independent oil producer, reported an 80 percent fall in quarterly profit, hurt by a steep decline in oil prices.

The company said it was going to cut 300-400 jobs at its Calgary offices by the end of the year, after cutting about 800 positions earlier in the year.

Cenovus has over 3000 employees, not including contractors.

Net income fell to C$126 million, or 15 Canadian cents per share, in the second quarter ended June 30, from C$615 million, or 81 Canadian cents per share, a year earlier. (Reporting by Swetha Gopinath in Bengaluru; Editing by Anil D'Silva)