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Company News

Cenovus Energy posts quarterly loss

April 25 (Reuters) - Canadian oil producer Cenovus Energy Inc posted a first-quarter loss on Wednesday as shipping bottlenecks weighed on prices of Canadian heavy oil.

The company reported a loss of C$914 million ($711 million), or 74 Canadian cents per share, in the three months ended March 31, compared with a profit of C$211 million, or 25 Canadian cents per share, a year earlier.

Cenovus said in March it was running oil sands production below capacity and stockpiling excess oil because of widespread transportation problems. ($1 = 1.2857 Canadian dollars) (Reporting by Taenaz Shakir in Bengaluru; Editing by Sriraj Kalluvila)

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