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Company News

Cenovus Energy posts third straight quarterly loss on virus-induced oil crash

Oct 29 (Reuters) - Canadian oil and gas producer Cenovus Energy Inc reported its third straight quarterly loss on Thursday, hurt by a slump in crude prices and crash in fuel demand caused by the COVID-19 pandemic.

The Calgary, Alberta-based company recorded a net loss of C$194 million ($147.13 million) or 16 Canadian cents per share, for the third quarter ended Sept. 30, compared with a year-ago profit of C$187 million, or 15 Canadian cents per share. ($1 = 1.3186 Canadian dollars) (Reporting by Arunima Kumar in Bengaluru; Editing by Ramakrishnan M.)

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