March 17, 2010 / 1:10 PM / 8 years ago

UPDATE 1-Ivanhoe Energy posts wider-than-expected Q4 loss

* Q4 loss $0.05/shr vs. est loss $0.01/shr

* Oil revenue falls 51 pct

March 17 (Reuters) - Ivanhoe Energy Inc IE.TO posted a wider-than-expected quarterly loss, hurt by lower benchmark crude oil prices.

For the fourth quarter, Ivanhoe reported a net loss of $11.9 million, or 4 cents a share, compared with a loss of $14 million, or 5 cents a share in the year-ago period.

The heavy-oil development and production company said oil revenue in the quarter totaled $5.3 million, down from $10.8 million in the year-ago quarter.

Analysts on average had expected the company to post a loss of 1 cent a share, according to Thomson Reuters I/B/E/S.

“With the success of our recent C$150 million financing, we will continue to advance our key projects — the Tamarack Project in Canada and the Pungarayacu Project in Ecuador,” Chief Executive Robert Friedland said in a statement.

“Beyond this, we are actively pursuing additional HTL (heavy-to-light) opportunities in the Middle East and Latin America.”

Shares of the company closed at C$3.75 Tuesday on the Toronto Stock Exchange.

For related alerts, double click [ID:nWNAB0557] (Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair) ((; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below