Cenovus Energy posts $418M detriment in 2nd quarter
Cenovus Energy Inc. had a $418-million second-quarter detriment that was deeper than analysts expected, mostly a outcome of a hedging module that was designed to strengthen a association from a decrease in oil prices.
The Calgary-based company’s detriment amounted to 34 cents per share, including dropped operations, and compared with a year-earlier distinction of $2.62 billion or $2.35 per share.
Last year’s second entertain enclosed a $1.9-billion benefit from a re-valuation of an existent asset.
Cenovus pronounced a hedging module incurred waste in a second entertain when a satisfied allotment prices were above prices set out in contracts that have now expired.
Its handling detriment from stability operations was also bigger than expected, during $292 million or 24 cents per share.
Analysts had estimated an handling distinction of 3 cents per shares and a net detriment of one cent per share, according to Thomson Reuters Eikon.
Revenue was above researcher estimates during $5.83 billion, adult from $4.04 billion in a second entertain of 2017.
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Article source: https://www.cbc.ca/news/canada/calgary/cenovus-energy-calgary-q2-losses-oil-1.4762502?cmp=rss