Cenovus Energy (CVE) Reports Q1 Loss of $0.74

Cenovus Energy (NYSE: CVE) reported Q1 EPS of ($0.74), versus ($0.02) reported last year.

Financial highlights

In the first quarter of 2018, Cenovus had a shortfall in cash from operating activities of $123 million compared with a surplus of $328 million in the same period a year earlier, and a shortfall in adjusted funds flow of $41 million, compared with a surplus of $323 million in 2017. Operating loss from continuing operations was $752 million compared with a $39 million loss the previous year.

Financial results were affected by realized risk management losses, the widest light-heavy oil price differentials experienced since the fourth quarter of 2013, planned turnarounds at the company’s two jointly owned U.S. refineries and an impairment on some assets in the Deep Basin.

“The challenges we experienced in the first quarter had a significant impact on our financial results, but the underlying performance of our assets remains very strong,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “I want to stress that these financial challenges are temporary and don’t reflect Cenovus’s significant potential for funds flow and earnings growth.”

For earnings history and earnings-related data on Cenovus Energy (CVE) click here.

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