CALGARY – Cenovus Energy Inc. (TSX:CVE) reported a first-quarter loss of $118 million as it said its cost-cutting plan was on track.
The company said Tuesday the loss amounted to 14 cents per diluted share for the three months that ended March 31 compared with a loss of $668 million or 86 cents per share a year ago.
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The improvement was due in large part to unrealized foreign-exchange gains of $413 million offset in part by a $170 million asset impairment charge. That compared with unrealized foreign exchange losses of $514 million a year ago.
Cenovus says it had an operating loss of the quarter of $423 million or 51 cents per share compared with an operating loss of $88 million or 11 cents per share a year ago.
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Revenue totalled nearly $2.25 billion after royalties, down from $3.14 billion in the same quarter last year.
During the quarter, the company produced an average of 197,551 barrels of oil per day, down from 218,020 a year ago.
Cenovus has been slashing costs and jobs to deal with the drop in oil prices last year.
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The company says it has largely completed the job cuts announced last year with its staff down 31 per cent compared with the end of 2014.
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