February 14, 2013 - 4:47 AM
CALGARY - Cenovus Energy Inc. (TSX:CVE) posted net and operating losses in the fourth quarter as well as an 18 per cent drop in cash flow compared with the year-earlier period.
The Calgary-based oil producer had a net loss of $118 million or 16 cents per share, a big turnaround from the year-earlier profit of $266 million or 35 cents per share.
It also had an operating loss of $189 million or 25 cents per share, compared with the profit of $332 million or 44 cents per share in the fourth quarter of 2011.
Cash flow fell to $697 million or 92 cents per share, down from $851 million or $1.12 per share.
The company's chief executive said last month that the low price that Alberta producers can get for their oil, relative to other types of crude including West Texas Intermediate, is causing a major problem for the industry and Canada.
News from © The Canadian Press, 2013