Cenovus Energy posts $545 million 2016 loss but returns to profitability in Q4

Cenovus Energy (TSX:CVE) ended 2016 with a $545 million loss for the full year

Cenovus Energy posts $545 million 2016 loss but returns to profitability in Q4

CALGARY — Cenovus Energy (TSX:CVE) ended 2016 with a $545 million loss for the full year but squeezed out a profit in the fourth quarter.

The Calgary-based company — which is both an oil producer in Alberta and an oil refiner in the United States — says it had $91 million or 11 cents per share of net income in the fourth quarter ended Dec. 31.

That compared with a loss of $641 million or 77 cents per share in the fourth quarter of 2015.

Cenovus Energy CEO Brian Ferguson says the company has focused on containing costs and spending less on capital projects than originally planned.

The company says it plans to resume investment at its Christina Lake oilsands project, with first oil from Phase G expected in the second half of 2019.

It has also launched a conventional drilling program in southern Alberta, with plans to spend about $160 million in 2017.

Just Posted

Accused murderer’s story questioned

Jason Klaus spends day being cross-examined by lawyer for co-accused Joshua Frank

Red Deer Royals extend fundraising deadline for St. Joseph fieldhouse project

Fundraising chair says it’s a tough slog raising money in this economy

Red Deer seeks public input on coming changes to sign bylaw

A half-kilometre buffer zone could separate billboards in Red Deer under proposed… Continue reading

Innisfail man injured in home invasion

Police say the injury was non life-threatening

Credentials questioned man at Remembrance Day services

Veterans are crying foul after an alleged faker posed as a former… Continue reading

WATCH: Festival of Trees begins

A preview dinner and silent auction was held Wednesday night at Westerner Park

Volunteer with victim services in Red Deer

Learn more at info session on Nov. 27

Updated: Missing Sylvan Lake women found

Women were reported missing earlier this week

Liberals propose billions for affordable housing, including individual benefits

A Liberal government fond of promising help for those working hard to… Continue reading

Alberta Party sees growth in Central Alberta

Greg Clark addressed health care needs addressed in Red Deer

Ponoka council freezes Ponoka Fire Department spending

All discretionary spending frozen until full budget numbers are presented

WATCH: Ponoka’s Festival of Trees sees continued support

Three days of celebration and fundraising held at the Calnash Ag Event Centre

Creationist will speak at home-schooling convention in Red Deer

Ken Ham has debated Bill Nye on the Earth’s origins

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month