Cenovus and Husky Post Bleak Figures
CBJ — Cenovus Energy and Husky Energy have both posted agonizingly poor first-quarter results due to the drastic drop in world oil prices brought on by the COVID-19 pandemic and an oil price war between Russia and Saudi Arabia that has since been resolved.
Cenovus reported a $1.8-billion loss while Husky has reported a $1.7 billion loss and a cut in dividends.
Cenovus has taken action to protect its assets by drastically cutting capital spending, suspending its dividend and rolling back salaries. Oilsands production has been reduced by nearly 60,000 barrels per day, but Cenovus says there is the flexibility to ramp up production when the market warrants it.
Husky’s losses amounted to $1.71 per share for the quarter ended March 31 compared with a profit of $328 million or 32 cents per share in the same quarter in 2019.