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.