Cenovus Energy Reports Bigger Loss, Cuts Dividend

Reuters

Feb 11 (Reuters) - Canadian oil producer Cenovus Energy Inc reported a bigger quarterly loss and also cut its dividend and 2016 capital spending budget amid a prolonged slump in oil prices.

Cenovus's net loss widened to C$641 million ($458.4 million), or 77 Canadian cents per share, in the fourth quarter ended Dec. 31, from C$472 million, or 62 Canadian cents per share, a year earlier.

The company cut its 2016 capital spending by C$200-C$300 million to C$1.2-C$1.3 billion.

(Reporting by Nia Williams in Calgary and Amrutha Gayathri in Bengaluru; Editing by Savio D'Souza)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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