Cenovus Energy Cuts 2016 Budget, Loss Narrows On Forex Gain

Reuters

April 27 (Reuters) - Canadian oil producer Cenovus Energy Inc reported a smaller quarterly loss, helped by foreign exchange gains, and said it would cut its 2016 capital budget to help cope with a prolonged slump in oil prices.

The company said on Wednesday it cut its capital spending budget for the year by C$300 million ($238.42 million) to C$1.2 billion.

Cenovus had said in February it would cut its budget by C$200-C$300 million to C$1.2-C$1.3 billion.

The company's total cash flow slumped by 95 percent to C$26 million in the first quarter ended March 31, hurt primarily by low oil and gas prices and weak sales volumes.

Net loss narrowed to C$118 million, or 14 Canadian cents per share, from C$668 million, or 86 Canadian cents per share.

The company recorded foreign-exchange gains of C$403 million in the latest quarter, compared with forex losses of C$515 million a year ago.

Revenue fell 28.3 pct to C$2.25 billion.

(Reporting by Vishaka George in Bengaluru; Editing by Savio D'Souza)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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