UPDATE 1-Canadas Cenovus Energy posts smaller Q4 loss as industry rebounds – Reuters

(Updates with background on fuel demand, production)

Feb 9 (Reuters) – Cenovus Energy Inc said on Tuesday its losses narrowed for the three months to December from the previous quarter, as the oil industry rebounds from the COVID-19 hit.

The Calgary, Alberta-based company endured a very difficult 2020, along with the rest of Canada’s oil and gas industry, but crude prices have recovered in the final months of the year amid optimism over global vaccine rollouts.

Net loss narrowed to C$153 million ($120.25 million), or 12 Canadian cents per share, in the fourth quarter ended Dec. 31, from C$194 million, or 16 Canadian cents per share, in the third quarter.

The company’s production stood at 467,202 barrels of oil equivalent per day (boepd) in the quarter, down nearly 1% from previous quarter. ($1 = 1.2724 Canadian dollars) (Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)

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