Canadian energy companies Cenovus and Husky post huge quarterly losses, hit by the doubly whammy of a significant drop in demand for crude oil caused by the coronavirus outbreak and a price war between Saudi Arabia and Russia.
Canadian energy companies Cenovus and Husky posted huge quarterly losses on Wednesday, hit by the double whammy of a significant drop in demand for for crude oil caused by the coronavirus outbreak and a price war between Saudi Arabia and Russia.
Cenovus Energy said it lost $1.8 billion in the three months between January and March, as an increase in the amount of oil the company produced was offset by a huge plunge in the price of a barrel of oil.
In the same period a year ago, Cenovus posted a slight profit of $110 million.
It was a similar story at Husky Energy, which also posted earnings on Wednesday that showed a quarterly loss of $1.7 billion for the quarter ended March 31, compared with a profit of $328 million a year earlier.
Cenovus previously announced a temporary suspension of its dividend to deal with t