Cenovus Energy oil, natural gas output down

April 27 (Reuters) – Canadian oil producer Cenovus Energy Inc on Wednesday reported a wider-than-expected quarterly operating loss and said its cash flow slumped 95 percent, hurt by the prolonged slump in oil and natural gas prices.
The company’s total cash flow slumped to C$26 million ($20.7 million) in the first quarter ended March 31, hurt primarily by the weak prices and lower sales volumes.
The company also cut its 2016 capital spending budget by C$300 million to C$1.2 billion. It had said in February it would cut its budget by C$200-C$300 million to C$1.2-C$1.3 billion.
Cenovus, like other oil and gas producers, has been trying to cut costs to weather the oil price downturn.
The Calgary-based company has laid off nearly a third of its workforce since 2014. Its chief executive and four of its highest paid executives have had a 15 percent drop in total compensation for 2015, compared with 2013.
Cenovus’s net loss narrowed to C$118 million, or 14 Canadian cents per share, in the latest quarter, from C$668 million, or 86 Canadian cents per share, a year earlier.
That was mainly due to foreign-exchange gains of C$403 million. It recorded forex losses of C$515 million a year ago.
Cenovus’ operating loss was 51 Canadian cents per share, much steeper than analysts average estimate of 40 Canadian cents, according to Thomson Reuters I/B/E/S.
The company’s total oil production fell 9 percent, while natural gas production fell 12 percent.
Revenue fell 28.3 pct to C$2.25 billion.
Up to Tuesday’s close of C$18.87, the company’s Toronto-listed shares had fallen nearly 19 percent in the last 12 months. ($1 = C$1.26)
(Reporting by Vishaka George in Bengaluru; Editing by Savio D’Souza)