Cenovus Energy Inc. reported a $1.36-billion loss in its latest quarter as it faced deep discounts for Western Canadian Select oil.
The company says the loss amounted to $1.10 per share for the quarter ended Dec. 31, compared with a profit of $620 million or 50 cents per share in the last three months of 2017 when its results were boosted by the sale of assets in Alberta and Saskatchewan.
Cenovus had an operating loss from continuing operations of $1.67 billion or $1.36 per share for the quarter compared with an operating loss of $533 million or 43 cents per share a year ago.
The discount on Western Canadian Select has eased in recent weeks following production cuts that were mandated by the Alberta government, which reduced the size of the mandatory reductions at the end of January.
Taking into account the government-mandated cuts, Cenovus says it expects its first-quarter bitumen and crude oil production will be a maximum of 348,000 barrels per day.
It says the financial impact of its curtailed volumes will be more than offset by an expected improvement in prices.
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Sherwood Park is a large hamlet in Alberta, Canada within Strathcona County that is recognized as an urban service area. It is located adjacent to the City of Edmonton’s eastern boundary, generally south of Highway 16 (Yellowhead Trail), west of Highway 21 and north of Highway 630 (Wye Road). Other portions of Sherwood Park extend beyond Yellowhead Trail and Wye Road, while Anthony Henday Drive (Highway 216) separates Refinery Row to the west from the balance of the hamlet to the east.
Sherwood Park was established in 1955 on farmland of the Smeltzer family, east of Edmonton. With a population of 70,618 in 2016, Sherwood Park has enough people to be Alberta’s seventh largest city, but technically retains the status of a hamlet. The Government of Alberta recognizes the Sherwood Park Urban Service Area as equivalent to a city.
Sherwood Park, originally named Campbelltown, was founded by John Hook Campbell and John Mitchell in 1953 when the Municipal District of Strathcona No. 83 approved their proposed development of a bedroom community east of Edmonton. The first homes within the community were marketed to the public in 1955. Canada Post intervened on the name of Campbelltown due to the existence of several other communities in Canada within the same name, so the community’s name was changed to Sherwood Park in 1956.
The Sherwood Park Urban Service Area is located in the Edmonton Capital Region along the western edge of central Strathcona County adjacent to the City of Edmonton. The majority of the community is bound by Highway 16 (Yellowhead Highway) to the north, Highway 21 to the east, Highway 630 (Wye Road) to the south, and Anthony Henday Drive (Highway 216) to the west. The Refinery Row portion of Sherwood Park is located across Anthony Henday Drive to the west, between Sherwood Park Freeway and Highway 16. Numerous developments fronting the south side of Wye Road, including Wye Gardens, Wye Crossing, Salisbury Village and the Estates of Sherwood Park, are also within the community. Lands north of Highway 16 and south of Township Road 534/Oldman Creek between Range Road 232 (Sherwood Drive) to the west and Highway 21 to the east are also within the Sherwood Park urban service area.
Originally posted 2019-02-13 09:57:01. Republished by Blog Post Promoter