Cenovus Energy Inc. announced its fourth quarter 2015 numbers Thursday noting that it posted a $641 million net loss.
The company also announced another round of budget cuts and layoffs including $200 million in operating expenses out the door that will see more positions dumped.
It will also shed anywhere from $200 million to $300 million in capital spending. Some of those cuts will come in the oilsands as Cenovus will lower spending at its Foster Creek and Christina Lake operations.
“The planned capital spending reductions are expected to have minimal impact on the company’s oil sands production for 2016, which is forecast to remain within guidance, at between 144,000 barrels per day and 157,000 bbl/d net,” said the company in its press release.
It also plans to defer a scheduled turnaround at Foster Creek until 2017.
Production at its oilsands projects grew by nine per cent in 2015 to an average of 140,320 barrels per day between Foster Creek and Christina Lake.
Christina Lake posted a daily production average of 74,975 bbl/d while Foster Creek saw production of 65,345 bbl/d in 2015.
The Calgary-based company saw $618 million in net earnings for 2015.
