Canada's Cenovus posts smaller loss as oil sands production rises

Thu Feb 13, 2014 6:19am EST

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Feb 13 (Reuters) - Canadian oil and gas producer Cenovus Energy Inc reported a smaller fourth-quarter net loss, helped by higher production at its Christina Lake oil sands project in northern Alberta.

The company's net loss narrowed to C$58 million, or 8 Canadian cents per share, in the quarter ended Dec. 31 from C$117 million, or 15 Canadian cents per share, a year earlier.

Operating profit, which excludes most one-time items, was C$212 million, or 28 Canadian cents per share, compared with a loss of C$188 million, or 25 Canadian cents per share, a year earlier.

Cenovus's production at Christina Lake rose 13 percent to almost 114,000 net barrels per day in the fourth quarter.

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