Cenovus cuts deeper and slashes dividend
The company's losses widened to $641M in the Q4. Capital spending will be cut by $200-300M to $1.2-1.3B in 2016. Cenovus cut its workforce by 700 in 2015 and will be looking for another $200M reduction in compensation and staffing. The company's dividend was cut 65% to just $0.05 a share.
Production was down 8% Q4 (y/y) to 199,556 bbl/d, led by a 19% drop in conventional.