The chief executive of Cenovus Energy said he is confident shareholders will approve its acquisition of rival Husky Energy, despite big quarterly losses and a stock sell-off.
Cenovus and Husky lost more money than analysts expected and took impairment hits in the third quarter, the companies said on Thursday, adding concerns to a CUS$3.6 billion merger announced days earlier.Cenovus stock fell 6.5per cent while Husky's fell 7per cent, both among the top percentage decliners on S&P/TSX Composite Index . Cenovus is down 12per cent since announcing the deal Sunday, including an 8per cent selloff on Monday.
Husky reported a CUS$7.08 billion net loss compared with a year-ago profit of CUS$273 million, hurt by a CUS$6.7 billion impairment related to lower long-term price assumptions and reduced capital spending.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ExxonMobil to cut 14,000 global jobs as Covid-19 pandemic hurts energy demandThe firm said the job cuts are part of a global reorganisation.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Exxon Mobil's fading star: No longer the biggest US energy companyExxon Mobil Corp was once the largest U.S. publicly traded company in the United States. Now, the oil major is not even the largest energy name, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Singapore energy agency to increase cooperation with Malaysia, Hong Kong counterpartsSINGAPORE: Singapore's Energy Market Authority (EMA) signed memorandums of understanding (MOUs) with Malaysia's energy commission, Suruhanjaya ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
SP Group, Chinese utility to develop sustainable energy solutions in ShanghaiSINGAPORE national utility SP Group and a subsidiary of China's State Grid will study the feasibility of jointly developing and investing in integrated energy projects. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Chevron to lay off about 25% of Noble Energy employees after mergerChevron Corp will lay off about 25 per cent of Noble Energy's employees who joined the oil major after its US$4.1 billion purchase of the smaller ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Singapore energy agency to increase cooperation with Malaysia, Hong Kong counterpartsSINGAPORE: Singapore's Energy Market Authority (EMA) signed memorandums of understanding (MOUs) with Malaysia's energy commission, Suruhanjaya ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »