Canadian oil and gas producer Cenovus Energy Inc reported a surprise quarterly profit as production rose and costs fell. The Calgary, Alberta-based company's total crude oil production rose about 10 per cent to 219,551 barrels per day in the fourth quarter. Cenovus Energy, which has laid off nearly a third of its work force since 2014-end, said its oil sands operating costs fell 12 per cent in 2016, while operating costs for its conventional oil assets fell 10 per cent. Cenovus also said the chairman of its board, Michael Grandin, would retire after the company's annual meeting on April 26. Oil and gas companies, battered by a two-year slump in oil prices, have sharply cut costs and are also benefiting from a sharp drop in prices for oilfield services.
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He said Telstra would continue to spend money on its mobile network in regional Australia only "if the current regulatory settings remain in place". Unlike mobile and fixed products, Telstra network applications and services, which provide cloud services, increased revenue by 18 per cent to $225 million – the only product area to do so. There were also fewer people using Telstra dongles to access the internet, which reduced mobile broadband revenue from $639 million to $545 million. SHAREShare on Facebook SHAREShare on Twitter TWEETLink Telstra CEO Andrew Penn has posted an unexpected fall in earnings in the December half. Telstra noted churn – the rate of customers cancelling their subscriptions – increased as more customers moved to non-fixed contracts.
Cenovus Energy Inc. swung to a profit in the latest quarter, boosted by increased oil production. Total oil production climbed 10% to 291,551 barrels a day compared with the same period a year ago. The Calgary, Alberta-based oil producer earned $91 million Canadian dollars ($69.8 million), or 11 Canadian cents a share, in its latest quarter. The company also trimmed costs, cutting oil sands operating costs by 12% to C$8.91 per barrel. That compares with a loss of C$641 million, or C77 cents, a year earlier.
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collected by :Jack Luxor
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Telstra posts surprise profit slump as fixed line, mobile revenue drops
He said Telstra would continue to spend money on its mobile network in regional Australia only "if the current regulatory settings remain in place". Unlike mobile and fixed products, Telstra network applications and services, which provide cloud services, increased revenue by 18 per cent to $225 million – the only product area to do so. There were also fewer people using Telstra dongles to access the internet, which reduced mobile broadband revenue from $639 million to $545 million. SHAREShare on Facebook SHAREShare on Twitter TWEETLink Telstra CEO Andrew Penn has posted an unexpected fall in earnings in the December half. Telstra noted churn – the rate of customers cancelling their subscriptions – increased as more customers moved to non-fixed contracts.
Cenovus Energy posts surprise quarterly profit
Cenovus Energy Inc. swung to a profit in the latest quarter, boosted by increased oil production. Total oil production climbed 10% to 291,551 barrels a day compared with the same period a year ago. The Calgary, Alberta-based oil producer earned $91 million Canadian dollars ($69.8 million), or 11 Canadian cents a share, in its latest quarter. The company also trimmed costs, cutting oil sands operating costs by 12% to C$8.91 per barrel. That compares with a loss of C$641 million, or C77 cents, a year earlier.
read more visit us profit
collected by :Jack Luxor
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