Cenovus Energy (NYSE: CVE) reported Q4 EPS of ($1.10), versus ($0.63) reported last year.

“In the fourth quarter, in some of the most difficult macro-economic conditions we’ve ever faced and while voluntarily managing our oil sands production lower, we remained relatively cash-flow neutral and continued to deleverage our balance sheet. I believe we are well positioned to make material progress on our business plan and further deleverage in 2019,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “Over the past year, Cenovus has become a stronger company through our focus on capital discipline and cost leadership while maintaining safe and reliable operations.”

“While our operational performance in 2018 was excellent, our overall financial results were impacted by the challenging Canadian commodity price environment, particularly in the fourth quarter, as well as our realized hedging losses for the year,” said Pourbaix. “That said, I remain optimistic about our prospects for 2019. With the ramp-up of additional rail transport capacity this year and the anticipated start-up of Enbridge’s Line 3 Replacement Project, we expect the overall pricing environment to be better than in 2018.”

For earnings history and earnings-related data on Cenovus Energy (CVE) click here.