Cenovus Energy (NYSE: CVE) reported Q3 EPS of ($0.37), $0.35 worse than the analyst estimate of ($0.02).

“The third quarter clearly demonstrated the strength and reliability of our operations and our ability to effectively manage production and sales by storing barrels when prices declined and then capitalizing on a price recovery to optimize returns,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “We continue to find ways to optimize our cost structure, expand our market access, and strengthen the balance sheet. We believe the proposed transaction with Husky Energy, announced earlier this week, will address these priorities, positioning us to come through this period more resilient, with increased and stable free funds flow, supporting accelerated deleveraging and returns to shareholders.”

“Teams from both Cenovus and Husky are moving the process along so that we can be in a position to implement the vision of the new company as soon as possible,” said Pourbaix, who will lead the combined entity as President & Chief Executive Officer following a closing anticipated in the first quarter of 2021. “We’re very excited about the opportunities that the combination of our two companies creates for all of our stakeholders.”

“Our people in the field have done an excellent job of maintaining strong operating performance even as we reduced capital spending due to the lower price environment and the challenges brought on by COVID-19,” said Pourbaix. “Safe and reliable operations will continue to be a priority, along with a commitment to finding ways of further reducing our overall costs to help us maintain our competitive advantage and remain an attractive long-term investment.”

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