Cenovus posts smaller loss as production more than doubles

Canadian oil producer Cenovus Energy Inc

reported a smaller third-quarter loss on Thursday as its purchase of ConocoPhillips' Canadian oil-sands assets more than doubled production.

Total production rose to 590,851 barrels of oil equivalent per day from 273,405 boed a year earlier.

Cenovus paid $13.3 billion in March to buy ConocoPhillips' Canadian oil sands assets. The company trimmed its full-year spending by C$100 million, saying it would not impact production in its core areas.

Cenovus said it continues to target C$4 billion to C$5 billion in asset sales in 2017.

Net loss narrowed to C$69 million ($53.76 million), or 6 Canadian cents per share, in the quarter ended Sept 30 from a loss of C$251 million, or 30 Canadian cents per share, a year earlier.

Third-quarter loss includes a charge of C$440 million related to the sale of its Pelican Lake assets.

(Reporting by John Benny in Bengaluru; Editing by Anil D'Silva)