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Prices of Canadian heavy oil have fallen in relation to the US benchmark due to transportation bottlenecks, but a recent move by the province of Alberta to impose output curbs on oil producers has eased a supply glut.
Cenovus said its production fell 10 percent to 432,713 barrels of oil equivalent per day. Analysts on average were expecting Cenovus to produce about 451,000 boe/d, according to IBES data from Refinitiv.
During the quarter, differentials between Canadian crude and US benchmark prices reached record highs.
Cenovus' net loss widened to C$1.35 billion ($1.02 billion), or C$1.10 per share, in the fourth quarter ended Dec. 31, from C$776 million, or 63 Canadian cents per share, in the year-ago period.