Canada's Cenovus Energy posts second-quarter loss
(Adds Q2 details, background on debt)
July 26 (Reuters) - Cenovus Energy reported a quarterly loss on Thursday, as the Canadian oil producer sold off some of its assets to reduce debt.
The Calgary, Alberta-based company has cut jobs, sold off assets and named a new CEO to clean up its balance sheet following an unpopular deal with Conocophillips in March last year that burdened it with heavy debt.
Cash from operating activities was C$533 million ($409 million) in the second quarter, compared with C$1.2 billion a year earlier.
Cenovus, like other oil and gas producers, has been negotiating with rail companies to transport oil as pipelines run in full capacity.
Cenovus said on Thursday it is beginning to see increased activity across its rail loading facilities.
The company's net loss was C$410 million ($314.44 million), or 33 Canadian cents per share, in the quarter ended June 30, compared with a profit of C$2.56 billion, or C$2.30 per share, a year earlier.
Total production rose 61 percent to 518,530 barrels of oil equivalent per day.. ($1 = C$1.30) (Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)
