Canadian energy companies Cenovus and Husky posted huge quarterly losses on Wednesday, hit by the double whammy of a significant drop in demand for crude oil caused by the coronavirus outbreak and a price war between Saudi Arabia and Russia. Husky chief executive Rob Peabody said the company was hit hard by that dramatic plunge in the price of oil. Peabody said Husky has shut in 80,000 barrels per day of Canadian upstream oil production. Husky Energy has slashed its payout to shareholders by 90 per cent. (CBC)Cenovus CEO Alex Pourbaix said the oil industry is experiencing an unprecedented situation because of the pandemic and the international oil price war.

Source: CBC News April 29, 2020 12:39 UTC