Ivanhoe Energy Q1 loss widens on higher costs
May 11 (Reuters) - Canadian heavy oil producer Ivanhoe Energy Inc posted a wider quarterly loss hurt by higher costs.
The company, which has operations in Canada, Ecuador, China and Mongolia, said January-March net loss was $11.1 million, or 3 cents a share, compared with a loss of $6.8 million, or 2 cents, a year ago.
Revenue rose 55 percent to $8.2 million.
It had cash and cash equivalents of $80.8 million at March 31.
The company also said production at its Dagang field in China rose 25 percent to 90,599 net barrels of oil after royalties.
Shares of the Calgary, Alberta-based company closed at C$2.47 on Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Sriraj Kalluvila)
The company, which has operations in Canada, Ecuador, China and Mongolia, said January-March net loss was $11.1 million, or 3 cents a share, compared with a loss of $6.8 million, or 2 cents, a year ago.
Revenue rose 55 percent to $8.2 million.
It had cash and cash equivalents of $80.8 million at March 31.
The company also said production at its Dagang field in China rose 25 percent to 90,599 net barrels of oil after royalties.
Shares of the Calgary, Alberta-based company closed at C$2.47 on Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Sriraj Kalluvila)
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