- Canadian Oil Sands (OTCQX:COSWF) reports a Q1 net loss and announces further cuts in its 2015 capital spending plan to cope with the sharp drop in crude oil prices.
- COSWF says it lost C$186M, or C$0.38/share, in the quarter, citing the decline in crude prices and a weaker Canadian currency; a year ago, it posted a net profit of C$172M, or C$0.35/share.
- Cash flow fell 78% to C$76M in Q1, down from C$357M a year ago; current net debt is C$2.2B and poised to peak in Q2 before declining later in the year.
- The company also cuts its FY 2015 capital spending budget by nearly 5% to C$429M from its previous plan to spend C$451M and an initial budget of C$564M.