The company took a C$497 million goodwill impairment on Pelican Lake because of both lower oil prices and the slower development plans for the project.
As a result of falling refined product and crude oil prices in the fourth quarter, Cenovus chopped its refining cash flow with an inventory writedown of C$110 million and a C$163 million adjustment related to accounting policy differences between Canada and the US.
Cenovus
