Ivanhoe Cuts Q2 Losses as Revenue Falls

Canadian company Ivanhoe Energy has reduced its second-quarter net loss compared with the same period last year but oil revenues fell on lower crude prices. While net loss stood at $11.4m, compared with $21.7m in the same quarter 2008, oil revenue was $6m, down from $11.7m last year.

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Canadian company Ivanhoe Energy has reduced its second-quarter net loss compared with the same period last year but oil revenues fell on lower crude prices.

While net loss stood at $11.4m, compared with $21.7m in the same quarter 2008, oil revenue was $6m, down from $11.7m last year.

Total revenue and derivative gain was $4.8m compared with total revenue after derivative loss of $3.3m.

Ivanhoe’s core operations are in Canada, Ecuador and China. IE (TSX) fell $0.01 to $1.37.

Ivanhoe president and CEO Robert Friedland said he was pleased with the position.

“The company has consolidated and focused on its core heavy-oil business and the development of two heavy-oil assets – Tamarack in Canada and Pungarayacu in Ecuador,” Friedland said.