Ivanhoe Energy Inc. , a Calgary-based global company developing heavy oil projects and natural gas fields, cut its fourth-quarter losses as the company generated higher revenues.
Ivanhoe reported Thursday its fourth quarter net loss from continuing operations dropped to $9.2 million (U.S.) or 3 cents a share from $11.9 million or four cents a year earlier.
The company, which reports in U.S. dollars, said gross oil revenue in the fourth quarter rose to $6.2 million from $5.3 million.
Ivanhoe has been investing to develop its heavy oil business in Western Canada and Ecuador and to advance its natural gas operations in China.
In the fourth quarter, its capital investment spending jumped to $25.3 million from $8.7 million a year earlier.
For the full year, Ivanhoe Energy's net loss fell to $29.1 million from $37.7 million, while gross annual revenues dropped to $21.7 million from just under $25 million.
"During 2010, Ivanhoe Energy made tremendous progress on several fronts across each of our core assets, setting the stage for our team to continue executing within each of our geographical regions," said David Dyck, president and chief operating officer, said in a release before stock markets opened.
"In 2011, we will build on the successes and achievements of the past year, and our efforts to accelerate various discussions and due diligence activities to establish strategic partnerships and financing arrangements continues to be a key focus of our management team."
Ivanhoe Energy is an international heavy oil development and production company focused on advancing its proprietary heavy oil upgrading process it calls HTL.
The company's core operations are heavy oil interests in Canada and Ecuador, and natural gas operations in China, with business development opportunities worldwide.
In Canada, Ivanhoe Energy is trying to develop its wholly owned Tamarack project in Alberta, a development expected to produce about 40,000 barrels of heavy oil a day for at least 30 years.