Ivanhoe Energy Inc. widened its third-quarter loss as costs to develop its oil properties grew and it took in less revenue than a year ago.
The Calgary-based heavy oil development company, which reports in U.S. dollars, said Wednesday its third quarter loss was $7.2-million (U.S.), or 2 cents per share, compared to $2.8-million, or a penny per share, a year ago.
Oil revenue fell to $4.2-million from $7.9-million in the third quarter of last year due to lower production volumes from its Chinese oil field.
It used $5.4-million in cash flows for operations compared to $1.2-million a year ago. General and administrative expenses also rose to $6.1-million from $4.4-million.
Capital investments increased to $20.4-million from $5.8-million as the company spent more for development activities in China.
Ivanhoe Energy's core operations are in Canada, Ecuador, China and Mongolia.