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Connacher Takes Hit in 2Q; Revenue Drops 39%
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Connacher Oil and Gas Limited reported its financial and operating results for the quarter-ended June 30, 2015 (all amounts are in Canadian dollars unless otherwise noted).
Q2 2015 Highlights Q2 2015 revenue, net of royalties, decreased 39% to $71.3 million (Q2 2014 - $116.4 million ), primarily due to the decline in crude oil prices, partially offset by higher sales volumes In Q2 2015, production and operating costs decreased 35% to $20.1 million (Q2 2014 - $31.0 million ), primarily as a result of lower natural gas costs and the realization of operating cost reduction initiatives Q2 2015 blending costs decreased 31% to $18.3 million (Q2 2014 - $26.4 million ), primarily due to lower diluent pricing, partially offset by higher diluent volumes associated with increased bitumen…- ✓ Full news archive — U.S., Canada & international coverage
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