Cenovus Energy Inc

Latest Results (25.10.2025):

Cenovus Energy Inc. reported its third-quarter 2025 financial results, highlighting record production and crude throughput in both its upstream and downstream operations. The company also announced significant strategic moves, including the amended agreement to acquire MEG Energy Corp. and substantial share repurchases, positioning Cenovus for continued growth and financial strength.

Record Production and Throughput

In Q3 2025, Cenovus achieved a total upstream production of approximately 832,000 barrels of oil equivalent per day (BOE/d), with the Oil Sands segment reaching a record 640,000 barrels per day (bbls/d). Downstream crude throughput also hit a record of around 712,000 bbls/d, including 606,000 bbls/d in U.S. Refining, resulting in a downstream utilization rate of 98.8%.

Strategic Acquisitions and Agreements

Cenovus entered into an amended agreement to acquire MEG Energy Corp., offering MEG shareholders a mix of cash and Cenovus shares. This move is expected to enhance Cenovus’s market position and unlock synergies from the combined operations.

Debt Reduction and Share Repurchases

The company reduced its net debt from approximately $5.3 billion to $3.5 billion following the sale of its 50% interest in WRB Refining LP to Phillips 66 for around $1.8 billion. Additionally, Cenovus repurchased approximately 40.4 million shares in Q3 for $900 million, with plans to continue accelerated share buybacks in the coming months.

Progress on Growth Projects

Cenovus’s major growth projects are advancing on schedule, with increased volumes at Narrows Lake. First oil from the Foster Creek Optimization project is expected in early 2026, and from West White Rose in Q2 2026, supporting the company’s long-term production growth strategy.