Cenovus announces second-quarter 2026 results

(TSX: CVE) (NYSE: CVE) Cenovus Energy Inc. announced its second-quarter 2026 financial and operating results, generating approximately $5.0 billion of adjusted funds flow and $3.8 billion of free funds flow. The company delivered Upstream production of 970.4 thousand barrels of oil equivalent per day (MBOE/d), with record quarterly Oil Sands production of 786.4 MBOE/d, and Downstream crude throughput of 451.5 thousand barrels per day (Mbbls/d), representing a 95% crude unit utilization rate. Total revenues were $17.4 billion in the second quarter, up from $12.4 billion in the first quarter of 2026, and net earnings increased to $2.9 billion from $1.6 billion in the prior quarter. Cenovus returned $1.4 billion to shareholders in the second quarter, including $1.0 billion through common share repurchases and $0.4 billion through common share dividends. The company achieved its interim net debt threshold of $6 billion, with net debt at $5.4 billion as at June 30, 2026, and fully repaid the remaining $2.2 billion outstanding on the term loan facility for the MEG Energy Corp. acquisition. The company projects to achieve an Upstream monthly production milestone in excess of one million BOE/d in July and targets to return approximately 75% of excess free funds flow to shareholders while net debt is between $6.0 billion and $4.0 billion. Capital investment guidance remains unchanged at $5.0 billion to $5.3 billion.

Cenovus announces closing of MEG Energy acquisition

(TSX:CVE) Cenovus Energy Inc. announced the completion of its acquisition of MEG Energy Corp. for $752 million of cash paid for 25.0 million MEG shares acquired through open market transactions, $3.44 billion of cash paid to MEG shareholders (other than Cenovus), and 143.9 million Cenovus common shares issued to MEG shareholders (other than Cenovus). Approximately $800 million of estimated net debt was assumed on closing. The acquisition immediately adds approximately 110,000 barrels per day of low-cost, long-life oil sands production to Cenovus. Cenovus will provide updated guidance to reflect the MEG acquisition with its 2026 budget on December 11, 2025. The MEG common shares are expected to be delisted by the Toronto Stock Exchange at the close of market on November 14, 2025. The company states that the synergies identified will create significant value over both the short and long term.

Cenovus announces 2026 capital budget and corporate guidance

(TSX:CVE) (NYSE:CVE) Cenovus Energy Inc. announced its 2026 capital budget and corporate guidance, with capital investment of between $5.0 billion and $5.3 billion, including approximately $350 million of capitalized turnaround costs. Upstream production is guided at between 945,000 BOE/d and 985,000 BOE/d, representing a year-over-year growth rate of approximately 4%, adjusted for the acquisition of MEG Energy Corp. Downstream crude throughput is expected to be between 430,000 bbls/d and 450,000 bbls/d, with a crude utilization rate of approximately 91% to 95%. General and administrative (G&A) costs, excluding stock-based compensation, are expected to remain flat relative to 2025 at $625 million to $675 million, with cost reductions and synergies offsetting the impact of the MEG acquisition. The company plans to invest $3.5 billion to $3.6 billion in its oil sands assets in 2026, and an additional $1.2 billion to $1.4 billion will be directed towards growth projects, including an expansion project at Christina Lake North. Cenovus expects to incur integration, transaction and other costs of approximately $150 million to $200 million in 2026. The company projects first oil from the West White Rose field in the second quarter of 2026 and production ramp up as additional wells are put into service.

Cenovus announces fourth-quarter and full-year 2025 results

(TSX: CVE) (NYSE: CVE): Cenovus Energy Inc. announced its fourth-quarter and full-year 2025 financial and operating results, reporting approximately $2.4 billion in cash from operating activities, $2.7 billion of adjusted funds flow, and $1.3 billion of free funds flow for the quarter. The company achieved record Upstream production of 917,900 barrels of oil equivalent per day (BOE/d) and Downstream crude throughput of 465,500 barrels per day (bbls/d), with an overall utilization rate of 98%. Cenovus completed the acquisition of MEG Energy Corp. in the fourth quarter and returned $1.1 billion to shareholders, including $714 million through common share purchases and $380 million through dividends. Total revenues for the fourth quarter were $10.9 billion, with Upstream revenues of $7.6 billion and Downstream revenues of $5.3 billion. As at December 31, 2025, long-term debt was $11.0 billion and net debt was $8.3 billion. The company projects to deliver $150 million of annual synergies in 2026 and 2027, growing to over $400 million annually in 2028 and beyond. The Board of Directors declared a quarterly base dividend of $0.20 per common share, payable on March 31, 2026.

Cenovus announces first-quarter 2026 results

Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) reported its first-quarter 2026 financial and operating results, generating approximately $3.4 billion of adjusted funds flow and $2.2 billion of free funds flow. The company achieved record Upstream production of 972,100 BOE/d and Downstream crude throughput of 458,500 bbls/d, with a crude unit utilization rate of 97%. The Board approved a 10% increase in the quarterly base dividend to $0.22 per share, starting in Q2 2026. Cenovus returned $1.0 billion to shareholders in the quarter and completed the acquisition of MEG Energy Corp. The company entered agreements to sell its Canadian commercial fuels business for expected cash proceeds of $275 million.