Cenovus Energy Inc. reported third‑quarter 2025 results on October 31, 2025, showing total revenue of $13.2 billion, up 7.5% from $12.3 billion in the prior quarter. Upstream revenue was $6.7 billion, slightly down from $6.8 billion, while downstream revenue rose to $8.4 billion from $7.7 billion. Operating margin reached $3.0 billion, a 43% increase over the previous quarter, driven by higher production volumes and favorable oil prices.
Production reached a record 832,900 barrels of oil equivalent per day (BOE/d) upstream and 710,700 barrels per day of downstream throughput, with a 99% utilization rate. First oil from Narrows Lake was achieved in July, and the Foster Creek optimization project added 80,000 barrels of steam capacity, supporting a 30,000‑barrel increase in production. West White Rose topsides were installed and subsea tie‑ins completed, positioning the project for first oil in Q2 2026.
Cash from operating activities was $2.1 billion, and adjusted funds flow reached $2.5 billion, generating $1.3 billion of free funds flow. The company received $1.8 billion in cash from the sale of its 50% interest in WRB Refining, and repurchased $918 million of shares, reducing net debt to $5.3 billion. The board also declared a quarterly base dividend of $0.20 per share, payable December 31, 2025.
Cenovus updated its 2025 guidance following the sale of WRB and the MEG transaction, noting that the MEG deal is expected to close in mid‑November. Management emphasized continued focus on cost discipline, production ramp‑ups, and capital efficiency, reinforcing its target of $4 billion net debt and a fully supported base dividend at $45 WTI.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.