Loading...
•
Jun 30, 2025
•/
Cenovus Q2 2025 Earnings Report
Cenovus reported Q2 2025 earnings with strong operational execution despite lower upstream production and benchmark prices.
Key Takeaways
Cenovus delivered solid financial results in Q2 2025, achieving $851 million in net income and executing major turnarounds ahead of schedule. While revenue declined quarter-over-quarter, the company successfully advanced key growth projects and returned significant capital to shareholders.
Generated $12.3 billion in total revenue and $851 million in net income.
Adjusted EPS was $0.84 with free funds flow of $355 million.
Achieved first oil at Narrows Lake and progressed West White Rose and Foster Creek projects.
Returned $819 million to shareholders through buybacks, dividends, and preferred share redemption.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cenovus revised its 2025 outlook slightly, reducing upstream production targets while increasing throughput and lowering expected turnaround expenses.
Positive Outlook
- Upstream production guidance remains robust despite temporary shutdowns.
- Increased Canadian downstream throughput guidance by 5,000 bbls/d.
- Lower expected Canadian Refining unit costs due to higher utilization.
- Reduced downstream turnaround expense midpoint by $45 million.
- No change to capital investment guidance, reinforcing stability.
Challenges Ahead
- Upstream production midpoint lowered by 10,000 BOE/d.
- Rush Lake outage due to steam release impacted thermal production.
- Sunrise production reduced due to planned maintenance.
- Market capture in U.S. refining declined from 62% to 58%.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...