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Jun 30
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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.
Cenovus
Cenovus
Cenovus Revenue by Segment
Cenovus Revenue by Geographic Location
Revenue by Segment
Upstream Revenue
CapyFin.comDownstream Revenue
CapyFin.comRevenue by Geographic Location
Canada Revenue
CapyFin.comUnited States Revenue
CapyFin.com 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%.
- Overall revenue and operating margin declined QoQ due to lower oil prices.