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Sep 30, 2025
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Cenovus Q3 2025 Earnings Report
Cenovus reported strong Q3 2025 results with record upstream and downstream volumes, increased earnings, and a boost in operating margin.
Key Takeaways
Cenovus Energy achieved record production and downstream throughput in Q3 2025. The company posted higher net income and EPS compared to the prior quarter, driven by stronger oil prices, improved margins, and cost-effective operations. Shareholder returns totaled $1.3 billion for the quarter.
Total revenue rose to $13.2 billion in Q3 2025.
Net income increased to $1.286 billion from $851 million in Q2.
Record upstream production reached 832,900 BOE/d.
Returned $1.3 billion to shareholders through buybacks and dividends.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cenovus revised its 2025 guidance following the WRB Refining LP divestiture, reflecting lower U.S. downstream throughput and turnaround costs. The company continues advancing key growth projects and expects first oil from West White Rose in Q2 2026.
Positive Outlook
- Foster Creek optimization is 98% complete and boosting production.
- West White Rose commissioning is on track with drilling to begin Q4.
- Narrows Lake began production and is ramping up.
- Strong cash position reinforced by $1.8B WRB divestiture proceeds.
- Updated NCIB program planned to repurchase up to 120M shares.
Challenges Ahead
- Lower U.S. downstream throughput guidance post-WRB sale.
- Rush Lake thermal facilities remain temporarily shut-in.
- Minor offshore production decline due to China maintenance.
- Inventory holding losses impacted refining margins ($80M).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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