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CALGARY - On Friday, Cenovus Energy Inc. (NYSE:CVE) reported third-quarter earnings that surpassed analyst expectations, driven by record production volumes in both its upstream and downstream operations.
The Canadian energy company posted adjusted earnings per share of C$0.72, exceeding the analyst consensus of C$0.52 by C$0.20. Revenue came in at C$13.2 billion, slightly below the consensus estimate of C$13.5 billion.
Cenovus achieved record upstream production of 832,900 barrels of oil equivalent per day (BOE/d) in the quarter, up from 765,900 BOE/d in the previous quarter. The company also reported record downstream crude throughput of 710,700 barrels per day (bbls/d), representing a utilization rate of 99%.
"We delivered record volumes in both our Upstream and Downstream businesses this quarter, while maintaining our commitment to safe, reliable and cost-effective operations," said Jon McKenzie, Cenovus President & Chief Executive Officer.
Cash from operating activities reached C$2.1 billion, while adjusted funds flow was C$2.5 billion, up from C$1.5 billion in the prior quarter. The company generated C$1.3 billion in free funds flow and returned the same amount to shareholders through C$918 million in share repurchases and C$356 million in dividends.
The company’s Oil Sands segment achieved record production of approximately 642,800 BOE/d, with Christina Lake production increasing to 251,700 bbls/d from 217,900 bbls/d in the previous quarter. Foster Creek production rose to 215,400 bbls/d from 186,100 bbls/d.
Cenovus also announced that its acquisition of MEG Energy Corp. is expected to close in mid-November, subject to shareholder and court approvals.
The company declared a quarterly base dividend of C$0.20 per common share, payable on December 31, 2025, to shareholders of record as of December 15, 2025.
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