The earnings call reflects a strong operational quarter with significant milestones achieved in key projects despite challenges such as wildfires and operational issues. The financial performance was solid with substantial returns to shareholders. However, some operational setbacks and financial impacts were noted.

Company Guidance -

Q3 2025

During the Cenovus Energy Second Quarter 2025 Results Conference Call, the company provided updates on several key metrics and operations. They reported upstream production of 766,000 BOE per day, despite challenges such as wildfires and maintenance activities. The Christina Lake facility achieved 250,000 barrels per day after a brief shutdown due to a nearby wildfire. In the downstream segment, the company generated an operating margin of approximately $220 million, with Canadian refining achieving a new quarterly high crude throughput of 112,000 barrels per day. The West White Rose Project progressed ahead of schedule, with major components being successfully installed. Financially, Cenovus generated $2.1 billion in operating margin and $1.5 billion in adjusted funds flow, reducing net debt to approximately $4.9 billion. The company also continued substantial shareholder returns, including $819 million through dividends and share buybacks.

Exceptional Operating Performance

Cenovus delivered exceptional operating performance with a production rate of 766,000 BOE per day despite challenges. The company completed turnarounds at Foster Creek and Sunrise ahead of schedule and under budget.

Successful First Oil at Narrows Lake

Narrows Lake produced first oil in July 2025, marking a significant milestone with production averaging over 250,000 barrels a day.

West White Rose Project Advancements

The concrete gravity structure and topsides at West White Rose were successfully placed ahead of schedule, with first oil expected in Q2 2026.

Strong Downstream Results

Canadian refining achieved a new quarterly high in crude throughput with a utilization rate of 104%.

Financial Strength and Shareholder Returns

Generated $2.1 billion of operating margin and $1.5 billion of adjusted funds flow, with $819 million returned to shareholders through dividends and buybacks.

Cenovus Energy (CVE) Earnings, Revenues Date & History

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CVE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	0.27 / -	0.304	―	―	―
Jul 31, 2025	2025 (Q2)	0.10 / 0.33	0.383	-15.09% (-0.06)
May 08, 2025	2025 (Q1)	0.28 / 0.34	0.448	-24.19% (-0.11)
Feb 20, 2025	2024 (Q4)	0.14 / 0.05	0.282	-82.05% (-0.23)
Oct 31, 2024	2024 (Q3)	0.32 / 0.30	0.701	-56.70% (-0.40)
Aug 01, 2024	2024 (Q2)	0.48 / 0.38	0.318	20.45% (+0.07)
May 01, 2024	2024 (Q1)	0.37 / 0.45	0.231	93.75% (+0.22)
Feb 15, 2024	2023 (Q4)	0.24 / 0.28	0.282	0.00% (0.00)
Nov 02, 2023	2023 (Q3)	0.69 / 0.70	0.585	19.75% (+0.12)
Jul 27, 2023	2023 (Q2)	0.29 / 0.32	0.86	-63.03% (-0.54)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CVE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$15.07	$15.23	+1.06%
May 08, 2025	$11.64	$12.63	+8.51%
Feb 20, 2025	$15.32	$14.99	-2.15%
Oct 31, 2024	$16.20	$15.62	-3.58%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.