CENOVUS ENERGY (CVE) Company Report

Analyst Coverage

Research analysts who have asked questions during CENOVUS ENERGY earnings calls.

Dennis Fong

CIBC World Markets

7 questions for CVE

Also covers: BTE, CNQ, IMO +2 more

Greg Pardy

RBC Capital Markets

7 questions for CVE

Also covers: BTE, CNQ, GTE +4 more

Menno Hulshof

TD Cowen

7 questions for CVE

Also covers: BTE, CNQ, IMO +2 more

Neil Mehta

Goldman Sachs

7 questions for CVE

Also covers: AESI, APA, AR +36 more

Manav Gupta

UBS Group

6 questions for CVE

Also covers: ADM, AMTX, BE +35 more

Patrick O'Rourke

ATB Capital Markets

4 questions for CVE

Also covers: CNQ, IMO, SU +1 more

John Royall

JPMorgan Chase & Co.

3 questions for CVE

Also covers: CASY, CNQ, CVI +13 more

Chris Varcoe

Calgary Herald

2 questions for CVE

Emma Graney

The Globe and Mail

2 questions for CVE

Travis Wood

National Bank Financial

2 questions for CVE

Also covers: VET

Alex Bill

allNewfoundlandLabrador

1 question for CVE

Harry Mateer

Barclays

1 question for CVE

Also covers: TRGP

Robert Tuttle

Bloomberg News

1 question for CVE

Latest news

Recent press releases and 8-K filings for CVE.

Cenovus Energy Announces Fourth-Quarter and Full-Year 2025 Results

CVE

Earnings

M&A

Share Buyback

Cenovus Energy Inc. reported net earnings of $3.930 billion for the full year 2025 and $934 million for the fourth quarter of 2025.
For the full year 2025, the company generated adjusted funds flow of $8.871 billion and free funds flow of $3.964 billion.
In Q4 2025, Cenovus achieved record Upstream production of 917,900 barrels of oil equivalent per day (BOE/d) and sustained strong Downstream performance with 465,500 barrels per day (bbls/d) crude throughput, representing 98% utilization.
The company completed the acquisition of MEG Energy Corp. in the fourth quarter of 2025 and returned $1.1 billion to shareholders in Q4 2025 through common share purchases and dividends.
As of December 31, 2025, long-term debt was $11.032 billion and net debt was $8.292 billion.

Feb 19, 2026, 6:21 PM

6-K

Cenovus Energy Reports Record Q4 2025 Production and Strong Financial Results

CVE

Earnings

M&A

Share Buyback

Cenovus Energy achieved record upstream production of 834,000 BOE per day in 2025, a 3% increase from 2024 (excluding the MEG Energy acquisition), and its downstream refineries operated at a combined 95% utilization rate. The company also reduced total upstream non-fuel operating costs by approximately 4%.
In Q4 2025, Cenovus generated approximately CAD 2.8 billion of operating margin and CAD 2.7 billion of adjusted funds flow, with upstream production reaching a record 918,000 BOE per day.
The MEG Energy acquisition was successfully closed on November 13th, 2025, adding over 100,000 barrels a day of resource, and the company expects to deliver CAD 150 million of annual synergies in 2026 and 2027, growing to over CAD 400 million by the end of 2028. Cenovus also sold its interest in the WRB Refining joint venture at the end of Q3 2025.
Net debt stood at approximately CAD 8.3 billion at the end of Q4 2025, an increase of about CAD 3 billion due to the MEG transaction, partly offset by CAD 1.9 billion from the WRB sale.
Cenovus returned CAD 1.1 billion to shareholders in Q4 2025, comprising CAD 714 million through share buybacks and CAD 380 million through dividends. The company aims to increase shareholder returns to around 75% of excess free funds flow once net debt reaches CAD 6 billion.

Feb 19, 2026, 4:00 PM

Transcript

Cenovus Energy Reports Strong Q4 and Full-Year 2025 Results, Highlights Strategic Progress

CVE

Earnings

M&A

Share Buyback

Cenovus Energy reported record upstream production of 918,000 BOE per day in Q4 2025, with full-year 2025 upstream production reaching 834,000 BOE per day, a 3% increase from 2024 (excluding the MEG Energy acquisition impact).
The company generated approximately CAD 2.8 billion in operating margin and CAD 2.7 billion in adjusted funds flow in Q4 2025, contributing to CAD 1.1 billion in shareholder returns through CAD 714 million in share buybacks and CAD 380 million in dividends.
Cenovus successfully closed the MEG Energy acquisition on November 13, adding over 100,000 barrels a day of resource, and expects to achieve CAD 150 million in annual synergies in 2026-2027, growing to over CAD 400 million by the end of 2028.
Net debt stood at approximately CAD 8.3 billion at the end of Q4 2025, with a long-term target of CAD 4 billion, and the company plans to increase shareholder returns to around 75% of excess free funds flow once net debt reaches CAD 6 billion.
Full-year 2025 capital spending was CAD 4.9 billion, with 2026 growth spend projected to be approximately CAD 300 million lower year-over-year, focusing on brownfield development and debottlenecking projects like the CAD 250 million Spruce Lake solvent project.

Feb 19, 2026, 4:00 PM

Transcript

Cenovus Energy Reports Record Production and Strong Financial Results in Q4 and Full-Year 2025

CVE

Earnings

M&A

New Projects/Investments

Cenovus Energy achieved record upstream production of 834,000 BOE per day in 2025, a 3% increase from 2024 (excluding the MEG acquisition), and 918,000 BOE per day in Q4 2025, exiting December 2025 with production over 970,000 BOE per day.
The company completed the acquisition of MEG Energy in November 2025, adding over 100,000 barrels a day, and divested its interest in the WRB Refining joint venture. Cenovus anticipates CAD 150 million in annual synergies from the MEG acquisition in 2026-2027, growing to over CAD 400 million annually by the end of 2028.
In Q4 2025, Cenovus generated approximately CAD 2.8 billion in operating margin and CAD 2.7 billion in adjusted funds flow. The company returned CAD 1.1 billion to shareholders in Q4 2025 through CAD 714 million in share buybacks and CAD 380 million in dividends. Net debt stood at approximately CAD 8.3 billion at year-end 2025, with a long-term target of CAD 4 billion.
Key growth projects progressed, including the Foster Creek optimization project which delivered 30,000 barrels a day of growth, and the company expects first oil from West White Rose in Q2 2026. Additionally, extended gas sales agreements in China are projected to add nearly CAD 2 billion in incremental free cash flow.

Feb 19, 2026, 4:00 PM

Transcript

Cenovus Energy Inc. Announces Fourth-Quarter and Full-Year 2025 Results

CVE

Earnings

M&A

Share Buyback

Cenovus Energy Inc. reported adjusted funds flow of $2.7 billion for Q4 2025 and $8.9 billion for the full year 2025.
The company achieved record Upstream production of 917,900 BOE/d in Q4 2025 and maintained strong Downstream performance with 465,500 bbls/d crude throughput at 98% utilization.
The acquisition of MEG Energy Corp. was completed in Q4 2025, with anticipated annual synergies of $150 million in 2026 and 2027, growing to over $400 million annually from 2028.
Cenovus returned $1.1 billion to shareholders in Q4 2025 through common share purchases and dividends, and declared a quarterly base dividend of $0.20 per common share.
Net debt increased to $8.3 billion as of December 31, 2025, following the MEG acquisition.

Feb 19, 2026, 11:00 AM

Press Release

Cenovus Energy Reports Strong Q4 Results with C$934M Net Income

CVE

Earnings

Dividends

M&A

Cenovus Energy reported a net income of approximately C$934 million for Q4, with an adjusted EPS of $0.36, surpassing the consensus estimate of $0.28.
The company achieved record upstream volumes near 918,000 boe/d and maintained near-full downstream utilization at 98%.
Cash from operations increased to C$2.41 billion and adjusted funds flow rose to C$2.67 billion, allowing the company to fund dividends and buybacks.
A quarterly dividend of C$0.20 per share was declared, payable on March 31, 2026.

Feb 18, 2026, 5:16 PM

Morningstar

Gold Candle Provides 2025 Exploration Update and Outlines Ambitious 2026 Program

CVE

New Projects/Investments

Guidance Update

Gold Candle Ltd. reported successful 2025 exploration results for its Kerr-Addison gold deposit, including extending the Open Pit mineralization by approximately 200 metres to the east and confirming grades in line with or higher than existing resources.
The company's Kerr-Addison project currently hosts Indicated gold resources of 3.3 million ounces and Inferred gold resources of 2.4 million ounces.
For the Geminid nickel deposit, 2025 drilling increased the strike length by approximately 150-200 metres, and an updated resource estimate is anticipated in Q2 2026 with expected increases in grade and tonnes.
Gold Candle plans its largest exploration program in history for 2026, budgeting 120,000 metres of drilling across its properties, with a Preliminary Economic Assessment for Kerr-Addison scheduled for Q3 2026.

Jan 12, 2026, 7:20 PM

Press Release

Cenovus Energy Inc. announces 2026 capital budget and corporate guidance

CVE

Guidance Update

New Projects/Investments

Cenovus Energy Inc. announced its 2026 capital budget will range from $5.0 billion to $5.3 billion, which includes approximately $350 million for capitalized turnaround costs.
The company projects upstream production for 2026 to be between 945,000 BOE/d and 985,000 BOE/d, representing an approximate 4% year-over-year growth rate.
Downstream crude throughput is expected to be between 430,000 bbls/d and 450,000 bbls/d, achieving a crude utilization rate of 91% to 95%.
General and administrative (G&A) costs, excluding stock-based compensation, are anticipated to remain flat relative to 2025, at $625 million to $675 million.

Dec 11, 2025, 2:31 PM

6-K

Cenovus Energy Announces 2026 Capital Budget and Corporate Guidance

CVE

Guidance Update

New Projects/Investments

M&A

Cenovus Energy announced its 2026 capital budget will range from $5.0 billion to $5.3 billion, including approximately $350 million for capitalized turnaround costs.
The company forecasts 2026 upstream production between 945,000 and 985,000 barrels of oil equivalent per day (BOE/d), representing an approximate 4% year-over-year growth adjusted for the MEG acquisition.
Downstream crude throughput for 2026 is projected to be 430,000 to 450,000 barrels per day (bbls/d), with a crude utilization rate of 91% to 95%.
General and administrative (G&A) costs, excluding stock-based compensation, are expected to remain flat at $625 million to $675 million in 2026.
Cenovus has adjusted its shareholder returns framework, targeting 50% of excess free funds flow (EFFF) to shareholders when net debt is above $6.0 billion, increasing to 75% between $6.0 billion and $4.0 billion, and 100% upon reaching the $4.0 billion net debt target.

Dec 11, 2025, 11:00 AM

Press Release

Cenovus Energy Announces Closing of Senior Notes Offering and Redemption of Existing Notes

CVE

Debt Issuance

Cenovus Energy Inc. completed a $2.6 billion public offering of senior notes on November 20, 2025.
The offering included four tranches of unsecured notes with maturities ranging from 2031 to 2036 and interest rates from 4.250% to 5.400%.
Concurrently, Cenovus announced the redemption of three outstanding notes totaling $750 million, US$373 million, and US$600 million.
These redemptions are scheduled for December 1, 2025, and December 22, 2025.
The net proceeds from the offering will be used to refinance the notes being redeemed and for general corporate purposes.