CENOVUS ENERGY (CVE) Company Report

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.

Nov 21, 2025, 1:15 AM

6-K

Cenovus Energy Inc. Announces U.S.$1 Billion Debt Offering and Concurrent CAD Offering

CVE

Debt Issuance

Cenovus Energy Inc. is issuing U.S.$500,000,000 of 4.650% Notes due 2031 and U.S.$500,000,000 of 5.400% Notes due 2036.
The 2031 Notes have a public offering price of 99.800% and a yield to maturity of 4.694%, while the 2036 Notes have a public offering price of 99.828% and a yield to maturity of 5.423%.
The settlement date for these notes is November 20, 2025.
The net proceeds from this offering, combined with a concurrent CAD offering, will be used to fund the redemption of existing senior notes, including $750 million of 3.60% notes due 2027, U.S.$373 million of 4.25% notes due 2027, and MEG's U.S.$600 million of 5.875% notes due 2029, in addition to general corporate purposes.
Concurrently, Cenovus is also offering $650,000,000 aggregate principal amount of senior unsecured notes due 2033 and $550,000,000 aggregate principal amount of senior unsecured notes due 2035 in a separate CAD offering.

Nov 19, 2025, 9:57 PM

6-K

Cenovus Energy announces senior notes offering

CVE

Debt Issuance

Cenovus Energy Inc. announced the pricing of a $2.6 billion aggregate principal amount offering of senior unsecured notes.
The offering consists of four tranches across Canadian dollar and U.S. dollar denominations, with coupon rates ranging from 4.25% to 5.40% and maturities between March 20, 2031, and November 20, 2035.
Cenovus intends to use the net proceeds to fund the redemption of existing senior notes totaling $750 million (3.60% due 2027), US$373 million (4.25% due 2027), and MEG Energy Corp.'s US$600 million (5.875% due 2029), and for general corporate purposes.
The offerings are expected to close on November 20, 2025.

Nov 19, 2025, 11:01 AM

6-K

Cenovus Energy Prices $2.6 Billion Senior Unsecured Notes Offering

CVE

Debt Issuance

Cenovus Energy Inc. priced an offering of $2.6 billion in aggregate principal amount of senior unsecured notes on November 18, 2025.
The offering consists of four tranches: $650 million Canadian Notes at 4.25% due March 20, 2033, $550 million Canadian Notes at 4.60% due November 20, 2035, US$500 million U.S. Notes at 4.65% due March 20, 2031, and US$500 million U.S. Notes at 5.40% due March 20, 2036.
Cenovus intends to use the net proceeds to fund the redemption of its $750 million aggregate principal amount of 3.60% senior notes due 2027, its US$373 million aggregate principal amount of 4.25% senior notes due 2027, and MEG Energy Corp.'s US$600 million aggregate principal amount of 5.875% senior notes due 2029, in addition to general corporate purposes.
The offerings are expected to close on November 20, 2025, subject to customary closing conditions.

Nov 19, 2025, 1:50 AM

Press Release

Cenovus Energy Completes MEG Energy Acquisition

CVE

M&A

New Projects/Investments

Guidance Update

Cenovus Energy Inc. (CVE) announced the completion of its acquisition of MEG Energy Corp. on November 13, 2025.
The total consideration paid by Cenovus included $752 million in cash for 25.0 million MEG shares, $3.44 billion in cash to MEG shareholders, 143.9 million Cenovus common shares issued, and approximately $800 million of estimated net debt assumed.
This acquisition is expected to immediately add approximately 110,000 barrels per day of low-cost, long-life oil sands production to Cenovus.
Cenovus will provide updated guidance to reflect the MEG acquisition with its 2026 budget on December 11, 2025.

Nov 13, 2025, 3:47 PM

6-K

Cenovus Completes MEG Energy Acquisition

CVE

M&A

New Projects/Investments

Guidance Update

Cenovus Energy Inc. completed its acquisition of MEG Energy Corp. on November 13, 2025, which strengthens its portfolio of long-life, low-cost oil sands assets.
The total consideration for the acquisition included $752 million in cash for 25.0 million MEG shares, $3.44 billion in cash paid to MEG shareholders, the issuance of 143.9 million Cenovus common shares, and the assumption of approximately $800 million in estimated net debt.
This acquisition immediately adds approximately 110,000 barrels per day of low-cost, long-life oil sands production to Cenovus.
Cenovus will provide updated guidance reflecting the MEG acquisition with its 2026 budget on December 11, 2025.

Nov 13, 2025, 3:22 PM

Press Release

Cenovus Energy announces renewal of share buyback program

CVE

Share Buyback

Cenovus Energy Inc. announced the renewal of its normal course issuer bid (NCIB), approved by the Toronto Stock Exchange, allowing for the purchase of up to 120,250,990 common shares between November 11, 2025, and November 10, 2026.
This authorized amount represents 10% of Cenovus's public float as of October 31, 2025.
Under the prior NCIB, which expires on November 10, 2025, the company had repurchased 82,563,942 common shares at a weighted-average price of $21.58 per common share as of October 31, 2025.
Cenovus has also entered into an automatic share purchase plan (ASPP) to enable share repurchases during regulatory restrictions and blackout periods.

Nov 7, 2025, 2:07 PM

6-K

Cenovus Energy announces renewal of share buyback program

CVE

Share Buyback

Cenovus Energy Inc. announced the Toronto Stock Exchange (TSX) has approved the renewal of its normal course issuer bid (NCIB) to purchase up to 120,250,990 common shares.
The new NCIB will commence on November 11, 2025, and conclude on November 10, 2026.
This renewal represents 10% of Cenovus's public float as of October 31, 2025, with 1,745,535,223 common shares outstanding on that date.
Under its prior NCIB, which expires on November 10, 2025, Cenovus had repurchased 82,563,942 common shares at a weighted-average price of $21.58 per common share as of October 31, 2025.
Cenovus has also entered into an automatic share purchase plan (ASPP) to facilitate purchases during blackout periods.

Nov 7, 2025, 11:00 AM

Press Release

Cenovus Energy Inc. Announces Third-Quarter 2025 Results

CVE

Earnings

M&A

Share Buyback

Cenovus Energy Inc. reported strong third-quarter 2025 financial results, with $2.5 billion of adjusted funds flow and $1.3 billion of net earnings, driven by record Upstream production of 832,900 barrels of oil equivalent per day (BOE/d) and Downstream crude throughput of 710,700 barrels per day (bbls/d).
The company returned $1.3 billion to common shareholders during the quarter, including $918 million through common share purchases and $356 million through common share dividends.
Cenovus closed the sale of its 50% interest in WRB Refining LP for $1.8 billion in cash proceeds on October 1, 2025, and announced an amended agreement to acquire MEG Energy Corp., with the transaction anticipated to close in mid-November 2025.
As of September 30, 2025, net debt stood at $5.3 billion, and major growth projects such as the Foster Creek optimization and West White Rose are nearing completion.

Oct 31, 2025, 4:05 PM

6-K

Cenovus Energy Reports Strong Q3 2025 Results, Advances Strategic Acquisitions and Projects

CVE

Earnings

M&A

New Projects/Investments

Cenovus Energy reported strong Q3 2025 adjusted funds flow of $2.5 billion and achieved its highest-ever upstream production of 833,000 BOE/d.
The company closed the sale of its 50% interest in WRB Refining, receiving $1.8 billion in cash proceeds on October 1, and expects the MAG Energy acquisition to close in November, involving a maximum of $3.8 billion in cash and the issuance of 160 million Cenovus shares.
Cenovus returned $1.3 billion to shareholders in Q3 2025 through dividends and share buybacks, including repurchasing 40 million shares for $918 million.
Key growth projects are progressing, with the West White Rose project commissioning nearly complete and first oil expected in Q2 2026, contributing to an anticipated organic volume growth of approximately 150,000 barrels by 2028.
For 2026, the company expects growth capital to significantly decrease, with a pre-MAG budget of around $4 billion (excluding WRB) and an additional $800 million for MAG assets' sustaining and growth capital.

Oct 31, 2025, 3:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for CENOVUS ENERGY.

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