Cenovus Energy has announced its first-quarter 2025 financial and operating results. The company generated more than $1.3 billion in cash from operating activities, $2.2 billion of adjusted funds flow and $983 million of free funds flow. Operating results in the quarter were strong, with Upstream production increasing to 818,900 barrels of oil equivalent per day (BOE/d)(1) while Downstream crude throughput was 665,400 barrels per day (bbls/d), representing an overall utilization rate of 92%.
The Board of Directors has approved an 11% increase in the base dividend to $0.80 per share annually, beginning in the second quarter of 2025. Consistent with Cenovus’s financial framework, the base dividend is underpinned by our growth plan and resilience at a US$45 WTI oil price.
Highlights
- Upstream production of 818,900 BOE/d, maintaining near-record performance and exceeding the previous quarter.
- Continued momentum in Downstream performance, including record utilization of 104% in Canadian Refining, with 90% utilization and adjusted market capture2,3 of 62% in U.S. Refining.
- Returned $595 million to shareholders, including $62 million through share purchases, $333 million through common and preferred share dividends, and $200 million through the redemption of Cenovus’s Series 5 preferred shares on March 31, 2025. The company subsequently purchased 10.9 million common shares for $178 million between April 1 and May 5, 2025.
- Progressed all Upstream growth projects as planned, including introduction of steam to the first two well pads at Narrows Lake with first oil expected early in the third quarter, as well as completing preparations for tow-out of the concrete gravity structure (CGS) and the topsides for the West White Rose project.
'We delivered strong operational performance across our integrated portfolio, while significantly progressing our major growth projects toward completion,' said Jon McKenzie, Cenovus President & Chief Executive Officer. 'Combined with our commitment to financial discipline and cost control, we are well positioned to effectively navigate market volatility and continue to grow shareholder returns.'
Source: Cenovus
