Cenovus Energy has announced its third-quarter 2025 financial and operating results. The company generated approx. $2.1 billion in cash from operating activities, $2.5 billion of adjusted funds flow and $1.3 billion of free funds flow. Operating results in the quarter included record Upstream production of 832,900 barrels of oil equivalent per day (BOE/d)(1) and record Downstream crude throughput of 710,700 barrels per day (bbls/d), representing an overall utilization rate of 99%.
Highlights
- Highest recorded Upstream production of 832,900 BOE/d in the third quarter, including record production of approximately 642,800 BOE/d from the Oil Sands segment.
- Highest recorded U.S. Refining crude throughput of 605,300 bbls/d, representing a utilization rate of 99%, with per unit operating expenses, excluding turnarounds costs, of $9.67 per barrel, a decrease of 8% relative to the prior quarter and 24% from the third quarter of 2024.
- Substantially completed the Foster Creek optimization project, with four new steam generators brought online in the quarter, contributing to increased production rates. Commissioning of remaining facilities is underway and new well pads will be brought online in early 2026.
- The commissioning of the West White Rose project is nearing completion, with drilling expected to commence in the fourth quarter of 2025 and first oil expected in the second quarter of 2026.
- Closed the sale of Cenovus’s 50% interest in WRB Refining LP (WRB) on September 30 and received cash proceeds of $1.8 billion, net of preliminary closing adjustments, on October 1.
- Returned $1.3 billion to common shareholders, including $918 million through common share purchases, and $356 million through common share dividends.
- Subsequent to the quarter, announced an amended agreement to acquire MEG Energy Corp. (“MEG”). MEG’s shareholder vote is scheduled for November 6, 2025, and the transaction is anticipated to close in mid-November subject to shareholder and court approvals.
'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. 'Our major growth projects are all approaching completion and our Downstream business is reaching its potential with consistently strong operating performance this quarter.'
Source: Cenovus Energy
