Cenovus Energy reports record production and increased profits

Cenovus Energy reported record upstream production for the third quarter of 2026, exceeding one million barrels of oil equivalent (BOE) per day. This production level marks an increase from 970,400 BOE per day in the second quarter and 832,900 BOE per day in the same period last year.

The Canadian energy company reported a net profit of 3.36 billion Canadian dollars, up from 2.87 billion in the previous quarter. While revenue decreased to 16 billion Canadian dollars from 17.4 billion in the second quarter, operating profit rose to 6.3 billion Canadian dollars. The company’s downstream business saw improved margins, contributing 1.8 billion Canadian dollars to operating profit.

Cenovus generated 3.6 billion Canadian dollars in free funds flow during the quarter. The company returned 1.9 billion Canadian dollars to shareholders, consisting of 1.5 billion Canadian dollars in share buybacks and 403 million Canadian dollars in dividends. Additionally, the company announced a planned acquisition of Athabasca Oil and reported a reduction in net debt to 3.0 billion Canadian dollars as of September 30.