Canada's Cenovus reports higher Q4 revenue

Cenovus Energy Incorporation

19/02/2026 11:09

Overview

Canada energy firm's Q4 revenue was C$10.9 bln

Company's upstream production rose 5% yr/yr, excluding MEG acquisition impact

Company returned C$1.1 bln to shareholders via share buybacks and dividends

Outlook

Cenovus expects C$150 mln annual synergies from MEG acquisition in 2026 and 2027

Cenovus targets long-term net debt reduction to C$4 bln

Result Drivers

RECORD PRODUCTION - Achieved record quarterly Oil Sands production of 726,600 BOE/d, including record rates at Foster Creek and Sunrise

MEG ACQUISITION - Completed acquisition of MEG Energy, contributing to increased production and integration efforts

FOSTER CREEK OPTIMIZATION - Completed Foster Creek optimization project, delivering 30,000 bbls/d of incremental production ahead of schedule

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Miss
C$10.90 bln
C$13.88 bln (1 Analyst)
Q4 Net Debt
C$8.30 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the integrated oil & gas peer group is "buy"

Wall Street's median 12-month price target for Cenovus Energy Inc is C$29.50, about 3.1% below its February 18 closing price of C$30.45

The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 15 three months ago

Press Release: ID:nGNX3TRyt4

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)