Cenovus Energy beats Q3 profit estimates, revises guidance

Cenovus Energy Incorporation

31/10/2025 10:09

Overview

Cenovus Q3 revenue missed analyst expectations, but EPS beat estimates

Record upstream production of 832,900 BOE/d and downstream throughput of 710,700 bbls/d

Company returned C$1.3 bln to shareholders through buybacks and dividends

Announced acquisition of MEG Energy, pending shareholder and court approvals

Outlook

Cenovus revises 2025 guidance after selling 50% interest in WRB Refining

West White Rose project to produce first oil in Q2 2026

Cenovus expects MEG acquisition to close in mid-November

Result Drivers

RECORD PRODUCTION - Cenovus achieved highest recorded upstream production of 832,900 BOE/d, driven by Oil Sands segment

FOSTER CREEK OPTIMIZATION - Completion of Foster Creek optimization project increased production rates

WRB SALE - Sale of 50% interest in WRB Refining LP provided C$1.8 bln cash proceeds

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Miss
C$13.20 bln
C$13.74 bln (2 Analysts)
Q3 EPS
Beat
C$0.72
C$0.50 (7 Analysts)
Q3 Net Debt
C$5.30 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", no "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$28.00, about 16.2% above its October 30 closing price of C$23.47

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

Press Release: ID:nGNX90Mlwn

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(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.)