Inferra AIResearch Tools

Inferra AI / Company / CVE

Cenovus Energy

CVE · Energy

Last earnings Jul 29, 2026

Key results

Revenuequarter

$12.3 billion

Second-quarter results Operating 1 Cenovus s total revenues were $12.3 billion in the second quarter, down from $13.3 billion in the first quarter of 2025.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Upstream revenuequarter

$6.8 billion

Upstream revenues were $6.8 billion, a decrease from $8.3 billion in the previous quarter, while Downstream revenues were $7.7 billion, in line with the previous quarter.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Downstream revenuequarter

$7.7 billion

Upstream revenues were $6.8 billion, a decrease from $8.3 billion in the previous quarter, while Downstream revenues were $7.7 billion, in line with the previous quarter.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Total operating marginquarter

$2.1 billion

Total operating margin 3 was $2.1 billion, compared with $2.8 billion in the previous quarter.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Upstream operating marginquarter

$2.1 billion

Upstream operating margin 4 was $2.1 billion, down from $3.0 billion in the first quarter due to lower benchmark oil prices, as well as lower production and sales volumes.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Downstream operating marginquarter

$71 million

The company had a Downstream operating margin 4 shortfall of $71 million compared with a shortfall of $237 million in the previous quarter, benefiting from rising U.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Refining revenuequarter

$6.5 billion

Refining revenues were $6.5 billion, slightly higher than $6.4 billion in the previous quarter.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Net incomequarter

$851 million

Net earnings in the second quarter declined slightly to $851 million from $859 million in the previous quarter.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Selected Consolidated Financial Results Revenues Revenues decreased 16 percent to $12.3 billion and seven percent to $25.6 billion in the three and six months ended June 30, 2025, respectively, compared with the same periods in 2024.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

AI analysis

Q2 2025 · reported Jul 31, 2025

Based on: Earnings release (6-K exhibit) + parent 6-K — transcript not held

Revenue · Q2 2025
$12.3B
-7.5% -$1.00B vs prior quarter computed from stated figures
EX-99 · Jul 31, 2025
Net income · Q2 2025
$851M
EX-99 · Jul 31, 2025
Upstream revenue · Q2 2025
$6.8B
EX-99 · Jul 31, 2025
Downstream revenue · Q2 2025
$7.7B
EX-99 · Jul 31, 2025

The quarter in charts

Revenue — quarterly

As stated

051015$13.3BPrior quarter$12.3BQ2 2025

EX-99 · Jul 31, 2025 Statement values as stated in the release.

Segment mix

Business-unit revenue, as stated

0369$7.7BDownstream$6.8BUpstream$6.5BRefining

Segment revenue figures as stated in the event record.

Headline figures

MetricQ2 2025Prior qtrYear ago
Revenue$12.3 billion$13.3 billion—
Upstream revenue$6.8 billion——
Downstream revenue$7.7 billion——
Total operating margin$2.1 billion$2.8 billion—
Upstream operating margin$2.1 billion——
Downstream operating margin$71 million——
Refining revenue$6.5 billion——
Net income$851 million——

EX-99 · Jul 31, 2025

Guidance · company-stated

Direction: raised

No guidance located in the held release

Stated figure6%

“Increased full-year 2026 production guidance by 25 MBOE d and decreased Oil Sands operating cost guidance by approximately 6%, as a result of strong performance across the Oil Sands assets and optimization of turnaround activity.”

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Total operating margin$2.1B
Upstream operating margin$2.1B
Downstream operating margin$71M

Capital allocation

Dividend$150M

Returned $819 million to shareholders, including $301 million through common share purchases, $368 million through common and preferred share dividends and $150 million through the redemption of Cenovus s Series 7 preferred shares on June 30, 2025.

What changed vs last quarter

  • Revenue -$1.00B (-7.5%) computed from stated figures
General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Cenovus announces second-quarter 2025 results Calgary, Alberta

Based on: Earnings release (6-K exhibit) + parent 6-K — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

Returned $819 million to shareholders, including $301 million through common share purchases, $368 million through common and preferred share dividends and $150 million through the redemption of Cenovus s Series 7 preferred shares on June 30, 2025.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Long-term debt, including the current portion, was $7.2 billion as at June 30, 2025.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Net debt was $4.9 billion as at June 30, 2025, slightly reduced from the previous quarter, as free funds flow of $355 million and a $923 million release of non-cash working capital more than offset returns to shareholders of $819 million, including the redemption of Cenovus s Series 7 preferred shares on June 30, 2025 for $150 million.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time, in accordance with its financial framework.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Dividend declarations and share purchases The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on September 29, 2025, to shareholders of record as of September 15, 2025.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares Series 1 and Series 2 payable on October 1, 2025 to shareholders of record as of September 15, 2025, as follows Preferred shares dividend summary Share series Rate (%) Amount ($ share) Series 1 2.577 0.16106 Series 2 4.374 0.27562 All dividends paid on Cenovus s common and preferred shares will be designated as eligible dividends for Canadian federal income tax purposes.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Strategy & priorities

As investment in these initiatives is completed, we expect to generate increasing free funds flow.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Our Strategy At Cenovus, our purpose is to energize the world to make people s lives better.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Our strategy is focused on maximizing shareholder value over the long-term through sustainable, low-cost, diversified and integrated energy leadership.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Our five strategic objectives include delivering top-tier safety performance and sustainability leadership maximizing value through competitive cost structures and optimizing margins a focus on financial discipline, including maintaining targeted debt levels while positioning Cenovus for resiliency through commodity price cycles a disciplined approach to allocating capital to projects that generate returns at the bottom of the commodity price cycle and absolute and per share free funds flow growth.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

On December 12, 2024, we released our 2025 corporate guidance, which focused on disciplined capital allocation in support of increasing shareholder returns over time.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Risks & headwinds

Developing forward looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

CENOVUS ENERGY NEWS RELEASE 6 The risk factors and uncertainties that could cause actual results to differ materially from the forward looking information in this news release include, but are not limited to the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates risks inherent in the operation of Cenovus s business and risks associated with climate change and Cenovus s assumptions relating thereto and other risks identified under Risk Management and Risk Factors and Advisory in Cenovus s Management s Discussion and Analysis (MD A) for the year ended December 31, 2024 .

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

For additional information regarding Cenovus s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to Risk Management and Risk Factors and Advisory in Cenovus s MD A for the periods ended December 31, 2024 and June 30, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

REFINING 30 CORPORATE AND ELIMINATIONS 33 LIQUIDITY AND CAPITAL RESOURCES 34 RISK MANAGEMENT AND RISK FACTORS 38 CRITICAL ACCOUNTING JUDGMENTS, ESTIMATION UNCERTAINTIES AND ACCOUNTING POLICIES 38 CONTROL ENVIRONMENT 39 ADVISORY 39 ABBREVIATIONS AND DEFINITIONS 42 SPECIFIED FINANCIAL MEASURES 43 PRIOR PERIOD REVISIONS 56 This Management s Discussion and Analysis ( MD A ) for Cenovus Energy Inc.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Crude Oil and Condensate Benchmarks In the second quarter of 2025, global crude oil benchmark prices, Brent and WTI, decreased compared with the second quarter of 2024 and the first quarter of 2025, due to uncertainty surrounding the U.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

economy, tariff policies and increasing global supply with the unwinding of OPEC+ voluntary production cuts that started in May 2025.

SEC original ↗Cenovus Energy — Earnings release (6-K exhibit)EX-99Jul 31, 2025

Documents

Earnings deck slides

1 deck with slide view

Cenovus Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Cenovus Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Cenovus Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Cenovus Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

TotalEnergies (TTE) EnergyYPF (YPF) EnergySuncor Energy (SU) EnergyCanadian Natural Resources (CNQ) EnergyWoodside Energy (WDS) EnergyCameco (CCJ) EnergyVista Energy, S.A.B. De C.V. (VIST) EnergyImperial Oil (IMO) Energy

Filings

118 documents

Earnings releases

53 documents

Presentations

5 documents

Transcripts

0 documents

No transcripts for Cenovus Energy are held in this edition of the library.

Mentioned by

6 companies

Other tracked companies whose held documents mention Cenovus Energy by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.