CENOVUS $CVE Q3โ26 EARNINGS HIGHLIGHTS
๐น Revenue: C$16.00B (Est. C$16.68B) ๐ด; +6% YoY
๐น EPS: C$1.83 (Est. C$1.69) ๐ข; +154% YoY
๐น Net Earnings: C$3.36B (Est. C$3.08B) ๐ข; +161% YoY
Operations:
๐น Upstream Production: 1,024 MBOE/d
๐น Downstream Throughput: 437.2 Mbbls/d; -38% YoY
๐น Crude Unit Utilization: 92%
Segment Net Revenue:
๐น Oil Sands Production: 833 MBOE/d
๐น Conventional Production: 120.1 MBOE/d
๐น Offshore Production: 70.4 MBOE/d
Other Q3 Metrics:
๐น Adjusted Funds Flow: C$5.02B; +104% YoY
๐น Free Funds Flow: C$3.57B; +172% YoY
๐น Operating Margin: C$6.33B; +114% YoY
Announcements:
๐น Athabasca Acquisition: ~45 MBOE/d; 1.3B BOE reserves
๐น Athabasca Transaction: C$5.7B implied enterprise value
Capital Return:
๐น Shareholder Returns: C$1.90B
๐น Repurchases: C$1.50B
๐น Dividends: C$403M; C$0.22/share
Comments:
๐ธ โWe exceeded one million BOE per day of production in the quarter for the first time ever. This milestone was achieved in only our seventeenth year operating as an independent company. Our asset performance continues to unlock significant value across our portfolio.โ
๐ธ โAs we close the year, our focus remains on consistent execution, safe operations and leveraging the competitive advantages created by our people, asset base and integrated business model.โ