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CVE

Cenovus Energy Inc.

CVE

Cenovus Energy Inc. • NYSE
$17.86 ▲ 1.71% (+0.30)
Market Cap $32.35 B
52w High $18.75
52w Low $10.23
Dividend Yield 0.57%
P/E 14.52
Volume 1.99M
Outstanding Shares 1.81B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $13.195B ▲ $221M ▼ $1.286B ▲ 9.746% ▲ $0.72 ▲ $2.749B ▲
Q2-2025 $12.94B ▼ $1.904B ▲ $851M ▼ 6.577% ▲ $0.47 $2.354B ▼
Q1-2025 $14.205B ▼ $1.826B ▼ $859M ▲ 6.047% ▲ $0.47 ▲ $2.607B ▲
Q4-2024 $15.195B ▲ $1.897B ▼ $146M ▼ 0.961% ▼ $0.071 ▼ $1.571B ▼
Q3-2024 $14.249B $1.908B $820M 5.755% $0.42 $2.402B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.901B ▼ $53.573B ▼ $25.184B ▼ $28.374B ▼
Q2-2025 $2.563B ▼ $55.82B ▼ $26.403B ▲ $29.402B ▼
Q1-2025 $2.768B ▼ $56.38B ▼ $26.333B ▼ $30.032B ▲
Q4-2024 $3.093B ▼ $56.539B ▲ $26.77B ▲ $29.754B ▲
Q3-2024 $3.104B $54.68B $25.075B $29.591B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.286B ▲ $2.131B ▼ $-1.316B ▲ $-1.519B ▼ $-662M ▼ $977M ▼
Q2-2025 $851M ▼ $2.374B ▲ $-1.375B ▼ $-1.078B ▼ $-205M ▲ $1.21B ▲
Q1-2025 $859M ▲ $1.315B ▼ $-1.348B ▲ $-294M ▲ $-325M ▼ $86M ▼
Q4-2024 $146M ▼ $2.029B ▼ $-1.513B ▼ $-741M ▲ $-11M ▲ $551M ▼
Q3-2024 $820M $2.474B $-1.308B $-1.175B $-50M $1.128B

Revenue by Products

Product Q2-2018Q2-2019Q3-2020Q4-2020
Upstream
Upstream
 $20.00M ▲$20.00M ▲$10.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Cenovus has shifted from a loss-making position during the downturn in 2020 to consistently profitable results over the last several years. Revenue climbed sharply as energy prices recovered, peaking in the post‑pandemic commodity upswing and then easing back as prices and refining margins normalized. Profitability remains clearly positive but is lower than the exceptional levels reached during the 2022 spike, which is typical for a cyclical energy producer. Overall, the business is earning solid operating and net income, showing it can convert its scale and integration into durable earnings across the cycle, while still being very exposed to swings in oil and refining markets.

Balance Sheet

Balance Sheet The balance sheet looks noticeably stronger than it did a few years ago. Total assets have grown, equity has steadily built up, and the company has reduced its reliance on debt compared with the period right after the Husky acquisition. Debt is still meaningful but appears more manageable relative to the size of the business and its cash generation. Cash on hand has improved from pre‑recovery levels, giving Cenovus more flexibility, though it is not excessively liquid. Overall, the financial foundation seems sturdier, with healthier capitalization and less balance‑sheet stress than earlier in the decade.

Cash Flow

Cash Flow Cenovus is generating solid cash from its operations, with a clear step‑up compared with the weak cash flows seen during the downturn. Free cash flow has been positive for several years running, even after funding a rising level of capital spending on projects and maintenance. The pattern shows that when commodity markets are supportive, the business can both invest for the future and still have cash left over. The main risk is that this strength is tied closely to oil and refining cycles, so cash flow could tighten again if prices or refining margins weaken for an extended period.

Competitive Edge

Competitive Edge Cenovus’s main edge is its fully integrated model: it owns large oil sands production, transportation links, and significant refining and upgrading capacity. This setup allows it to capture value from each step of the chain and partly cushion itself when Canadian heavy oil trades at a discount, because more of its barrels are processed in its own refineries. Its large, long‑life oil sands assets provide a stable production base, and the company has focused heavily on operating efficiency and cost control. On the other hand, it competes in a commodity industry with powerful global players and remains exposed to Canadian infrastructure, regulatory, and environmental constraints, which can all influence its realized prices and growth options.

Innovation and R&D

Innovation and R&D Cenovus is investing meaningfully in technology aimed at making oil sands production cheaper and cleaner. It is advancing solvent‑based methods that reduce steam use, which could lower both operating costs and emissions, and exploring cutting‑edge ideas like nanoparticle‑based upgrading of bitumen in the reservoir. The company is also active in industry alliances targeting large‑scale carbon capture and in projects that could turn bitumen into higher‑value materials rather than just fuels. These initiatives, while promising, involve technical, cost, and regulatory uncertainty and may take many years to prove out at scale, but they indicate a strategy focused on improving the long‑term economics and social acceptability of its resource base.

Summary

Cenovus has transitioned from a stressed, loss‑making position during the 2020 downturn to a financially solid, consistently profitable integrated energy company. Earnings and cash flow are robust but clearly cyclical, having peaked during the recent commodity boom and eased back since, while still remaining healthy. The balance sheet has been strengthened, with more equity and less dependence on debt than earlier in the decade. Its integrated upstream‑to‑downstream setup, combined with large, long‑life oil sands assets, provides structural advantages but keeps it exposed to oil price volatility and Canada‑specific policy and infrastructure risks. The company’s push into process innovation, emissions reduction, and new uses for bitumen could enhance its resilience over the long run, though these efforts carry execution risk and long timelines. Overall, the story is of a more resilient, better‑capitalized operator that remains tightly linked to global energy cycles and the evolving regulatory environment around oil sands.

NEWS

November 20, 2025 · 10:16 AM UTC

Cenovus announces closing of $2.6 billion offering of senior notes and redemption of select notes

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November 18, 2025 · 8:50 PM UTC

Cenovus Energy announces $2.6 billion offering of senior notes

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November 13, 2025 · 10:22 AM UTC

Cenovus announces closing of MEG Energy acquisition

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November 7, 2025 · 6:00 AM UTC

Cenovus Energy announces renewal of share buyback program

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October 31, 2025 · 6:00 AM UTC

Cenovus announces third-quarter 2025 results

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