Sep 2025 (Q3 FY25) — Oct 31, 2025
Cenovus Energy Q3 FY25 — Record upstream and U.S. refining output as MEG deal nears close
Read the full callCenovus Energy (CVE) earnings
- Sep 2025 (Q3 FY25)
- Dec 2025
Cenovus Energy earnings: last reported Fri, 31 Oct 2025, for the quarter ended Sep 2025.
Price
$33.23 +0.88% · +$0.29
Performance +97.8% 1Y
1Y: $16.8 on 17 Oct 2025 → $33.23. High $33.92 (15 Sept 2026), low $15.85 (7 Jan 2026).
- Previous close
- $32.94
- 52-week range
- $15.85 – $33.92
- One year
- +96.05%
Overview
- Symbol
- CVE
- Sector
- Energy
- Industry
- Crude Petroleum & Natural Gas
- Exchange
- US
- Currency
- USD
Call summaries
Jun 2025 (Q2 FY25) — Jul 31, 2025
Cenovus Q2 FY25 — Strong Operational Performance and Project Milestones
Read the full callEvery analysed call
Cenovus Energy earnings calls (CVE)
Financials
What the filings say
| Line item | Dec 2017 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | 16,708 | 12,707 | 12,608 | 23,998 | 20,889 | 19,020 | 18,605 | 23,215 |
| Fixed assets | 23,602 | 21,420 | 19,946 | 26,932 | 26,960 | 28,112 | 26,805 | 33,056 |
| Total assets | 32,642 | 27,483 | 25,722 | 42,575 | 41,267 | 40,689 | 39,295 | 46,322 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,580 | 2,528 | 214 | 4,658 | 8,423 | 5,576 | 6,418 | 6,009 |
| Cash from investing | -450 | -1,102 | -677 | -741 | -1,709 | -3,996 | -3,563 | -5,607 |
| Cash from financing | -1,035 | -1,857 | 657 | -1,973 | -5,670 | -3,255 | -2,436 | -547 |
| Net cash flow | 125 | -458 | 151 | 1,963 | 1,219 | -1,733 | 602 | -258 |
| Capital expenditure | -970 | -854 | -637 | — | — | — | — | — |
| Free cash flow | 610 | 1,674 | -422 | — | — | — | — | — |
CVE operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Change vs prior quarter |
|---|---|---|---|
| Production Upstream | 766K boe/dBeginning with the Upstream Production in the quarter was 766,000 BOE per day as we completed turnarounds at Foster Creek and Sunrise and managed the production impacts from the wildfire activity at Christina Lake and the steam release at Rush Lake.Source: earnings call transcript | 833K boe/dWe achieved the highest ever upstream production of 833,000 BOE per day, highlighted by the best ever performance of our oil sands assets which contributed 643,000 barrels per day.Source: earnings call transcript | +8.7% |
| Oil production Christina Lake | 218K bbl/dProduction was 218,000 barrels a day in the quarter and has averaged over 250,000 barrels a day in July and we achieved an important milestone with the Narrows Lake tieback to Christina Lake.Source: earnings call transcript | 252K bbl/dAt Christina Lake, production was 252,000 barrels a day in the third quarter, supported by the ramp-up of volumes from Narrows Lake.Source: earnings call transcript | +15.6% |
| Refinery throughput Canadian Refining | 112K bbl/dCrude throughput reached a new quarterly high of 112,000 barrels per day with a utilization rate of 104%.Source: earnings call transcript | 105K bbl/dThe Canadian refining business continues to run well with crude throughput of 105,000 barrels a day and utilization rate of about 98%.Source: earnings call transcript | -6.2% |
| Refinery utilization Canadian Refining | 104%Crude throughput reached a new quarterly high of 112,000 barrels per day with a utilization rate of 104%.Source: earnings call transcript | ~98%The Canadian refining business continues to run well with crude throughput of 105,000 barrels a day and utilization rate of about 98%.Source: earnings call transcript | — |
| Refinery throughput US Refining | 553K bbl/dIn US refining, we delivered crude throughput of 553,000 barrels per day while also executing a major turnaround at the Toledo Refinery.Source: earnings call transcript | 605K bbl/dIn US refining, we delivered record production with crude throughput of 605,000 barrels per day and utilization rate of 99%.Source: earnings call transcript | +9.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
No filings in the last 12 months.
No officer, director or 10% owner of CVE filed a Form 4 in this window. That is a statement about filings, not about ownership — see the note below.
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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