Cenovus Energy Earnings Climb With Increased Production

By Robb M. Stewart

Cenovus Energy bumped up its production guidance for the year after strong output helped drive a jump in earnings in the second quarter.

The Canadian energy company recorded net earnings of 2.87 billion Canadian dollars (US$2.03 billion), or C$1.53 a share, up sharply from C$851 million, or C$0.45, a year earlier.

Revenue for the quarter increased 41% to C$17.4 million from C$12.3 million last year.

The company's production, which comes from a mix of oil and gas production from oil sands, convention and offshore operations, averaged 970,400 barrels of oil equivalent a day, up from 765,900 barrels a year earlier and ahead of the 965,300 barrels expected by analysts. It is advancing toward production of one million oil-equivalent barrels a day in July.

Downstream throughput fell to 451,500 barrels daily from 458,500 the quarter before and 665,800 barrels in the same quarter last year.

Cenovus said it now expects production of between 970,000 and 1.01 million barrels of oil equivalent a day for 2026, an increase of 25,000 barrels a day on its prior guidance, helped by the performance of its oil sands operations in Western Canada. The company's Canadian refining throughput target has been raised to a range of 110,000 to 115,000 barrels a day, a rise of 5,000 barrels at the midpoint.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

July 29, 2026 07:15 ET (11:15 GMT)