Overview

• Cenovus reported second-quarter profit of $851 million, down from $1 billion a year earlier, while revenues fell to $12.3 billion and free funds flow dropped to $355 million.
• The company trimmed its 2025 production guidance by 10,000 boe/d to 805,000–825,000 barrels per day after recording 765,900 boe/d in Q2 and fully removing Rush Lake volumes.
• Operational setbacks included a casing-failure blowout at Rush Lake and a northern Alberta wildfire that shut in oil sands facilities, prompting precautionary shutdowns and lost output.
• Major growth and maintenance projects are nearing completion, notably the West White Rose offshore expansion expected to add about 75,000 barrels per day with first oil slated for early Q2 2026.
• Cenovus says it is cautiously optimistic about Bill C-5’s fast-track permitting powers but warns a tanker ban, emissions cap, methane rules and an industrial carbon tax still impede new infrastructure.