Cenovus 3Q Profit Rises on Higher Energy Production
By Adriano Marchese
Cenovus Energy posted a jump in third-quarter profit, driven by its oil sands production that pushed companywide production above one million barrels a day for the first time.
The Canadian integrated energy company on Wednesday posted net income of 3.36 billion Canadian dollars ($2.4 billion), or C$1.83 a share, up from C$1.29 billion, or C$0.72 a share, in the comparable quarter a year ago.
According to FactSet, analysts were expecting C$1.60 a share.
Total revenues, which are net of royalties, rose to C$19.14 billion from C$15.14 billion.
Consolidated revenues fell to C$16 billion in the period, down from C$17.4 billion, missing forecasts of C$16.87 billion.
Production was at a record high in the quarter, reaching an average of 1.024 million barrels of oil equivalent a day, the first time it exceeded one million barrels of average daily production.
Total oil sands production was 833,000 barrels of oil a day.
"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," Chief Executive Jon McKenzie said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 04, 2026 06:57 ET (11:57 GMT)
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