Cenovus Energy reported record operating results for Q3 2025, characterized by strong cash generation offset by working capital shifts. Nine-month (9M) Net Earnings were flat at \(2,996M, though Q3 Net Earnings surged to \)1,286M, primarily due to significant Income Tax Expense reduction (\(11M vs. \)204M in Q3 2024). 9M Revenues declined 4.8% to $38.8B. Upstream production reached a record 832.9 MBOE/d.
Key Transactions & Strategy: Cenovus completed the strategic divestiture of its 50% interest in WRB Refining LP on September 30, netting \(1.8B in cash proceeds and recognizing a \)106M pre-tax
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