Cenovus Energy (NYSE:CVE) reported preliminary third-quarter upstream production of around 832,000 barrels of oil equivalent per day (boe/d), surpassing analyst expectations of 821,148 boe/d.
Output from the company’s oil sands operations came in at approximately 640,000 boe/d, while downstream production averaged about 712,000 boe/d during the quarter.
Cenovus said that its key growth projects remain on track and are progressing as planned. The company expects to achieve first oil from its Foster Creek Optimization project in early 2026, followed by first production from the West White Rose project in the second quarter of 2026.
As of October 1, Cenovus reported net debt of roughly C$3.5 billion, after completing the sale of its WRB Refining stake to Phillips 66.
With leverage now below its long-term target of C$4 billion, the company said it intends to maintain an accelerated pace of share repurchases over the coming months.
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