Cenovus Energy is reporting strong third quarter results alongside record productions for the year.
The oil sands giant saw third-quarter profits of $1.29 billion, up from $829 million from the same quarter last year.
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Cenovus recorded upstream production of 832,900 barrels of oil equivalent per day (boe/d), including record production from its oil sands segment of 642,800 boe/d.
“We achieved a highest-ever upstream production of 833,000 boe per day, highlighted by the best-ever performance of our oil sands assets, which contributed 643,000 barrels per day,” said Jon McKenzie, Cenovus Energy president and chief executive officer.
The company reported total revenues of $13.2 billion in the third quarter, up from $12.3 billion in the second quarter of 2025.
Cenovus’ acquisition of MEG Energy hit a snag as MEG is currently dealing with a regulatory inquiry related to consideration of the amended terms of the transaction and related matters. The meeting was postponed to Nov. 6 where the shareholder vote is expected to take place.
The deal is expected to be a major milestone for Cenovus.
“When completed, this acquisition, along with the organic growth we’re already delivering across our business, is transformational to this company,” said McKenzie.
He says the deal should close this month.
“We anticipate closing this transaction in November and welcoming the MEG team and moving quickly to capture the identified synergies and beyond,” he said.
Christina Lake saw an increase in production to 251,700 barrels per day (bbls/d), up from 217,900 bbls/d in the second quarter.
“We expect Christina Lake to sustain or exceed its current production rates in the coming quarters,” said McKenzie.
Rush Lake facilities in Saskatchewan remain temporarily shut-in following a steam release from a casing failure in an injection well, which took place in the second quarter of this year.
There are ongoing cleanup efforts at the facility with the hopes of restarting operations before the end of the year.
“Rush lake, we have confirmed the integrity of the asset and are working towards a phased restart of production prior to the end of the year, subject to approval by the regulator,” said McKenzie. “We expect to safely ramp up production through 2026.”
Production from the Lloydminster thermal assets was 95,700 bbls/d, down from 97,800 bbls/d in the previous quarter. Lloydminster convention heavy oil output was 25,400 bbls/d, a slight increase over the 25,000 bbls/d in the second quarter.
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