Cenovus makes $851 million in Q2, down from $1B last year
CALGARY — Cenovus Energy Inc. says it made $851 million in the second quarter, down from an even $1 billion in the same quarter last year, as it slightly revised down its production outlook for the year.
The Calgary-based oil producer says it now expects to produce between 805,000 and 825,000 barrels of oil equivalent per day this year, down by 10,000 boe/d, in part because of a well leak at its Rush Lake facilities in western Saskatchewan.
Second quarter production came in at 765,900 barrels of oil equivalent per day, compared with 800,000 boe/d last year.
Revenues for the three months ended June 30 was $12.3 billion, down from $14.6 billion in the second quarter of 2024.
Cenovus says it had $355 million of free funds flow during the quarter, down from $1.21 billion in the same quarter last year.
Chief executive Jon McKenzie says the company is nearing completion of numerous growth and maintenance projects that, once complete, should clear the way for increased free funds flow.
This report by The Canadian Press was first published July 31, 2025.
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