Latest news with #CenovusEnergy
Reuters
4 hours ago
- Business
- Reuters
Canada's Cenovus says US refinery outlook improving, cuts 2025 production forecast
July 31 (Reuters) - Canada's Cenovus Energy ( opens new tab said on Thursday that recently completed maintenance work will improve future results from its U.S. refinery assets, as the company also lowered the upper end of its full-year oil and gas production forecast. The Calgary, Alberta-based company has struggled recently with underperformance from its U.S. refineries. But Cenovus completed a major turnaround at its Toledo, Ohio, refinery in the second quarter, 11 days ahead of schedule, and said it anticipates being able to drive down costs there and at its other refining assets. "We think there's probably another $2 per barrel that we can get out of our U.S. refining assets through time," said CEO Jon McKenzie on a conference call to discuss second-quarter results. Analysts described Cenovus' results as positive thanks to the company's improved refinery performance and outlook, despite its lower oil and gas output forecast. TD Cowen said in a note to clients that the company's 58% share of market capture in its U.S. refinery division was significantly better than expected. Cenovus is now forecasting its 2025 upstream production will be between 805,000 barrels of oil equivalent per day and 825,000 boepd, compared with 805,000 to 845,000 boepd projected previously, because of the temporary shut-in of its Rush Lake thermal facility in west-central Saskatchewan. A casing failure in an injection well in early May led to a steam release at Rush Lake, and the facility remains shut down. For the second quarter, Cenovus' total upstream production was 765,900 boepd, down from 800,800 boepd a year earlier. Wildfires in Alberta disrupted the company's operations, prompting Cenovus to temporarily shut down and evacuate its Christina Lake oil sands site and resulting in the loss of 2 million barrels of production during the quarter. The company's share price jumped as much as 4.2% in early trade before settling back to last trade at C$20.95, a 0.08% increase on the day. Cenovus' name has been floated by analysts and in media reports as a possible white-knight buyer for rival oil sands producer MEG Energy ( opens new tab, which is the subject of a hostile takeover attempt by Strathcona Resources ( opens new tab. McKenzie declined to comment on the matter on Thursday. He said the company likes its existing asset portfolio and sees no holes in it. Cenovus posted a net income of C$851 million ($614.57 million), or 45 Canadian cents per share, during the three months ended June 30, compared with C$1.0 billion, or 53 Canadian cents per share, a year earlier. ($1 = 1.3847 Canadian dollars)
CTV News
9 hours ago
- Business
- CTV News
Cenovus makes $851 million in Q2, down from $1B last year
The Cenovus Christina Lake oilsands facility steam-assisted gravity drainage pad southeast of Fort McMurray, Alta., is shown on Wednesday, April 24, 2024. THE CANADIAN PRESS/Amber Bracken 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. Companies in this story: (TSX: CVE) The Canadian Press
CTV News
9 hours ago
- Business
- CTV News
Cenovus Energy cuts 2025 production forecast
Cenovus Energy logos are on display at the Global Energy Show in Calgary, Alta. THE CANADIAN PRESS/Jeff McIntosh Canadian oil and gas producer Cenovus Energy lowered the upper end of its full-year upstream production forecast on Thursday, citing the impact from a temporary shut-in of its Rush Lake facilities. The company said it responded to a steam release from a casing failure in an injection well in early May, and as a result, the Rush Lake facilities in west-central Saskatchewan have been temporarily shut-in. Cenovus forecast 2025 upstream production to be between 805,000 barrels of oil equivalent per day and 825,000 boepd, compared with 805,000 to 845,000 boepd projected previously. For the second quarter, its total upstream production was 765,900 boepd, down from 800,800 boepd a year earlier, reflecting planned turnarounds, maintenance at offshore facilities and short-term production impacts from wildfire activity at Christina Lake. Wildfires across Alberta in May disrupted operations for several oil producers such as Cenovus, Canadian Natural Resources and MEG Energy, prompting temporary shutdowns and evacuations at multiple sites. Cenovus' total downstream throughput for the quarter was 665,800 barrels per day, compared with 622,700 bpd a year ago. Benchmark Brent crude LCOc1 prices were lower during the April-June quarter, from a year earlier, weighed down by weak global demand, market volatility due to tariffs and increased oil supply from OPEC+. Calgary, Alberta-based Cenovus posted a net income of $851 million (US$614.57 million), or 45 Canadian cents per share, during the three months ended June 30, compared with $1.0 billion, or 53 Canadian cents per share, a year earlier. (Reporting by Katha Kalia in Bengaluru; Editing by Shilpi Majumdar)
Yahoo
10 hours ago
- Business
- Yahoo
Cenovus reports $851 million second quarter profit
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. Companies in this story: (TSX: CVE) The Canadian Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
10 hours ago
- Business
- Reuters
Canada's Cenovus Energy cuts 2025 production forecast
July 31 (Reuters) - Canadian oil and gas producer Cenovus Energy ( opens new tab lowered the upper end of its full-year upstream production forecast on Thursday, citing the impact from a temporary shut-in of its Rush Lake facilities. The company said it responded to a steam release from a casing failure in an injection well in early May, and as a result, the Rush Lake facilities in west-central Saskatchewan have been temporarily shut-in. Cenovus forecast 2025 upstream production to be between 805,000 barrels of oil equivalent per day and 825,000 boepd, compared with 805,000 to 845,000 boepd projected previously. For the second quarter, its total upstream production was 765,900 boepd, down from 800,800 boepd a year earlier, reflecting planned turnarounds, maintenance at offshore facilities and short-term production impacts from wildfire activity at Christina Lake. Wildfires across Alberta in May disrupted operations for several oil producers such as Cenovus, Canadian Natural Resources ( opens new tab and MEG Energy ( opens new tab, prompting temporary shutdowns and evacuations at multiple sites. Cenovus' total downstream throughput for the quarter was 665,800 barrels per day, compared with 622,700 bpd a year ago. Benchmark Brent crude prices were lower during the April-June quarter, from a year earlier, weighed down by weak global demand, market volatility due to tariffs and increased oil supply from OPEC+. Calgary, Alberta-based Cenovus posted a net income of C$851 million ($614.57 million), or 45 Canadian cents per share, during the three months ended June 30, compared with C$1.0 billion, or 53 Canadian cents per share, a year earlier. ($1 = 1.3847 Canadian dollars)
