Cenovus Q2 Profit Drops on Lower Output, Prices

Cenovus Energy reported second-quarter 2025 net income of C$851 million, down from C$1 billion the previous year, as production and revenues declined due to operational challenges including wildfires and a well leak at its Rush Lake facilities. Upstream production dropped to approximately 765,900 barrels of oil equivalent per day, compared to over 800,000 boepd a year earlier. The company revised its full-year production guidance to a range of 805,000 to 825,000 boepd, lowering the upper end due to temporary shutdown impacts. Cash from operations and free funds flow decreased significantly year-over-year. CEO Jon McKenzie stated that ongoing growth and maintenance projects are nearing completion and are expected to improve free funds flow in the future. Additionally, benchmark oil prices were lower during the quarter amid weak global demand and market volatility.