Cenovus raises 2026 upstream production guidance to 970-1,010 MBOE/d
Company lowers 2026 Oil Sands operating cost guidance to C$10.75-C$11.75 per BOE
Canadian Refining throughput guidance raised to 110-115 Mbbls/d for 2026
What drove the results
Higher oil prices - Co said higher benchmark oil prices contributed to increased upstream operating margin
Record oil sands output - Record oil sands production, including at Christina Lake and Sunrise, supported overall results
Cost discipline - Co cited strong cost discipline and optimization of turnaround activity as factors in margin and cost improvements
Key details and market context
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
C$17.40 bln
C$15.002 bln (2 Analysts)
Q2 Net Debt
C$5.40 bln
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
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