CENOVUS ENERGY INC. (CVE) Form 6-K — Nov 4, 2026
Cenovus posted record Q3 2026 results, with upstream production topping 1,024 MBOE/d for the first time and net earnings of $3.4 billion versus $1.3 billion a year earlier. Adjusted funds flow was $5.0 billion and free funds flow $3.6 billion, letting the company cut net debt by $2.4 billion quarter-over-quarter to $3.0 billion while returning $1.9 billion to shareholders through buybacks and dividends. The company also confirmed its agreement to acquire Athabasca Oil in a cash-and-stock deal valued around $5.7 billion (about $12.00 per ATH share), expected to close in December 2026, adding roughly 45 MBOE/d of production.
Key figures
- Eps
- 1.83
- Revenue
- 16000000000
- Guidance
- Athabasca acquisition expected to close December 2026; new NCIB of up to ~126.5 million shares planned; Q4 base dividend of $0.22/share declared payable December 31, 2026.
- Net Income
- 3360000000
- Total Debt
- 8547000000
- Cash Position
- 5548000000
- Deal Value Usd
- 5700000000
- Net debt q3
- $2,999 million
- Athabasca ev
- $5.7 billion (~$12.00 per share, max $4.3B cash + 44.4M Cenovus shares)
- Dividend per share
- 0.22
- Free funds flow q3
- $3,569 million
- Adjusted funds flow q3
- $5,023 million
- Shareholder returns q3
- $1.9 billion ($1.5B buybacks + $403M dividends)
- Crude unit utilization pct
- 92
- Oil sands production q3 mboe d
- 833
- Downstream throughput q3 mbbls d
- 437.2
- Oil sands operating cost per bbl
- 10.23
- Us refining adjusted market capture pct
- 88
AI analysis
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