CALGARY - Cenovus Energy Inc . (NYSE:CVE) reported first-quarter earnings that beat analyst expectations, while revenue fell short of estimates on Thursday.
The Canadian oil and gas producer’s stock edged down 0.24% in premarket trading following the results.
The company posted adjusted earnings per share of $0.47, surpassing the analyst consensus of $0.32. Revenue came in at $9.25 billion, below the $9.67 billion analysts were expecting.
Cenovus generated over $1.3 billion in cash from operating activities and $2.2 billion in adjusted funds flow during the quarter. Free funds flow totaled $983 million.
Total upstream production reached 818,900 barrels of oil equivalent per day (BOE/d), up slightly from 816,000 BOE/d in the previous quarter. Downstream crude throughput was 665,400 barrels per day, representing a 92% utilization rate.
"We delivered strong operational performance across our integrated portfolio, while significantly progressing our major growth projects toward completion," said Jon McKenzie, Cenovus President & CEO.
The company announced an 11% increase to its base dividend to $0.80 per share annually, starting in Q2 2025. Cenovus returned $595 million to shareholders in Q1 through dividends, share buybacks and preferred share redemptions.
Looking ahead, Cenovus said its Narrows Lake project remains on track for first oil early in Q3 2025. The West White Rose project is now about 90% complete and on schedule for first oil in Q2 2026.
The company continues to focus on shareholder returns and advancing key growth projects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.