Cenovus Energy has released its 2026 capital budget and corporate guidance, and the message is unmistakable:
The growth phase is complete—now comes disciplined execution, volume optimization, and integrated value capture across one of the strongest upstream/downstream portfolios in North America.
Cenovus Energy Inc. emerged as the top driller in Western Canada during Q1 2025, maintaining robust activity levels across its oil sands and conventional heavy oil assets. The company recorded 266 drilling operations in Q1 2025, marking a 9% increase from 244 in Q1 2024 Oil Gas Leads.
Cenovus achieved industry-leading steam-to-oil ratio (SOR) efficiencies, with Christina Lake at ~2.1 and Foster Creek at ~2.3, significantly lower than the industry average (~3.0+), reducing fuel costs and increasing production. These efficiencies contributed to record Oil Sands production (628,500 BOE/d in Q4 2024) by maximizing bitumen recovery while minimizing steam usage and operating expenses.
Cenovus expects oil sands production to reach 600-610 Mbbls/d in 2024, with key assets including Christina Lake, Foster Creek, Lloydminster Thermals, and Sunrise. Operating costs have been reduced to $10.50 – $12.50 per barrel, reflecting a 12% decrease at the midpoint.
Cenovus Energy Inc. is an integrated energy company headquartered in Calgary.
Cenovus Energy and Immigrant Services Calgary (ISC) today announced a three-year strategic partnership to support immigrants and refugees in Calgary. Cenovus will invest $450,000 over three years to support ISC in providing settlement programs and services to newcomers to help them succeed and contribute to the socio-economic landscape of Calgary and Alberta.
CALGARY – Cenovus Energy Inc. tripled its dividend as it reported a first-quarter profit of $1.6 billion. The company says its base dividend will increase to 42 cents per share from 14 cents a year and will continue to be declared and paid quarterly. Cenovus says it will also return…
Cenovus Energy sells Tucker Lake for $800M
Cenovus Energy set a capital spending budget of $2.6 to $3.0 billion next year, about half of which will be spent on its oil sands assets. The 2022 budget is about $300 million higher than this year’s forecast.
Cenovus capturing upwards of 10,000 tonnes of carbon dioxide (CO2) per year at our Pikes Peak South thermal project near Lloydminster, SK to help reduce greenhouse gas (GHG) emissions.
