Cenovus Energy Inc.
Interim Supplemental Information (unaudited) For the Periods Ended June 30, 2026 (Canadian Dollars)
Financial Statistics
($ millions, except per share amounts)
Three Months Ended Six Months Ended
Twelve Months Ended
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30, Dec. 31,Revenues 2026 2026 2025 2025 2025 2026 2025 2025
Upstream Oil Sands Conventional Offshore | 11,215 869 486 | 7,844 6,573 5,917 5,921 1,019 727 417 537 524 317 370 315 | 19,059 1,888 1,010 | 12,917 1,461 741 | 25,407 2,605 1,428 29,440 5,079 24,118 29,197 |
Total Upstream Revenue Downstream Canadian Refining U.S. Refining | 12,570 1,608 6,549 | 9,387 7,617 6,704 6,773 1,407 1,156 1,353 1,288 4,220 4,158 7,082 6,455 | 21,957 3,015 10,769 | 15,119 2,570 12,878 | |
Total Downstream Revenue | 8,157 | 5,627 5,314 8,435 7,743 | 13,784 | 15,448 | |
Corporate and Eliminations | (3,300) | (2,658) (2,048) (1,944) (2,197) | (5,958) | (4,949) (8,941) | |
Total Revenues | 17,427 | 12,356 10,883 13,195 12,319 | 29,783 | 25,618 | 49,696 |
Upstream | ||||||||
Oil Sands | 4,400 | 3,095 | 2,225 | 2,293 | 1,822 | 7,495 | 4,366 | 8,884 |
Conventional | 140 | 211 | 159 | 41 | 84 | 351 | 257 | 457 |
Offshore | 375 | 402 | 244 | 256 | 231 | 777 | 562 | 1,062 |
Upstream Operating Margin (1) | 4,915 | 3,708 | 2,628 | 2,590 | 2,137 | 8,623 | 5,185 10,403 | |
Downstream | ||||||||
Canadian Refining | 182 | 201 | 68 | 111 | 107 | 383 | 175 354 | |
U.S. Refining | 771 | 533 | 81 | 253 | (178) | 1,304 | (483) (149) | |
Downstream Operating Margin (1) | 953 | 734 | 149 | 364 | (71) | 1,687 | (308) 205 | |
Operating Margin (2) | 5,868 | 4,442 | 2,777 | 2,954 | 2,066 | 10,310 | 4,877 | 10,608 |
Cash From (Used in) Operating Activities Deduct (Add Back): Settlement of Decommissioning Liabilities Net Change in Non-Cash Working Capital | 5,636 (39) 689 | 2,181 (53) (1,143) | 2,408 (82) (184) | 2,131 (94) (241) | 2,374 (68) 923 | 7,817 (92) (454) | 3,689 (104) 62 | 8,228 (280) (363) |
Adjusted Funds Flow (2) | 4,986 | 3,377 | 2,674 | 2,466 | 1,519 | 8,363 | 3,731 | 8,871 |
Per Share - Basic (2) | 2.68 | 1.80 | 1.47 | 1.38 | 0.84 | 4.48 | 2.05 | 4.90 |
Per Share - Diluted (2) | 2.66 | 1.80 | 1.46 | 1.38 | 0.84 | 4.47 | 2.04 | 4.87 |
Net Earnings (Loss) | 2,870 | 1,570 | 934 | 1,286 | 851 | 4,440 | 1,710 | 3,930 |
Per Share - Basic | 1.54 | 0.84 | 0.51 | 0.72 | 0.47 | 2.38 | 0.94 | 2.16 |
Per Share - Diluted | 1.53 | 0.83 | 0.50 | 0.72 | 0.45 | 2.37 | 0.92 | 2.15 |
Upstream Oil Sands Conventional Offshore Atlantic Asia Pacific | 821 | 851 | 862 | 675 | 644 | 1,672 | 1,407 | 2,944 453 848 86 934 4,331 117 442 559 17 4,907 |
108 | 93 | 151 | 107 | 73 | 201 | 195 | ||
106 | 119 | 174 | 194 | 253 | 225 | 480 | ||
28 | 23 | 32 | 23 | 17 | 51 | 31 | ||
Total Offshore | 134 | 142 | 206 | 217 | 270 | 276 | 511 | |
Total Upstream Capital Investment | 1,063 | 1,086 | 1,219 | 999 | 987 | 2,149 | 2,113 | |
Downstream | ||||||||
Canadian Refining | 52 | 24 | 34 | 33 | 28 | 76 | 50 | |
U.S. Refining | 82 | 58 | 99 | 120 | 146 | 140 | 223 | |
Total Downstream Capital Investment | 134 | 82 | 133 | 153 | 174 | 216 | 273 | |
Corporate | 3 | 2 | 8 | 2 | 3 | 5 | 7 | |
Total Capital Investment | 1,200 | 1,170 | 1,360 | 1,154 | 1,164 | 2,370 | 2,393 |
Specified financial measure. See the Specified Financial Measures Advisory of this Supplemental.
Non-GAAP financial measure or contains a non-GAAP financial measure. See the Specified Financial Measures Advisory of this Supplemental.
Financial Metrics | Jun. 30, 2026 | Mar. 31, 2026 | Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Jun. 30, 2026 | Jun. 30, 2025 | Dec. 31, 2025 |
Free Funds Flow (1) | 3,786 | 2,207 | 1,314 | 1,312 | 355 | 5,993 | 1,338 | 3,964 |
Excess Free Funds Flow (1) | 3,257 | 1,723 | (1,597) | 745 | (306) | 4,980 | 67 | (785) |
Long-Term Debt, Including Current Portion | 8,558 | 10,633 | 11,032 | 7,156 | 7,241 | 8,558 | 7,241 | 11,032 |
Total Debt | 8,558 | 10,633 | 11,032 | 7,156 | 7,497 | 8,558 | 7,497 | 11,032 |
Net Debt | 5,388 | 8,058 | 8,292 | 5,255 | 4,934 | 5,388 | 4,934 | 8,292 |
Net Debt to Adjusted Funds Flow (2) (times) | 0.4 | 0.8 | 0.9 | 0.7 | 0.7 | 0.4 | 0.7 | 0.9 |
Income Tax and Exchange Rates |
Effective Tax Rate on Net Earnings (Loss) (percent) | 26.3 | 20.3 | 12.2 | |||||
Foreign Exchange Rates | ||||||||
US$ per C$1 - Average | 0.723 | 0.729 | 0.717 | 0.726 | 0.723 | 0.726 | 0.710 | 0.716 |
US$ per C$1 - Period End | 0.704 | 0.717 | 0.730 | 0.718 | 0.733 | 0.704 | 0.733 | 0.730 |
RMB per C$1 - Average | 4.916 | 5.048 | 5.084 | 5.197 | 5.226 | 4.981 | 5.148 | 5.144 |
Common Shares Outstanding (millions) | ||||||||
Period End | 1,850 | 1,875 | 1,883 | 1,766 | 1,806 | 1,850 | 1,806 | 1,883 |
Weighted Average - Basic | 1,860 | 1,875 | 1,819 | 1,789 | 1,811 | 1,868 | 1,816 | 1,810 |
Weighted Average - Diluted | 1,871 | 1,879 | 1,836 | 1,793 | 1,819 | 1,872 | 1,826 | 1,820 |
Base Dividend ($ per share) | 0.22 | 0.20 | 0.20 | 0.20 | 0.20 | 0.42 | 0.38 | 0.78 |
Closing Price | ||||||||
Toronto Stock Exchange (C$ per share) | 35.19 | 36.92 | 23.22 | 23.63 | 18.53 | 35.19 | 18.53 | 23.22 |
New York Stock Exchange (US$ per share) | 24.81 | 26.53 | 16.92 | 16.99 | 13.60 | 24.81 | 13.60 | 16.92 |
Total Share Volume Traded (millions) | 1,281 | 2,065 | 1,933 | 2,132 | 1,600 | 3,346 | 2,957 | 7,022 |
(Average US$/bbl, unless otherwise indicated) | |||||||
Crude Oil Prices | |||||||
Dated Brent | 104.52 | 80.61 | 63.69 | 69.07 | 67.82 | 92.57 | 71.74 69.06 |
West Texas Intermediate ("WTI") | 92.79 | 71.93 | 59.14 | 64.93 | 63.74 | 82.36 | 67.58 64.81 |
Differential Dated Brent - WTI | 11.73 | 8.68 | 4.55 | 4.14 | 4.08 | 10.21 | 4.16 4.25 |
Western Canadian Select ("WCS") at Hardisty | 78.12 | 57.76 | 47.94 | 54.54 | 53.47 | 67.94 | 56.11 53.68 |
Differential WTI - WCS at Hardisty | 14.67 | 14.17 | 11.20 | 10.39 | 10.27 | 14.42 | 11.47 11.13 |
WCS at Nederland | 87.36 | 65.21 | 55.63 | 62.58 | 61.00 | 76.29 | 64.37 61.74 |
Differential WTI - WCS at Nederland | 5.43 | 6.72 | 3.51 | 2.35 | 2.74 | 6.07 | 3.21 3.07 |
Condensate (C5 at Edmonton) | 95.47 | 71.40 | 57.01 | 63.10 | 63.46 | 83.43 | 66.67 63.36 |
Differential Condensate - WTI Premium/(Discount) | 2.68 | (0.53) | (2.13) | (1.83) | (0.28) | 1.07 | (0.91) (1.45) |
Differential Condensate - WCS at Hardisty Premium/(Discount) | 17.35 | 13.64 | 9.07 | 8.56 | 9.99 | 15.49 | 10.56 9.68 |
Synthetic at Edmonton | 101.12 | 71.54 | 57.84 | 66.26 | 64.72 | 86.33 | 66.89 64.47 |
Differential Synthetic - WTI Premium/(Discount) | 8.33 | (0.39) | (1.30) | 1.33 | 0.98 | 3.97 | (0.69) (0.34) |
Refined Product Prices | |||||||
Chicago Regular Unleaded Gasoline | 131.60 | 81.24 | 70.66 | 84.87 | 84.61 | 106.42 | 83.85 80.81 |
Chicago Ultra-low Sulphur Diesel | 154.77 | 105.95 | 90.70 | 97.78 | 86.91 | 130.36 | 88.01 91.13 |
Refining Benchmarks | |||||||
Chicago 3-2-1 Crack Spread (3) | 46.54 | 17.55 | 18.20 | 24.24 | 21.64 | 32.04 | 17.66 19.44 |
Group 3 3-2-1 Crack Spread (3) | 41.45 | 17.16 | 19.25 | 23.72 | 23.07 | 29.31 | 19.77 20.63 |
Renewable Identification Numbers ("RINs") | 13.78 | 8.71 | 6.04 | 6.33 | 6.12 | 11.25 | 5.44 5.81 |
Upgrading Differential (4) (C$/bbl) | 31.76 | 18.55 | 13.53 | 15.99 | 15.46 | 25.16 | 15.08 14.92 |
Natural Gas Prices | |||||||
AECO (5) (C$/Mcf) | 1.63 | 2.01 | 2.23 | 0.63 | 1.69 | 1.82 | 1.93 1.68 |
NYMEX (6) (US$/Mcf) | 2.90 | 5.04 | 3.55 | 3.07 | 3.44 | 3.97 | 3.55 3.43 |
Differential AECO - NYMEX (US$/Mcf) | (1.72) | (3.58) | (1.94) | (2.61) | (2.22) | (2.65) | (2.18) (2.23) |
Non-GAAP financial measure. See the Specified Financial Measures Advisory of this Supplemental.
Calculated on a trailing twelve-month basis.
The average 3-2-1 crack spread is a general market indicator of the Adjusted Refining Margin and is valued on a last-in, first-out accounting basis. The benchmark market crack spreads do not precisely mirror the configuration and product output of our refineries, or the location we sell product.
The upgrading differential is the difference between synthetic crude oil at Edmonton and Lloydminster Blend crude oil at Hardisty. The upgrading differential does not precisely mirror the configuration and the product output of our Canadian Refining assets; however, it is used as a general market indicator.
Alberta Energy Company ("AECO") 5A natural gas daily index.
New York Mercantile Exchange ("NYMEX") natural gas monthly index.
Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Jun. 30, | Jun. 30, | Dec. 31, |
2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | 2025 |
Crude Oil and Natural Gas Liquids (Mbbls/d) Oil Sands Bitumen Foster Creek Christina Lake (2) Sunrise Lloydminster Thermal Lloydminster Conventional Heavy Oil | 214.5 | 223.0 | 220.1 | 215.4 | 186.1 | 218.7 | 194.3 | 206.1 254.3 53.8 102.6 25.1 641.9 5.0 21.2 26.2 6.3 1.3 13.1 20.7 688.8 13.8 579.3 191.8 87.5 872.4 834.2 |
372.1 | 358.9 | 308.9 | 251.7 | 217.9 | 365.5 | 227.8 | ||
65.7 | 59.4 | 60.3 | 52.4 | 50.3 | 62.6 | 51.2 | ||
103.1 | 102.3 | 106.9 | 95.7 | 97.8 | 102.7 | 103.8 | ||
28.4 | 29.0 | 28.1 | 25.4 | 25.0 | 28.7 | 23.4 | ||
Total Oil Sands Production | 783.8 | 772.6 | 724.3 | 640.6 | 577.1 | 778.2 | 600.5 | |
Conventional (3) | ||||||||
Light Crude Oil | 6.7 | 6.0 | 5.4 | 5.0 | 4.5 | 6.4 | 4.8 | |
Natural Gas Liquids (4) | 22.2 | 22.9 | 20.8 | 23.0 | 20.4 | 22.5 | 20.5 | |
Total Conventional Production | 28.9 | 28.9 | 26.2 | 28.0 | 24.9 | 28.9 | 25.3 | |
Offshore Natural Gas Liquids | ||||||||
Asia Pacific - China | 7.8 | 9.2 | 5.8 | 3.1 | 7.9 | 8.5 | 8.3 | |
Asia Pacific - Indonesia (5) | 0.4 | 1.1 | 1.3 | 1.7 | 1.6 | 0.7 | 1.1 | |
Offshore Light Crude Oil | ||||||||
Atlantic | 14.6 | 18.3 | 16.9 | 11.3 | 12.5 | 16.5 | 12.1 | |
Total Offshore Production | 22.8 | 28.6 | 24.0 | 16.1 | 22.0 | 25.7 | 21.5 | |
Total Liquids Production | 835.5 | 830.1 | 774.5 | 684.7 | 624.0 | 832.8 | 647.3 | |
Conventional Natural Gas (MMcf/d) Oil Sands Conventional (3) Offshore Asia Pacific - China Asia Pacific - Indonesia (5) | 15.6 | 14.4 | 13.6 | 13.7 | 16.5 | 15.0 | 13.9 | |
535.9 | 556.4 | 565.4 | 593.2 | 569.2 | 546.1 | 579.2 | ||
175.9 | 194.1 | 195.8 | 192.5 | 179.7 | 184.9 | 189.3 | ||
82.4 | 87.1 | 85.6 | 90.1 | 86.0 | 84.8 | 87.1 | ||
Total Conventional Natural Gas Production | 809.8 | 852.0 | 860.4 | 889.5 | 851.4 | 830.8 | 869.5 | |
Total Upstream Production (MBOE/d) (6) | 970.4 | 972.1 | 917.9 | 832.9 | 765.9 | 971.3 | 792.2 |
Oil Sands | ||||||||
Foster Creek | 28.3 | 22.1 | 19.1 | 25.4 | 20.5 | 25.6 | 22.8 | 22.5 |
Christina Lake (2) | 27.2 | 23.7 | 22.1 | 27.9 | 23.9 | 25.7 | 25.5 | 25.3 |
Sunrise | 7.9 | 3.1 | 6.7 | 5.3 | 6.3 | 6.1 | 6.5 | 6.2 |
Lloydminster (8) | 14.4 | 8.6 | 12.6 | 11.9 | 13.2 | 12.0 | 12.2 | 12.2 |
Conventional (3) | 15.1 | 8.8 | 6.5 | 9.3 | 7.4 | 12.1 | 8.3 | 8.0 |
Offshore | ||||||||
Asia Pacific - China | 7.5 | 7.6 | 7.1 | 5.3 | 7.7 | 7.5 | 7.6 | 7.0 |
Asia Pacific - Indonesia (5) | 25.6 | 24.7 | 16.7 | 24.8 | 24.8 | 25.1 | 27.5 | 24.2 |
Atlantic | 1.0 | 0.9 | 0.9 | 1.0 | 0.9 | 1.0 | 1.0 | 1.0 |
Before royalties.
Includes results of the acquisition of MEG Energy Corp. from November 13, 2025.
Reported production volumes and effective royalty rates reflect Cenovus's 30 percent equity interest in Duvernay Energy Corporation ("Duvernay"), which is accounted for using the equity method in the interim Consolidated Financial Statements.
Natural gas liquids include condensate volumes.
Reported production volumes and effective royalty rates reflect Cenovus's 40 percent equity interest in Husky-CNOOC Madura Ltd. ("HCML"), which is accounted for using the equity method in the interim Consolidated Financial Statements.
Natural gas volumes have been converted to barrels of oil equivalent ("BOE") on the basis of six thousand cubic feet ("Mcf") to one barrel ("bbl"). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared to natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.
Effective royalty rates are equal to royalty expense divided by product revenue, net of transportation expenses, excluding realized (gain) loss on risk management.
Composed of the Lloydminster thermal and Lloydminster conventional heavy oil assets.
Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Jun. 30, | Jun. 30, | Dec. 31, |
2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | 2025 |
Foster Creek Bitumen ($/bbl) Realized Sales Price Royalties Transportation and Blending Operating | 113.20 28.38 12.92 9.67 | 86.02 16.33 12.28 10.28 | 68.76 11.04 10.90 8.77 | 79.46 16.86 13.13 8.57 | 77.96 12.23 18.41 12.34 | 99.11 22.13 12.59 9.99 | 83.04 15.05 17.01 10.97 | 78.21 14.40 14.36 9.76 39.69 67.23 15.21 6.86 8.21 36.95 75.79 3.75 15.42 17.53 39.09 70.17 8.18 3.23 20.01 38.75 72.07 12.61 9.28 11.81 38.37 |
Netback | 62.23 | 47.13 | 38.05 | 40.90 | 34.98 | 54.40 | 40.01 | |
Christina Lake (2) Bitumen ($/bbl) Realized Sales Price Royalties Transportation and Blending Operating | 99.73 24.96 7.83 8.14 | 77.73 16.52 8.08 9.23 | 60.39 11.63 7.71 8.73 | 69.92 17.49 7.14 6.61 | 65.51 14.19 6.07 8.70 | 89.16 20.90 7.95 8.66 | 70.56 16.45 6.10 8.73 | |
Netback | 58.80 | 43.90 | 32.32 | 38.68 | 36.55 | 51.65 | 39.28 | |
Sunrise Bitumen ($/bbl) Realized Sales Price Royalties Transportation and Blending Operating | 101.98 7.36 8.95 14.58 | 81.97 2.12 13.55 17.75 | 67.88 3.62 13.81 15.36 | 79.50 3.41 14.97 17.45 | 70.07 3.47 15.28 20.26 | 93.00 5.01 11.02 16.00 | 78.61 4.01 16.66 18.92 | |
Netback | 71.09 | 48.55 | 35.09 | 43.67 | 31.06 | 60.97 | 39.02 | |
Lloydminster (3) Bitumen and Heavy Crude Oil ($/bbl) Realized Sales Price Royalties Transportation and Blending Operating | 100.91 14.06 2.99 18.13 | 73.53 6.07 2.87 19.28 | 61.69 7.37 2.99 18.16 | 71.04 8.06 3.24 22.57 | 69.69 8.74 3.28 21.12 | 87.30 10.09 2.93 18.70 | 74.35 8.67 3.35 19.78 | |
Netback | 65.73 | 45.31 | 33.17 | 37.17 | 36.55 | 55.58 | 42.55 | |
Total Oil Sands ($/bbl) Realized Sales Price Royalties Transportation and Blending Operating | 103.71 22.44 8.48 10.80 | 79.80 13.57 8.86 11.92 | 63.82 10.02 8.33 11.00 | 74.07 14.28 9.02 11.21 | 70.78 11.43 10.18 13.60 | 91.97 18.09 8.66 11.35 | 76.16 13.33 10.01 12.64 | |
Netback | 61.99 | 45.45 | 34.47 | 39.56 | 35.57 | 53.87 | 40.18 |
Total Conventional ($/BOE) (4) | ||||||||
Realized Sales Price | 30.94 | 34.49 | 29.15 | 20.69 | 24.19 | 32.73 | 29.16 | 26.95 |
Royalties | 3.55 | 1.77 | 1.14 | 1.04 | 1.18 | 2.65 | 1.51 | 1.30 |
Transportation and Blending | 4.23 | 4.22 | 5.51 | 5.47 | 5.27 | 4.22 | 5.38 | 5.44 |
Operating | 9.13 | 9.60 | 8.13 | 10.33 | 9.95 | 9.37 | 10.44 | 9.84 |
Netback | 14.03 | 18.90 | 14.37 | 3.85 | 7.79 | 16.49 | 11.83 | 10.37 |
Contains a non-GAAP financial measure. See the Specified Financial Measures Advisory of this Supplemental.
Includes results of the acquisition of MEG Energy Corp. from November 13, 2025.
Composed of the Lloydminster thermal and Lloydminster conventional heavy oil assets.
See footnote 6 on page 3 of this Supplemental for BOE definition. Reported per-unit values reflect Cenovus's 30 percent equity interest in the Duvernay joint venture.
Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Jun. 30, | Jun. 30, | Dec. 31, |
2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | 2025 |
China Natural Gas Liquids ($/bbl) Realized Sales Price Royalties Operating Conventional Natural Gas ($/Mcf) Realized Sales Price Royalties Operating Asia Pacific - China Total ($/BOE) (2) Realized Sales Price Royalties Operating | 127.72 | 97.33 | 87.06 | 93.57 | 86.96 | 111.36 | 92.38 | 91.30 |
15.78 | 13.36 | 13.83 | 5.38 | 13.39 | 14.48 | 13.69 | 12.71 | |
8.27 | 7.52 | 10.33 | 8.21 | 8.72 | 7.86 | 7.29 | 8.10 | |
12.64 | 12.38 | 12.71 | 12.28 | 12.29 | 12.51 | 12.55 | 12.52 | |
0.67 | 0.66 | 0.67 | 0.65 | 0.65 | 0.66 | 0.67 | 0.66 | |
1.38 | 1.23 | 1.62 | 1.38 | 1.45 | 1.30 | 1.22 | 1.36 | |
86.74 | 79.38 | 77.86 | 75.41 | 76.49 | 82.87 | 78.85 | 77.81 | |
6.49 | 6.02 | 5.51 | 4.03 | 5.88 | 6.24 | 6.01 | 5.43 | |
8.27 | 7.43 | 9.82 | 8.26 | 8.72 | 7.83 | 7.30 | 8.16 | |
Netback | 71.98 | 65.93 | 62.53 | 63.12 | 61.89 | 68.80 | 65.54 | 64.22 |
Indonesia Natural Gas Liquids ($/bbl) Realized Sales Price Royalties Operating Conventional Natural Gas ($/Mcf) Realized Sales Price Royalties Operating Asia Pacific - Indonesia Total ($/BOE) (2) Realized Sales Price Royalties Operating | 267.12 | 98.75 | 95.97 | 93.23 | 93.70 | 144.86 | 99.55 | 96.59 |
88.49 | 36.44 | 28.44 | 39.01 | 34.14 | 50.69 | 35.82 | 34.99 | |
8.52 | 8.43 | 16.15 | 9.27 | 9.28 | 8.45 | 9.23 | 11.00 | |
9.99 | 9.30 | 9.18 | 8.57 | 9.19 | 9.64 | 9.82 | 9.34 | |
2.46 | 2.15 | 1.35 | 1.83 | 2.07 | 2.30 | 2.59 | 2.09 | |
1.80 | 1.51 | 2.60 | 1.48 | 1.78 | 1.65 | 1.79 | 1.90 | |
65.76 | 58.75 | 58.46 | 55.57 | 59.06 | 62.10 | 61.77 | 59.31 | |
16.81 | 14.51 | 9.76 | 13.77 | 14.65 | 15.61 | 16.98 | 14.34 | |
10.73 | 9.03 | 15.62 | 8.89 | 10.56 | 9.84 | 10.61 | 11.39 | |
Netback | 38.22 | 35.21 | 33.08 | 32.91 | 33.85 | 36.65 | 34.18 | 33.58 |
Total Asia Pacific (3) Natural Gas Liquids ($/bbl) Realized Sales Price Royalties Operating Conventional Natural Gas ($/Mcf) Realized Sales Price Royalties Operating Asia Pacific - Total ($/BOE) (2) Realized Sales Price Royalties Operating | 134.50 | 97.48 | 88.68 | 93.45 | 88.12 | 114.02 | 93.21 | 92.19 |
19.31 | 15.76 | 16.49 | 17.16 | 16.96 | 17.35 | 16.25 | 16.45 | |
8.28 | 7.61 | 11.39 | 8.58 | 8.82 | 7.91 | 7.52 | 8.59 | |
11.80 | 11.43 | 11.63 | 11.10 | 11.29 | 11.61 | 11.69 | 11.52 | |
1.24 | 1.12 | 0.88 | 1.03 | 1.11 | 1.18 | 1.27 | 1.11 | |
1.51 | 1.32 | 1.92 | 1.41 | 1.56 | 1.41 | 1.40 | 1.53 | |
80.95 | 73.75 | 72.27 | 69.03 | 71.31 | 77.17 | 74.04 | 72.39 | |
9.33 | 8.34 | 6.74 | 7.16 | 8.48 | 8.81 | 9.10 | 8.04 | |
8.95 | 7.86 | 11.49 | 8.46 | 9.26 | 8.38 | 8.23 | 9.10 | |
Netback | 62.67 | 57.55 | 54.04 | 53.41 | 53.57 | 59.98 | 56.71 | 55.25 |
Atlantic Light Crude Oil ($/bbl) Realized Sales Price Royalties Transportation and Blending Operating | 162.57 | 117.24 | 86.58 | 95.29 | 100.23 | 134.99 | 101.82 | 97.11 |
1.70 | 1.03 | 0.78 | 0.96 | 0.94 | 1.29 | 1.00 | 0.95 | |
4.65 | 3.56 | 3.50 | 4.07 | 4.14 | 3.99 | 4.21 | 4.04 | |
55.80 | 39.36 | 53.51 | 59.90 | 61.44 | 45.80 | 50.84 | 54.07 | |
Netback | 100.42 | 73.29 | 28.79 | 30.36 | 33.71 | 83.91 | 45.77 | 38.05 |
Contains a non-GAAP financial measure. See the Specified Financial Measures Advisory of this Supplemental.
See footnote 6 on page 3 of this Supplemental for BOE definition.
Reported per-unit values reflect Cenovus's 40 percent equity interest in the HCML joint venture.
Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Jun. 30, | Jun. 30, | Dec. 31, |
2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | 2025 |
Operable Capacity (Mbbls/d) | 108.0 | 108.0 | 108.0 | 108.0 | 108.0 | 108.0 | 108.0 | 108.0 119.4 110.7 103 52.0 17.9 15.2 37.2 122.3 5.0 127.3 19.57 11.59 |
Total Processed Inputs (Mbbls/d) | 110.4 | 124.5 | 122.6 | 114.8 | 120.7 | 117.4 | 120.1 | |
Crude Oil Unit Throughput (Mbbls/d) | 101.7 | 115.3 | 112.9 | 105.4 | 112.4 | 108.5 | 112.2 | |
Crude Unit Utilization (percent) | 94 | 107 | 105 | 98 | 104 | 100 | 104 | |
Total Refined Product Production (Mbbls/d) | ||||||||
Synthetic Crude Oil | 47.3 | 52.0 | 52.1 | 48.3 | 55.3 | 49.6 | 53.8 | |
Asphalt | 16.6 | |||||||
17.4 | 17.8 | 18.7 | 19.5 | 16.7 | 17.6 | |||
Diesel | 15.3 | |||||||
12.3 | 16.9 | 16.1 | 14.2 | 15.1 | 14.6 | |||
Other | 36.7 | 38.5 | 37.3 | |||||
40.3 | 39.2 | 35.0 | 36.9 | |||||
Total Refined Product Production (Mbbls/d) | 113.7 | 127.0 | 126.1 | 117.0 | 124.0 | 120.3 | 123.0 | |
Ethanol (Mbbls/d) | 5.0 | 5.5 | 5.2 | 5.3 | 5.0 | 5.3 | 4.6 | |
Total Production (Mbbls/d) | 118.7 | 132.5 | 131.3 | 122.3 | 129.0 | 125.6 | 127.6 | |
Adjusted Refining Margin (1) ($/bbl) | 30.21 | 24.27 | 19.57 | 21.76 | 19.64 | 27.07 | 18.50 | |
Per-Unit Operating Expenses (2) (3) ($/bbl) | 12.33 | 11.16 | 13.43 | 11.38 | 10.70 | 11.71 | 10.75 |
Operable Capacity (4) (Mbbls/d) | 364.8 | 364.8 | 364.8 | 612.3 | 612.3 | 364.8 | 612.3 | 549.9 |
Total Processed Inputs (Mbbls/d) | 372.9 | 359.9 | 375.8 | 642.8 | 594.2 | 366.4 | 587.6 | 548.1 |
Crude Oil Unit Throughput (Mbbls/d) | 349.8 | 343.2 | 352.6 | 605.3 | 553.4 | 346.5 | 553.5 | 515.9 |
Heavy Crude Oil | 137.5 | 152.2 | 127.3 | 224.7 | 214.2 | 144.8 | 220.2 | 197.9 |
Light/Medium Crude Oil | 212.3 | 191.0 | 225.3 | 380.6 | 339.2 | 201.7 | 333.3 | 318.0 |
Crude Unit Utilization (4) (percent) | 96 | 94 | 97 | 99 | 90 | 95 | 90 | 94 |
Total Refined Product Production (Mbbls/d) | ||||||||
Gasoline | 185.5 | 185.1 | 200.6 | 304.7 | 277.1 | 185.3 | 280.9 | 266.7 |
Distillates (5) | 127.1 | 121.6 | 132.6 | 233.4 | 206.8 | 124.3 | 207.8 | 195.3 |
Asphalt | 12.4 | 16.9 | 17.5 | 28.2 | 24.3 | 14.6 | 25.0 | 23.9 |
Other | 54.6 | 53.2 | 45.5 | 81.7 | 92.2 | 54.0 | 84.5 | 74.0 |
Total Refined Product Production (Mbbls/d) | 379.6 | 376.8 | 396.2 | 648.0 | 600.4 | 378.2 | 598.2 | 559.9 |
Adjusted Refining Margin (1) ($/bbl) | 29.83 | 13.74 | 18.17 | 15.92 | 12.57 | 21.97 | 10.53 | 13.44 |
Weighted Average Crack Spread, Net of RINs (US$/bbl) | 32.15 | 8.79 | 12.29 | 17.81 | 15.80 | 20.46 | 12.63 | 13.85 |
Weighted Average Crack Spread, Net of RINs (C$/bbl) | 44.46 | 12.06 | 17.14 | 24.53 | 21.86 | 28.18 | 17.79 | 19.34 |
Adjusted Market Capture (1) (percent) | 67 | 114 | 106 | 65 | 58 | 78 | 59 | 69 |
Per-Unit Operating Expenses (3) ($/bbl) | 10.55 | 11.74 | 11.96 | 10.32 | 14.92 | 11.13 | 14.31 | 12.73 |
Contains a non-GAAP financial measure. See the Specified Financial Measures Advisory of this Supplemental.
In the Canadian Refining segment, operating expenses represent expenses associated with the Lloydminster Upgrader, the Lloydminster Refinery and the commercial fuels business.
Specified financial measure. See the Specified Financial Measures Advisory of this Supplemental.
On September 30, 2025, the Company completed the divestiture of our entire 50 percent interest in the Wood River and Borger refinery operations held through WRB Refining LP ("WRB") (the "WRB Divestiture"). For the twelve months ended December 31, 2025, reported operable capacity and crude unit utilization reflect the weighted average impact of the WRB Divestiture.
Includes diesel and jet fuel.
Certain financial measures, including non-GAAP financial measures, in this document do not have a standardized meaning prescribed by International Financial Reporting Standards as issued by the International Accounting Standards Board, and are considered specified financial measures. These specified financial measures may not be comparable to similar measures presented by other issuers. See the Specified Financial Measures Advisory located in our Management's Discussion and Analysis ("MD&A") for the periods ended June 30, 2026, March 31, 2026, and September 30, 2025, and our annual MD&A for the year ended December 31, 2025 (available on SEDAR+ at sedarplus.ca) for information incorporated by reference about these specified financial measures.