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Canada's Cenovus profit jumps on record production, stronger refining margins

By Reuters News
View of the concrete base of the West White Rose offshore oil production platform moored in Placentia Bay, Newfoundland, Canada May 17, 2025. REUTERS/Greg Locke/ File Photo

Nov 4 (Reuters) - Canada's Cenovus Energy CVE.TO reported an increase in third-quarter profit on Wednesday, supported by record oil production and improved refining margins.

Refining margins strengthened as fuel markets remained tight, with supply disruptions and geopolitical uncertainty supporting prices of diesel, gasoline and jet fuel relative to crude oil. Stronger price spreads boosted profitability for integrated oil producers with significant refining operations.

The company's adjusted refining margin rose to C$55.52 per barrel in the third quarter, from C$29.83 in the preceding three months. Its US-listed shares were up 1% in premarket trading.

One of Canada's largest oil sands producers, Cenovus pumped a record 1.024 million barrels of oil equivalent per day during the reported quarter, up from 832,900 boepd a year earlier.

The company surpassed the 1-million-boepd mark for the first time, as production hit quarterly records at its Christina Lake, Foster Creek and Sunrise oil sands projects.

Cenovus has been expanding its oil sands business through acquisitions. In October, it agreed to acquire Athabasca Oil ATH.TO in a C$5.7 billion cash-and-stock deal, which would add about 45,000 boepd to its thermal oil sands production.

The transaction, expected to close in December, follows Cenovus' purchase of MEG Energy last year.

During the third-quarter, Cenovus processed 437,200 barrels per day of crude in its refineries, down from 710,700 bpd a year earlier. It said a planned turnaround at its Lima refinery weighed on US refining throughput.

Cenovus' overall crude unit utilization rate stood at 92%, while US refining adjusted market capture was 88%.

Cenovus Energy expects planned maintenance at its US refining operations to reduce fourth-quarter throughput by 40,000 to 50,000 bpd.

The Calgary, Alberta-based company's net income rose to C$3.36 billion ($2.40 billion), or C$1.83 per share, in the three months ended September 30, from C$1.29 billion, or 72 Canadian cents per share, a year earlier.

https://www.reuters.com/graphics/CENOVUSENERGY-PROFIT/CANADA/jnvwonxzdvw/chart.png


($1 = 1.3971 Canadian dollars)

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