The earnings call highlighted strong upstream performance, efficient turnaround operations, and positive impacts from the TMX pipeline, but faced challenges in the U.S. refining segment, weak natural gas prices, and specific refinery reliability issues.

Company Guidance

During the Cenovus Energy Q3 2024 earnings call, CEO Jonathan McKenzie provided detailed guidance on the company's performance and future prospects. The company reported strong results with an operating margin of $2.7 billion from upstream production of approximately 771,000 BOE per day. The Oil Sands segment exceeded expectations with 586,000 barrels per day, achieving an operating margin of $2.5 billion, thanks to early completion of turnaround activities at Christina Lake. The Christina Lake project, now 93% complete, is on track to add 20,000 to 30,000 barrels per day by mid-2025. In the conventional gas business, production was 118,000 BOE per day, while the Offshore segment reported 66,000 BOE per day. The company achieved a net debt target of $4 billion in July 2024 and ended the quarter with $4.2 billion in net debt. Capital investment for the quarter was $1.3 billion, and Cenovus aims to maintain annual capital spending between $4.5 billion and $5 billion. The company returned $1.1 billion to shareholders, surpassing its target of 100% excess free funds flow return, driven by $2 billion in adjusted funds flow and $600 million in free funds flow.

Strong Upstream Performance

Production of approximately 771,000 BOE per day with an operating margin of $2.7 billion. Oil Sands segment delivered 586,000 barrels per day, exceeding forecasts by 15,000 to 20,000 barrels per day due to early completion of turnaround at Christina Lake.

Operational Safety and Efficiency

Successfully completed 3 major planned turnarounds on or ahead of schedule. Christina Lake turnaround completed 8 days ahead of plan.

Pipeline and Growth Developments

93% completion of the pipeline for new production from Narrows Lake, expected to add 20,000 to 30,000 barrels per day with first production in mid-2025.

Positive Impact of TMX Pipeline

First full period of TMX pipeline operations, providing additional capacity and access to global markets, leading to a narrower WCS differential.

Corporate Financial Performance

Generated $2.4 billion in operating margin, $2 billion in adjusted funds flow, and $600 million in free funds flow. Achieved net debt target of $4 billion.

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Cenovus Energy (CVE) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CVE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 26, 2018	2018 (Q2)	- / -0.17	0.251	-166.67% (-0.42)	―	―
Oct 31, 2018	2018 (Q3)	- / -0.02	0.195	-110.71% (-0.22)	―	―
Feb 13, 2019	2018 (Q4)	- / -0.95	-0.293	-223.81% (-0.66)	―	―
Apr 24, 2019	2019 (Q1)	- / 0.04	-0.425	109.84% (+0.47)	―	―
Jul 25, 2019	2019 (Q2)	- / 0.15	-0.167	191.67% (+0.32)	―	―
Oct 31, 2019	2019 (Q3)	- / 0.16	-0.021	866.67% (+0.18)	―	―
Feb 12, 2020	2019 (Q4)	- / -0.09	-0.948	90.44% (+0.86)	―	―
Apr 29, 2020	2020 (Q1)	- / -0.68	0.042	-1716.67% (-0.72)	―	―
Jul 23, 2020	2020 (Q2)	- / -0.24	0.153	-254.55% (-0.39)	―	―
Oct 29, 2020	2020 (Q3)	- / -0.26	0.16	-260.87% (-0.42)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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CVE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 31, 2024	$16.53	$15.94	-3.57%
Aug 01, 2024	$19.80	$18.54	-6.36%
May 01, 2024	$19.98	$19.76	-1.10%
Feb 15, 2024	$15.70	$16.87	+7.45%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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