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US$1.00k
FV
31.0% undervalued intrinsic discount
15.17%
Revenue growth p.a.
22users have liked this narrative
4users have commented on this narrative
62users have followed this narrative
New narrative
US$35.00
FV
12.3% overvalued intrinsic discount
-10.28%
Revenue growth p.a.
0users have liked this narrative
0users have commented on this narrative
1users have followed this narrative
27 days ago author updated this narrative
WA
WaneInvestmentHouse
Community Contributor

Cenovus Delivers Solid Q2 2025 Results

Q2 2025 Financial & Operational Highlights Financial Performance Cash from operating activities: $2.37B (up from $1.31B in Q1; down from $2.81B in Q2 2024) Adjusted funds flow (AFF): $1.52B (down from $2.21B in Q1; down from $2.36B in Q2 2024) Free funds flow (FFF): $355M (down from $983M in Q1; down from $1.21B in Q2 2024) Net earnings: $851M ($0.45/share), down slightly from Q1 ($859M) Capital investment: $1.16B (steady YoY) Net debt: $4.93B (down from $5.08B in Q1) Return to shareholders: $819M $301M share buybacks $368M dividends $150M preferred share redemption Revenue & Margins Total revenue: $12.3B (down from $13.3B in Q1) Operating margin: $2.1B (down from $2.8B in Q1) Upstream margin: $2.1B (down from $3.0B in Q1) Downstream margin shortfall: ($71M) (improved from Q1 shortfall of $237M) Production & Throughput Upstream production: 765,900 BOE/d (down from 818,900 in Q1) Christina Lake: 217,900 bbls/d (↓ wildfire disruption) Foster Creek: 186,100 bbls/d (↓ planned maintenance) Sunrise: 50,300 bbls/d (↓ maintenance) Lloydminster thermal: 97,800 bbls/d (↓ outage at Rush Lake) Downstream crude throughput: 665,800 bbls/d (steady; utilization 92% ) Canadian refining: 112,400 bbls/d (104% utilization) U.S. refining: 553,400 bbls/d (90% utilization) Key Growth & Project Updates Narrows Lake: Achieved first oil (July), ramping to 20–30K bbls/d by year-end. Foster Creek optimization: 87% complete; 4 new boilers adding 80K bbls/d steam capacity.
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US$12.51
FV
20.9% overvalued intrinsic discount
-0.73%
Revenue growth p.a.
3users have liked this narrative
14users have commented on this narrative
16users have followed this narrative
Updated narrative
US$21.48
FV
23.4% undervalued intrinsic discount
49.99%
Revenue growth p.a.
5users have liked this narrative
1users have commented on this narrative
38users have followed this narrative
11 days ago author updated this narrative