Cenovus Energy Stock Price, News & Analysis

Cenovus Energy (TSX/NYSE: CVE) acquired 21,723,540 common shares of MEG Energy, representing 8.5% of MEG's 254,378,035 outstanding shares, all purchased since Oct. 8, 2025 and announced on Oct. 14, 2025. The shares were bought on the Toronto Stock Exchange and other Canadian markets in furtherance of Cenovus's previously announced transaction with MEG.

Cenovus said it intends, to the extent able, to vote acquired shares in favour of the transaction and may, subject to securities laws and market conditions, increase or decrease its ownership. The release includes forward‑looking information and references Cenovus risk disclosures and filing locations for additional details.

Cenovus (TSX: CVE / NYSE: CVE) amended its agreement to acquire MEG Energy (TSX: MEG), offering each MEG share either $29.50 cash or 1.240 Cenovus shares, subject to pro‑ration with maximums of $3.8B cash and 157.7M Cenovus shares (pro‑rated mix ~50% cash / 50% shares). The fully pro‑rated value equals about $29.80 per MEG share at Cenovus’s Oct 7, 2025 close. The MEG shareholder meeting is postponed to Oct 22, 2025. Cenovus said key regulatory approvals were received. Q3 operational highlights: Upstream ~832,000 BOE/d, Oil Sands ~640,000 bbls/d, Downstream throughput ~712,000 bbls/d (98.8% utilization). WRB sale proceeds ~$1.8B; pro forma net debt ~$3.5B after proceeds.

Cenovus Energy (NYSE: CVE) has released a presentation highlighting the advantages of its proposed transaction with MEG Energy. The deal, unanimously approved by MEG's board, offers shareholders both cash and Cenovus shares as consideration. The company emphasizes this offer's superiority over a competing bid from Strathcona Resources.

Cenovus touts several key advantages of their offer, including scale, industry-leading experience, tier-1 assets, near-term growth potential, and diversified revenues. The company particularly highlights the opportunity for MEG shareholders to benefit from the integrated Christina Lake region's value upside. In contrast, Cenovus criticizes Strathcona's offer as inferior and risky, noting their shares are illiquid and overvalued, with concerns about control concentration under Waterous Energy Fund.

Cenovus Energy (NYSE:CVE) has announced an agreement to sell its 50% stake in WRB Refining LP to Phillips 66 for US$1.4 billion (approximately C$1.9 billion). The WRB joint venture includes the Wood River Refinery in Illinois and Borger Refinery in Texas, with a combined crude throughput capacity of 495,000 barrels per day.

Following the divestment, Cenovus's downstream operations will focus on its wholly-owned assets, including the Lloydminster Upgrader, Lloydminster Refinery, Lima Refinery, Toledo Refinery, and Superior Refinery, with a total crude throughput capacity of 472,800 barrels per day. The transaction proceeds will be used to reduce net debt and accelerate shareholder returns through increased share repurchases. The company has already purchased 18.8 million common shares for $388 million in Q3 up to August.

Cenovus Energy (NYSE: CVE) has announced a definitive agreement to acquire MEG Energy (TSX: MEG) in a cash and stock transaction valued at $7.9 billion, including assumed debt. The deal offers MEG shareholders $27.25 per share, paid 75% in cash and 25% in Cenovus shares.

The acquisition will create the largest SAGD oil sands producer with combined production of over 720,000 barrels per day. Cenovus expects to realize $150 million in near-term annual synergies, growing to over $400 million per year by 2028. The transaction is expected to close in Q4 2025, subject to regulatory and MEG shareholder approvals.

The deal will be financed through a $2.7 billion term loan and a $2.5 billion bridge facility. Post-acquisition, Cenovus will maintain pro forma net debt of less than 1x adjusted funds flow at strip pricing.

Cenovus Energy (NYSE:CVE) reported Q2 2025 results with $2.4 billion in operating cash flow, $1.5 billion in adjusted funds flow, and $355 million in free funds flow. The company achieved total upstream production of 765,900 BOE/d and downstream crude throughput of 665,800 bbls/d with 92% utilization rate.

Key operational milestones include first oil at Narrows Lake with expected production of 20,000-30,000 bbls/d by year-end, installation of the West White Rose project's concrete gravity structure, and completion of major turnarounds at Toledo, Sunrise, and Foster Creek facilities ahead of schedule. The company returned $819 million to shareholders through share purchases, dividends, and preferred share redemption.

Net earnings were $851 million ($0.45 per share), slightly down from $859 million in Q1. The company maintains $7.2 billion in long-term debt and $4.9 billion in net debt, working towards a $4.0 billion net debt target.

Cenovus Energy (NYSE:CVE) has scheduled its second-quarter 2025 earnings conference call and webcast for July 31, 2025, at 9 a.m. MT (11 a.m. ET). The company will release its Q2 2025 consolidated operating and financial results, which will be available on the company's website.

Analysts interested in participating must register in advance to receive a unique PIN for telephone access. Alternatively, a live audio webcast will be available and archived for approximately 30 days.

Cenovus Energy (CVE) has successfully restored full production at its Christina Lake oil sands facility following temporary disruptions due to wildfire activity in Alberta. Operations resumed on June 3, 2025, with production gradually ramping up over the following week. Site inspections confirmed no damage to Cenovus infrastructure. The company maintains vigilant monitoring of Alberta's wildfire situation, prioritizing the safety of personnel and assets. Cenovus acknowledged the dedication of its teams and emergency management personnel in protecting company assets and local communities.

Cenovus Energy announced plans to redeem all 6 million outstanding Series 7 Preferred Shares at $25.00 per share on June 30, 2025, totaling $150 million. The redemption will be primarily funded through cash on hand. The company's Board of Directors has declared a final quarterly dividend of $0.24594 per Series 7 Preferred Share, payable on June 30, 2025, to shareholders of record as of June 13, 2025. Registered holders can contact Computershare Investor Services for inquiries, while beneficial holders should contact their financial institutions regarding redemption proceeds.