CALGARY, Alberta, Oct. 31, 2025 (GLOBE NEWSWIRE) — Cenovus Vitality Inc. (TSX:CVE) (NYSE:CVE) at this time introduced its third-quarter 2025 monetary and working outcomes. The corporate generated roughly $2.1 billion in money from working actions, $2.5 billion of adjusted funds circulation and $1.3 billion of free funds circulation. Working ends in the quarter included document Upstream manufacturing of 832,900 barrels of oil equal per day (BOE/d)1 and document Downstream crude throughput of 710,700 barrels per day (bbls/d), representing an general utilization fee of 99%.
Highlights
- Highest recorded Upstream manufacturing of 832,900 BOE/d within the third quarter, together with document manufacturing of roughly 642,800 BOE/d from the Oil Sands section.
- Highest recorded U.S. Refining crude throughput of 605,300 bbls/d, representing a utilization fee of 99%, with per unit working bills, excluding turnarounds prices, of $9.67 per barrel, a lower of 8% relative to the prior quarter and 24% from the third quarter of 2024.
- Considerably accomplished the Foster Creek optimization venture, with 4 new steam turbines introduced on-line within the quarter, contributing to elevated manufacturing charges. Commissioning of remaining amenities is underway and new effectively pads shall be introduced on-line in early 2026.
- The commissioning of the West White Rose venture is nearing completion, with drilling anticipated to begin within the fourth quarter of 2025 and first oil anticipated within the second quarter of 2026.
- Closed the sale of Cenovus’s 50% curiosity in WRB Refining LP (WRB) on September 30 and obtained money proceeds of $1.8 billion, internet of preliminary closing changes, on October 1.
- Returned $1.3 billion to frequent shareholders, together with $918 million by means of frequent share purchases, and $356 million by means of frequent share dividends.
- Subsequent to the quarter, introduced an amended settlement to accumulate MEG Vitality Corp. (“MEG”). MEG’s shareholder vote is scheduled for November 6, 2025, and the transaction is anticipated to shut in mid-November topic to shareholder and courtroom approvals.
“We delivered document volumes in each our Upstream and Downstream companies this quarter, whereas sustaining our dedication to secure, dependable and cost-effective operations,” mentioned Jon McKenzie, Cenovus President & Chief Govt Officer. “Our main progress initiatives are all approaching completion and our Downstream enterprise is reaching its potential with persistently robust working efficiency this quarter.”
Monetary abstract
| ($ thousands and thousands, besides per share quantities) | 2025 Q3 | 2025 Q2 | 2024 Q3 |
| Money from (utilized in) working actions | 2,131 | 2,374 | 2,474 |
| Adjusted funds circulation2 | 2,466 | 1,519 | 1,960 |
| Per share (diluted)2 | 1.38 | 0.84 | 1.05 |
| Capital funding | 1,154 | 1,164 | 1,346 |
| Free funds circulation2 | 1,312 | 355 | 614 |
| Extra free funds circulation2 | 745 | (306) | 146 |
| Web earnings (loss) | 1,286 | 851 | 820 |
| Per share (diluted) | 0.72 | 0.45 | 0.42 |
| Lengthy-term debt, together with present portion | 7,156 | 7,241 | 7,199 |
| Web debt | 5,255 | 4,934 | 4,196 |
Manufacturing and throughput
| (earlier than royalties, internet to Cenovus) | 2025 Q3 | 2025 Q2 | 2024 Q3 |
| Oil and NGLs (bbls/d)1 | 684,700 | 624,000 | 630,500 |
| Typical pure gasoline (MMcf/d)1 | 889.5 | 851.4 | 844.6 |
| Complete upstream manufacturing (BOE/d)1 | 832,900 | 765,900 | 771,300 |
| Complete downstream crude throughput (bbls/d)1 | 710,700 | 665,800 | 642,900 |
1 See Advisory for manufacturing by product kind and by working section.
2 Non-GAAP monetary measure or comprises a non-GAAP monetary measure. See Advisory.
Third-quarter outcomes
Working1
Cenovus’s complete revenues have been $13.2 billion within the third quarter, up from $12.3 billion within the second quarter of 2025. Upstream revenues have been $6.7 billion, a slight lower from $6.8 billion within the earlier quarter, whereas Downstream revenues have been $8.4 billion, a rise from $7.7 billion within the second quarter.
Complete working margin3 was $3.0 billion, in contrast with $2.1 billion within the earlier quarter. Upstream working margin4 was $2.6 billion, a rise from $2.1 billion within the second quarter as a consequence of larger manufacturing and gross sales volumes, a rise in benchmark oil costs, and decrease per unit working prices. Downstream working margin4 was $364 million, exceeding a shortfall of $71 million within the earlier quarter, with beneficial U.S. market crack spreads, decrease per unit working prices, and better crude throughput following the completion of main turnaround exercise within the prior quarter. Working margin within the U.S. Refining section was $253 million, which included a $67 million profit from the receipt of Small Refinery Exemption (SRE) waivers associated to the Superior Refinery, an $80 million stock holding loss and $38 million of turnaround bills.
Complete Upstream manufacturing was 832,900 BOE/d within the third quarter, up from 765,900 BOE/d within the second quarter. Christina Lake manufacturing was 251,700 bbls/d in contrast with 217,900 bbls/d within the prior quarter, as Narrows Lake volumes started contributing and the ability benefited from flush manufacturing following a wildfire-related shutdown within the second quarter. Foster Creek manufacturing was 215,400 bbls/d, up from 186,100 bbls/d within the second quarter, as extra steam capability from the Foster Creek optimization venture supported larger manufacturing charges and a turnaround was accomplished within the prior quarter. Dawn manufacturing was 52,400 bbls/d in contrast with 50,300 bbls/d within the second quarter, with each intervals impacted by turnaround actions.
Manufacturing from the Lloydminster thermal belongings was 95,700 bbls/d in contrast with 97,800 bbls/d within the prior quarter. The Rush Lake amenities in west-central Saskatchewan stay briefly shut-in following a steam launch from a casing failure in an injection effectively which passed off within the second quarter of 2025. Plans are being progressed to start a phased restart of manufacturing by the top of the 12 months. Lloydminster standard heavy oil output was 25,400 bbls/d, a slight enhance from 25,000 bbls/d within the second quarter.
Manufacturing within the Typical section was 126,900 BOE/d, a rise from 119,800 BOE/d within the earlier quarter as a consequence of robust efficiency from base and new growth wells.
Within the Offshore section, manufacturing was 63,200 BOE/d in contrast with 66,300 BOE/d within the second quarter. In Asia Pacific, manufacturing volumes have been 51,900 BOE/d, decrease than the 53,800 BOE/d within the earlier quarter, primarily as a consequence of upkeep exercise in China. Within the Atlantic area, manufacturing was 11,300 bbls/d, down from 12,500 bbls/d within the prior quarter, as manufacturing on the White Rose discipline was briefly offline to finish subsea tie-ins between the West White Rose platform and the SeaRose floating manufacturing, storage and offloading (FPSO) vessel.
Complete Downstream crude throughput within the third quarter was 710,700 bbls/d, up from 665,800 bbls/d within the second quarter. Crude throughput in Canadian Refining was 105,400 bbls/d, representing a utilization fee of 98%, in contrast with 112,400 bbls/d within the earlier quarter.
In U.S. Refining, crude throughput was 605,300 bbls/d, representing a utilization fee of 99%, in contrast with 553,400 bbls/d within the second quarter. U.S. Refining revenues have been $7.1 billion, up from $6.5 billion within the prior quarter. Adjusted market seize5 in U.S. Refining was 65%, in contrast with 58% within the second quarter, pushed by stronger efficiency at Cenovus’s operated refineries and the affect of SRE waivers obtained within the quarter. Excluding the affect of SRE waivers, adjusted market seize within the third quarter would have been roughly 5% decrease.
3 Non-GAAP monetary measure. Complete working margin is the full of Upstream working margin plus Downstream working margin. See Advisory.
4 Specified monetary measure. See Advisory.
5 Adjusted market seize excludes the affect of stock holding beneficial properties or losses. Comprises a non-GAAP monetary measure. See Advisory.
Monetary
Money from working actions within the third quarter decreased to roughly $2.1 billion from $2.4 billion within the second quarter. Adjusted funds circulation was $2.5 billion, in contrast with $1.5 billion within the prior quarter, and extra free funds circulation (EFFF) was $745 million, in contrast with a shortfall of $306 million within the prior quarter. Web earnings within the third quarter elevated to $1.3 billion from $851 million within the earlier quarter. Third-quarter monetary outcomes mirrored larger Upstream manufacturing and gross sales, elevated Downstream utilization, stronger oil costs and market crack spreads, and decrease turnaround prices relative to the second quarter.
Lengthy-term debt, together with the present portion, was $7.2 billion as at September 30, 2025. Web debt was $5.3 billion as at September 30, 2025, barely elevated from the earlier quarter, as frequent share repurchases of $918 million exceeded EFFF of $745 million. As famous, on October 1, the corporate obtained $1.8 billion of money proceeds from the sale of its 50% curiosity in WRB. The corporate continues to steward towards a long-term internet debt goal of $4.0 billion.
Development initiatives
Within the Oil Sands section, Narrows Lake achieved first oil in mid-July. Three effectively pads have been introduced on-line within the quarter because the venture continues to ramp up in direction of full charges. The optimization venture at Foster Creek is roughly 98% full and 4 steam turbines introduced on-line in July have supported larger manufacturing from the asset forward of schedule. Commissioning of the water treating and de-oiling infrastructure is now underway and new effectively pads shall be working in early 2026. At Dawn, one new effectively pad is being ready for steaming within the fourth quarter, which is able to assist continued manufacturing progress from the asset.
At West White Rose, the venture’s topsides have been safely lifted and set in place atop the concrete gravity construction in mid-July, and subsea tie-ins from the West White Rose platform to the SeaRose FPSO have been accomplished within the quarter. Hookup and commissioning actions are underway, and the venture is roughly 98% full. Drilling is predicted to start by the top of the 12 months and the venture stays on schedule to supply first oil within the second quarter of 2026.
2025 steerage replace
Cenovus has revised its 2025 company steerage to mirror the disposition of the corporate’s 50% curiosity in WRB efficient September 30. A replica of the up to date steerage is on the market on cenovus.com underneath Buyers.
Modifications to the corporate’s 2025 steerage embrace:
- U.S. Downstream throughput of 510,000 bbls/d to 515,000 bbls/d, a lower of 52,500 bbls/d on the midpoint.
- Downstream turnaround bills of $360 million to $380 million have been decreased by $65 million on the midpoint.
MEG transaction replace
Subsequent to the quarter, on October 27, 2025, Cenovus introduced an amended settlement to accumulate MEG, for a mixture of money and Cenovus frequent shares valued at roughly $30.00 per MEG share. On Thursday, October 30, MEG adjourned its scheduled particular assembly of shareholders associated to the transaction, with Cenovus’s consent, to Thursday, November 6, 2025. The adjournment will enable MEG time to answer a regulatory inquiry associated to MEG’s consideration of the amended phrases of the transaction and associated issues. Topic to the approval of the Courtroom, the approval of the MEG shareholders and the satisfaction or waiver of different customary closing situations, Cenovus expects the transaction to shut in mid-November.
Sustainability
Within the third quarter, Cenovus introduced the growth of its Indigenous Housing Initiative, committing as much as $8 million yearly in ongoing funding. Launched in 2020 with a five-year, $50 million dedication, this system has supported the development of practically 200 houses in six First Nation and Métis communities close to the corporate’s oil sands operations in northeast Alberta. Because the preliminary program closes, three new communities — Saddle Lake Cree Nation, Kikino Métis Settlement and Whitefish Lake First Nation #128 — will be a part of the initiative in 2026. The sustained funding displays Cenovus’s long-term dedication to advancing Indigenous reconciliation and helps efforts to deal with housing shortages in extra communities.
Dividend declarations and share purchases
The Board of Administrators has declared a quarterly base dividend of $0.20 per frequent share, payable on December 31, 2025, to shareholders of document as of December 15, 2025.
As well as, the Board has declared a quarterly dividend on every of the Cumulative Redeemable First Most well-liked Shares – Collection 1 and Collection 2 – payable on December 31, 2025, to shareholders of document as of December 15, 2025, as follows:
Most well-liked shares dividend abstract
| Share sequence | Fee (%) | Quantity ($/share) |
| Collection 1 | 2.577 | 0.16106 |
| Collection 2 | 4.391 | 0.27669 |
All dividends paid on Cenovus’s frequent and most well-liked shares shall be designated as “eligible dividends” for Canadian federal revenue tax functions. Declaration of dividends is on the sole discretion of the Board and can proceed to be evaluated on a quarterly foundation.
Within the third quarter, the corporate returned $1.3 billion to shareholders, composed of $918 million from its buy of 40.4 million shares by means of its regular course issuer bid (NCIB) and $356 million by means of frequent and most well-liked share dividends. Subsequent to the quarter, the corporate bought 17.0 million frequent shares by means of October 27, 2025 for $409 million. The present NCIB will expire on November 10, 2025. Cenovus has obtained approval from the Board to use for an additional NCIB program. Cenovus will apply for approval to repurchase as much as roughly 120 million of the corporate’s frequent shares, representing roughly 10% of its public float, as outlined by the TSX.
2025 deliberate upkeep
The next desk offers particulars on deliberate upkeep actions at Cenovus belongings in 2025 and anticipated manufacturing or throughput impacts.
Potential quarterly manufacturing/throughput affect (Mbbls/d or MBOE/d)
| (MBOE/d or Mbbls/d) | This autumn | Annual affect |
| Upstream | ||
| Oil Sands | – | 6 – 8 |
| Offshore | – | 1 – 2 |
| Typical | – | – |
| Downstream | ||
| Canadian Refining | – | – |
| U.S. Refining | 8 – 12 | 12 – 14 |
Potential turnaround bills
| ($ thousands and thousands) | This autumn | Annual affect |
| Downstream | ||
| Canadian Refining | – | – |
| U.S. Refining | 10 – 15 | 360 – 380 |
Convention name at this time
Cenovus will host a convention name at this time, October 31, 2025, beginning at 9 a.m. MT (11 a.m. ET).
For analysts wanting to hitch the decision, please register prematurely.
To take part within the convention name, full the net registration kind prematurely of the decision begin time. As soon as registered, you’ll obtain a novel PIN to entry the decision by telephone. You’ll be able to both dial into the convention name utilizing the distinctive PIN or choose the “Name Me” choice to obtain an automatic name.
A dwell audio webcast of the convention name may also be obtainable and can stay archived for roughly 30 days.
Advisory
Foundation of Presentation
Cenovus experiences monetary ends in Canadian {dollars} and presents manufacturing volumes on a internet to Cenovus earlier than royalties foundation, except in any other case said. Cenovus prepares its monetary statements in accordance with Worldwide Monetary Reporting Requirements (IFRS) Accounting Requirements.
Barrels of Oil Equivalent
Pure gasoline volumes have been transformed to barrels of oil equal (BOE) on the premise of six thousand cubic toes (Mcf) to at least one barrel (bbl). BOE could also be deceptive, significantly if utilized in isolation. A conversion ratio of 1 bbl to 6 Mcf relies on an vitality equivalency conversion technique primarily relevant on the burner tip and doesn’t signify worth equivalency on the wellhead. Provided that the worth ratio based mostly on the present worth of crude oil in contrast with pure gasoline is considerably completely different from the vitality equivalency conversion ratio of 6:1, using a conversion on a 6:1 foundation isn’t an correct reflection of worth.
Product varieties
| Product kind by working section | Three months ended September 30, 2025 |
| Oil Sands | |
| Bitumen (Mbbls/d) | 615.2 |
| Heavy crude oil (Mbbls/d) | 25.4 |
| Typical pure gasoline (MMcf/d) | 13.7 |
| Complete Oil Sands section manufacturing (MBOE/d) | 642.8 |
| Typical | |
| Mild crude oil (Mbbls/d) | 5.0 |
| Pure gasoline liquids (Mbbls/d) | 23.0 |
| Typical pure gasoline (MMcf/d) | 593.2 |
| Complete Typical section manufacturing (MBOE/d) | 126.9 |
| Offshore | |
| Mild crude oil (Mbbls/d) | 11.3 |
| Pure gasoline liquids (Mbbls/d) | 4.8 |
| Typical pure gasoline (MMcf/d) | 282.6 |
| Complete Offshore section manufacturing (MBOE/d) | 63.2 |
| Complete Upstream manufacturing (MBOE/d) | 832.9 |
Ahead‐trying Info
This information launch comprises sure ahead‐trying statements and ahead‐trying info (collectively known as “ahead‐trying info”) inside the which means of relevant securities laws about Cenovus’s present expectations, estimates and projections about the way forward for the corporate, based mostly on sure assumptions made in mild of the corporate’s experiences and perceptions of historic tendencies. Though Cenovus believes that the expectations represented by such ahead‐trying info are cheap, there might be no assurance that such expectations will show to be right. Ahead‐trying info on this doc is recognized by phrases comparable to “anticipate”, “proceed”, “ship”, “anticipate”, “plan”, “steward”, and “will” or comparable expressions and contains options of future outcomes, together with, however not restricted to, statements about: buying the entire issued and excellent frequent shares of MEG pursuant to a plan of association (the “Acquisition”), and timing thereof; expectations relating to the absolutely pro-rated consideration for the Acquisition; the timing of the particular assembly of MEG shareholders; internet debt goal; progress plans and initiatives; maximizing worth; manufacturing steerage; timing of completion of the Foster Creek optimization venture; ramping up manufacturing at Narrows Lake; continued manufacturing progress at Dawn; progressing a plan to restart manufacturing at Rush Lake; timing of drilling on the West White Rose venture; 2025 deliberate upkeep; and dividend funds.
Growing ahead‐trying info entails reliance on quite a lot of assumptions and consideration of sure dangers and uncertainties, a few of that are particular to Cenovus and others that apply to the business typically. The elements or assumptions on which the ahead‐trying info on this information launch are based mostly embrace, however are usually not restricted to: the satisfaction of customary closing situations and acquiring courtroom and MEG shareholder approvals for the Acquisition; basic financial, market and enterprise situations; that actions by third events don’t delay or in any other case adversely have an effect on completion of the Acquisition; that any competing bids don’t materially affect the completion of the Acquisition or Cenovus’s or MEG’s enterprise operations, approvals or key stakeholder relationships; potential litigation regarding the Acquisition that might be instituted towards Cenovus or MEG; Cenovus’s portfolio and marketing strategy, together with if the Acquisition isn’t accomplished; potential adversarial reactions or modifications to enterprise relationships, together with with staff, suppliers, prospects, rivals or credit standing companies, ensuing from the announcement or completion of the Acquisition; that there shall be no materials change to MEG’s operations previous to completion of the Acquisition; no materials modifications to legal guidelines and laws adversely affecting Cenovus’s or MEG’s operations or the Acquisition; the pursuits of MEG shareholders; the allocation of free funds circulation; commodity costs, inflation and provide chain constraints; Cenovus’s skill to supply on an unconstrained foundation; Cenovus’s skill to entry adequate insurance coverage protection to pursue growth plans; Cenovus’s skill to ship secure and dependable operations and reveal robust governance; and the assumptions inherent in Cenovus’s up to date 2025 company steerage obtainable on cenovus.com.
The chance elements and uncertainties that would trigger precise outcomes to vary materially from the ahead‐trying info on this information launch embrace, however are usually not restricted to: modifications to basic financial, market and enterprise situations; not finishing the Acquisition on anticipated phrases and timing, or in any respect, together with the satisfaction of customary closing situations and acquiring key regulatory, courtroom and MEG shareholder approvals; a change within the present voting expectations of MEG shareholders and/or that such expectations don’t show to be correct; a change within the pursuits of MEG shareholders; the accuracy of analyst predictions and calculations; failing to finish the Acquisition on the phrases contemplated by the association settlement between Cenovus and MEG; the affect of any competing bids or from any extra provides for MEG securities that will come up after the date hereof; potential litigation regarding the Acquisition that might be instituted towards Cenovus or MEG; the results of not finishing the Acquisition, together with the volatility of the share costs of Cenovus and MEG, detrimental reactions from the funding neighborhood and the required fee of sure prices associated to the Acquisition; the delay or incapability to combine Cenovus’s and MEG’s respective companies and operations and understand the anticipated strategic, operational and monetary advantages and synergies from the Acquisition; potential undisclosed liabilities in respect of MEG unidentified throughout the due diligence course of; the interpretation of the Acquisition by tax authorities; the main target of administration’s time and a focus on the Acquisition and different disruptions arising from the Acquisition; the accuracy of estimates relating to commodity manufacturing and working bills, inflation, taxes, royalties, capital prices and forex and rates of interest; dangers inherent within the operation of Cenovus’s enterprise; and dangers related to local weather change and Cenovus’s assumptions relating thereto and different dangers recognized underneath “Threat Administration and Threat Components” and “Advisory” in Cenovus’s Administration’s Dialogue and Evaluation (MD&A) for the 12 months ended December 31, 2024.
Besides as required by relevant securities legal guidelines, Cenovus disclaims any intention or obligation to publicly replace or revise any ahead‐trying statements, whether or not because of new info, future occasions or in any other case. Readers are cautioned that the foregoing lists are usually not exhaustive and are made as on the date hereof. Occasions or circumstances may trigger precise outcomes to vary materially from these estimated or projected and expressed in, or implied by, the ahead‐trying info. For extra info relating to Cenovus’s materials danger elements, the assumptions made, and dangers and uncertainties which may trigger precise outcomes to vary from the anticipated outcomes, check with “Threat Administration and Threat Components” and “Advisory” in Cenovus’s MD&A for the intervals ended December 31, 2024 and September 30, 2025 and to the danger elements, assumptions and uncertainties described in different paperwork Cenovus information occasionally with securities regulatory authorities in Canada (obtainable on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s web site at cenovus.com).
Specified Monetary Measures
This information launch comprises references to sure specified monetary measures that do not need standardized meanings prescribed by IFRS Accounting Requirements. Readers mustn’t take into account these measures in isolation or as an alternative to evaluation of the corporate’s outcomes as reported underneath IFRS Accounting Requirements. These measures are outlined in another way by completely different corporations and, due to this fact, may not be similar to comparable measures offered by different issuers. For info on the composition of those measures, in addition to an evidence of how the corporate makes use of these measures, check with the Specified Monetary Measures Advisory situated in Cenovus’s MD&A for the interval ended September 30, 2025 (obtainable on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s web site at cenovus.com), which is included by reference into this information launch.
Upstream Working Margin and Downstream Working Margin
Upstream Working Margin and Downstream Working Margin, and the person elements thereof, are included in Notice 1 to the interim Consolidated Monetary Statements.
Complete Working Margin
Complete Working Margin is the full of Upstream Working Margin plus Downstream Working Margin.
| Upstream(6) | Downstream(6) | Complete | ||||||||||||||||
| ($ thousands and thousands) | Q3 2025 |
Q2 2025 |
Q3 2024 |
Q3 2025 |
Q2 2025 |
Q3 2024 |
Q3 2025 |
Q2 2025 |
Q3 2024 |
|||||||||
| Revenues | ||||||||||||||||||
| Gross Gross sales | 7,562 | 7,394 | 8,259 | 8,435 | 7,743 | 8,798 | 15,997 | 15,137 | 17,057 | |||||||||
| Much less: Royalties | (858) | (621) | (929) | — | — | — | (858) | (621) | (929) | |||||||||
| 6,704 | 6,773 | 7,330 | 8,435 | 7,743 | 8,798 | 15,139 | 14,516 | 16,128 | ||||||||||
| Bills | ||||||||||||||||||
| Bought Product | 674 | 1,111 | 1,088 | 7,321 | 6,878 | 8,207 | 7,995 | 7,989 | 9,295 | |||||||||
| Transportation and Mixing | 2,543 | 2,621 | 2,661 | — | — | — | 2,543 | 2,621 | 2,661 | |||||||||
| Working | 885 | 896 | 860 | 751 | 947 | 918 | 1,636 | 1,843 | 1,778 | |||||||||
| Realized (Acquire) Loss on Threat Administration | 12 | 8 | (10) | (1) | (11) | (4) | 11 | (3) | (14) | |||||||||
| Working Margin | 2,590 | 2,137 | 2,731 | 364 | (71) | (323) | 2,954 | 2,066 | 2,408 | |||||||||
6Found in Notice 1 of the September 30, 2025, or the June 30, 2025, interim Consolidated Monetary Statements. Revenues and bought product for the third quarter of 2024 Downstream operations have been revised. See Notice 23 of our September 30, 2025, interim Consolidated Monetary Statements.
Adjusted Funds Movement, Free Funds Movement and Extra Free Funds Movement
The next desk offers a reconciliation of money from (utilized in) working actions present in Cenovus’s interim Consolidated Monetary Statements to Adjusted Funds Movement, Free Funds Movement and Extra Free Funds Movement. Adjusted Funds Movement per Share – Fundamental and Adjusted Funds Movement per Share – Diluted are calculated by dividing Adjusted Funds Movement by the respective fundamental or diluted weighted common variety of frequent shares excellent throughout the interval and could also be helpful to judge an organization’s skill to generate money.
| Three Months Ended | |||
| ($ thousands and thousands) | September 30, 2025 | June 30, 2025 | September 30, 2024 |
| Money From (Utilized in) Working Actions(7) | 2,131 | 2,374 | 2,474 |
| (Add) Deduct: | |||
| Settlement of Decommissioning Liabilities | (94) | (68) | (74) |
| Web Change in Non-Money Working Capital | (241) | 923 | 588 |
| Adjusted Funds Movement | 2,466 | 1,519 | 1,960 |
| Capital Funding | 1,154 | 1,164 | 1,346 |
| Free Funds Movement | 1,312 | 355 | 614 |
| Add (Deduct): | |||
| Base Dividends Paid on Frequent Shares | (356) | (364) | (329) |
| Buy of Frequent Shares underneath Worker Profit Plan | (21) | (15) | — |
| Dividends Paid on Most well-liked Shares | — | (4) | (9) |
| Settlement of Decommissioning Liabilities | (94) | (68) | (74) |
| Principal Reimbursement of Leases | (89) | (94) | (74) |
| Acquisitions, Web of Money Acquired | (7) | (129) | (4) |
| Proceeds From Divestitures | — | 13 | 22 |
| Extra Free Funds Movement | 745 | (306) | 146 |
7 Discovered within the September 30, 2025, or the June 30, 2025, interim Consolidated Monetary Statements.
Adjusted Market Seize
Adjusted market seize comprises a non-GAAP monetary measure and is used within the firm’s U.S. Refining section to supply a sign of margin captured relative to what was obtainable available in the market based mostly on widely-used benchmarks. Cenovus defines adjusted market seize as refining margin, internet of holding beneficial properties and losses, divided by the weighted common 3-2-1 market benchmark crack, internet of RINs, expressed as a share. The weighted common crack unfold, internet of RINs, is calculated on Cenovus’s operable capacity-weighted common of the Chicago and Group 3 3-2-1 benchmark market crack spreads, internet of RINs.
The corporate beforehand disclosed market seize which didn’t exclude the impact of stock holding beneficial properties or losses. Cenovus changed market seize with adjusted market seize to exclude the affect of stock holding beneficial properties or losses. The corporate believes this metric offers extra comparability and accuracy when measuring the money producing efficiency of our downstream operations. Comparative intervals have been revised to adapt with our present presentation.
| ($ thousands and thousands) | Three months ended September 30, 2025 |
Three months ended June 30, 2025 |
| Revenues(8) | 7,082 | 6,455 |
| Bought Product(8) | 6,219 | 5,838 |
| Gross Margin | 863 | 617 |
| Stock Holding (Acquire) Loss | 80 | 62 |
| Adjusted Gross Margin | 943 | 679 |
| Complete Processed Inputs (Mbbls/d) | 642.8 | 594.2 |
| Adjusted Gross Margin ($/bbl) | 15.92 | 12.57 |
| Operable Capability (Mbbls/d) | 612.3 | 612.3 |
| Operable Capability by Regional Benchmark (p.c) | ||
| Chicago 3-2-1 Crack Unfold Weighting | 81 | 81 |
| Group 3 3-2-1 Crack Unfold Weighting | 19 | 19 |
| Benchmark Costs and Change Fee | ||
| Chicago 3-2-1 Crack Unfold (US$/bbl) | 24.24 | 21.64 |
| Group 3 3-2-1 Crack Unfold (US$/bbl) | 23.72 | 23.07 |
| RINs (US$/bbl) | 6.33 | 6.12 |
| US$ per C$1 – Common | 0.726 | 0.723 |
| Weighted Common Crack Unfold, Web of RINs ($/bbl) | 24.53 | 21.86 |
| Adjusted Market Seize (p.c) | 0.65 | 0.58 |
8 Found in Notice 1 of the September 30, 2025, or the June 30, 2025, interim Consolidated Monetary Statements.
Cenovus Vitality Inc.
Cenovus Vitality Inc. is an built-in vitality firm with oil and pure gasoline manufacturing operations in Canada and the Asia Pacific area, and upgrading, refining and advertising operations in Canada and the USA. The corporate is dedicated to maximizing worth by creating its belongings in a secure, accountable and cost-efficient method, integrating environmental, social and governance concerns into its enterprise plans. Cenovus frequent shares and warrants are listed on the Toronto and New York inventory exchanges, and the corporate’s most well-liked shares are listed on the Toronto Inventory Change. For extra info, go to cenovus.com.
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