TSX:CVE

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Cenovus Energy (TSX: CVE) (NYSE: CVE) reported strong fourth-quarter and full-year 2025 results, highlighted by record production and solid cash generation.

In Q4, the company generated $2.4 billion in cash from operating activities, $2.7 billion in adjusted funds flow and $1.3 billion in free funds flow. Upstream production reached a record 917,900 BOE/d, up 5% year-over-year excluding MEG, while Downstream crude throughput averaged 465,500 bbls/d at 98% utilization.

Oil Sands production hit a quarterly record of 726,600 BOE/d, and the Foster Creek optimization project added roughly 30,000 bbls/d ahead of schedule. Cenovus also completed the MEG Energy acquisition and expects annual synergies of $150 million in 2026–2027, rising to over $400 million from 2028.

The company returned $1.1 billion to shareholders in Q4 through share buybacks and dividends.

Source: GlobeNewswire.
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WS Investor 02-19-26
Cenovus renews share buyback program for up to 120 million shares

Cenovus Energy Inc. (TSX: CVE, NYSE: CVE) announced that the Toronto Stock Exchange has approved the renewal of its normal course issuer bid (NCIB), allowing the company to repurchase up to 120,250,990 common shares between November 11, 2025 and November 10, 2026. The program represents about 10% of Cenovus’s public float as of October 31, 2025.

Under its previous NCIB, set to expire November 10, 2025, Cenovus repurchased 82.6 million shares at an average price of $21.58. The renewal aligns with the company’s capital allocation strategy, focusing on returning cash to shareholders while maintaining a strong balance sheet.

Cenovus also implemented an automatic share purchase plan (ASPP) to enable buybacks during blackout periods, pre-cleared by the TSX. All repurchased shares will be cancelled. Daily purchases through the TSX will be capped at 2,318,371 shares, or 25% of the six-month average daily trading volume.

The company emphasized that the buyback reflects confidence in its long-term value and strategic commitment to enhancing shareholder returns.
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Global Finance News 11-07-25
Cenovus Amends MEG Energy Deal, Secures Voting Support from Strathcona Resources

Cenovus Energy Inc. (TSX: CVE, NYSE: CVE) announced an amendment to its agreement to acquire MEG Energy Corp. (TSX: MEG), allowing MEG shareholders to elect to receive either $30.00 in cash or 1.255 Cenovus shares per MEG share, subject to proration. On a fully pro-rated basis, the offer equates to roughly $15.00 in cash and 0.6275 Cenovus shares, representing a total value of about $30.00 per MEG share based on Cenovus’s October 24, 2025 closing price.

Cenovus also entered into a voting support agreement with Strathcona Resources Ltd., which has agreed to vote its MEG shares in favor of the transaction. The MEG shareholder meeting remains set for October 30, 2025.

In a related move, Cenovus will sell certain thermal oil and undeveloped assets to Strathcona for up to $150 million, including $75 million in cash and up to $75 million in contingent payments tied to future commodity prices. The sale, expected to close in Q4 2025, includes the Vawn thermal heavy oil asset in Saskatchewan, which has averaged 5,000 barrels per day of production this year.
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The Investor 10-27-25
Cenovus Energy announced it will sell its 50% stake in WRB Refining LP to joint venture partner Phillips 66 for $1.4 billion USD (about $1.9 billion CAD). The sale includes Cenovus’s interest in the Wood River Refinery in Illinois and the Borger Refinery in Texas, which together process nearly 495,000 barrels of crude per day.

Following the deal, Cenovus’s downstream business will center on refineries it fully controls, with a total capacity of about 473,000 barrels per day, 55% of which is heavy oil. CEO Jon McKenzie said the move sharpens Cenovus’s focus on core assets while generating funds to reduce debt and boost share buybacks.

The transaction is expected to close by the end of the third quarter of 2025, subject to regulatory and customary conditions.
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Global Finance News 09-09-25
Cenovus Energy to Redeem C$150 Million in Series 7 Preferred Shares

Cenovus Energy (TSX/NYSE: CVE) announced it will redeem all 6 million of its 3.935% Series 7 Preferred Shares at C$25.00 per share on June 30, 2025, totaling C$150 million. The redemption will be primarily funded from cash on hand. A final dividend of C$0.24594 per share will also be paid on the same day to shareholders of record as of June 13.
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WS News 06-02-25