Cenovus (CVE) Reports Q4 Earnings: What Key Metrics Have to Say

Core Viewpoint - Cenovus Energy reported a revenue decline of 7% year-over-year for Q4 2025, with a significant EPS surprise of +30.91% compared to analyst expectations [1]. Financial Performance - Revenue for the quarter was $7.81 billion, which was 19.2% below the Zacks Consensus Estimate of $9.66 billion [1]. - EPS for the quarter was $0.36, up from $0.05 in the same quarter last year, exceeding the consensus estimate of $0.28 [1]. Production Metrics - Total upstream production was 917.9 million barrels of oil equivalent, slightly below the average estimate of 920.65 million barrels [4]. - Conventional natural gas production was 860.4 million cubic feet, also below the average estimate of 870.78 million cubic feet [4]. - Daily production of NGLs was 27.90 MBbls, under the average estimate of 29.91 MBbls [4]. - Bitumen production was 696.20 MBbls, slightly above the average estimate of 691.76 MBbls [4]. - Total oil sands production from Foster Creek was 220.1 million barrels, exceeding the average estimate of 217.75 million barrels [4]. - Christina Lake production was 308.9 million barrels, just below the average estimate of 310.79 million barrels [4]. - Sunrise production was 60.3 million barrels, in line with the average estimate of 60 million barrels [4]. - Lloydminster Therma production was 106.9 million barrels, above the average estimate of 103.23 million barrels [4]. - Conventional heavy oil production from Lloydminster was 28.1 million barrels, slightly above the average estimate of 26.97 million barrels [4]. - Total oil sands production was 724.3 million barrels, compared to the average estimate of 718.73 million barrels [4]. - Heavy crude oil unit throughput in Canadian refining was 112.9 million barrels, exceeding the average estimate of 106.38 million barrels [4]. - U.S. refining crude oil unit throughput was 352.6 million barrels, above the average estimate of 339.36 million barrels [4]. Stock Performance - Cenovus shares returned +20.3% over the past month, contrasting with a -0.8% change in the Zacks S&P 500 composite [3]. - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market [3].