Overview
- Cenovus reported C$934 million in fourth-quarter profit, up from C$146 million a year earlier.
- Upstream output averaged 917,900 boe/d in Q4, with December topping 970,000 boe/d, both company records.
- 2026 upstream production is guided at 945,000 to 985,000 boe/d, roughly 4% above 2025 on a MEG‑adjusted basis.
- Following the MEG acquisition, the company targets C$150 million in annual synergies in 2026–27, rising to more than C$400 million by 2028, and has begun cutting corporate, HR and finance costs.
- At the former MEG assets, 40 redevelopment wells are slated to deliver first oil in the second quarter, and the West White Rose FPSO is in final commissioning with a tight second‑quarter first‑oil window due to recent storms.