Tuesday, October 27, 2026
HH: $3.03 +0.3%
All For Energy
Est. 2024 • Canadian Energy Authority
Oil September 3, 2026

Cenovus Raised 2026 Production to as High as 1.01 Million Boe a Day. Costs Came Down

On July 29 Cenovus lifted full-year 2026 upstream guidance to 970,000 to 1,010,000 boe per day, up 25,000 boe per day. Oil sands unit operating costs were cut to $10.75 to $11.75 per boe. Capital stayed $5.0 billion to $5.3 billion. July production was on track to pass one million boe per day for the month.

All For Energy
Energy Market Analysis

MEG is in the base now. The million-barrel month is a July print

Cenovus Energy (TSX: CVE) updated 2026 guidance on July 29 with its second-quarter results. Total upstream production guidance rose to 970,000 to 1,010,000 boe/d, an increase of 25,000 boe/d at the midpoint. Oil sands operating costs were guided to US$10.75 to $11.75 per boe, down about a dollar from the prior range. Conventional and Asia Pacific unit costs were also trimmed. Canadian refining throughput guidance rose to 110,000 to 115,000 bbl/d.

Capital investment guidance was unchanged at $5.0 billion to $5.3 billion. Second-quarter total upstream production was 970,400 boe/d, up from 765,900 boe/d in Q2 2025, reflecting the MEG acquisition and stronger oil sands performance. Chief executive Jon McKenzie said on the call that July was on track to average above one million boe/d for the month, with Christina Lake near 400,000 bbl/d.

This is an oilsands volume and cost story. It is not a gas marketing note.

Related companies

Paid placements next to matching stories. Empty slots are for sale.

Promote $49 / 30 days
Open spot
This story covers Cenovus Energy (CVE)

Promote package is $49 for 30 days next to matching stories. Enter your company on checkout, not the issuer. Membership is $49 if you also want Trends for the year.

Promote next to this story, $49

Related Articles

Oil

Ovintiv Agrees to Buy Logan Energy for $1.40 Cash. Logan Oil Spin Is Not Closing Day

Logan Energy said October 26 it signed an arrangement agreement for Ovintiv Canada to acquire all Logan shares for $1.40 cash each, valuing Logan at about $1.26 billion including net debt, alongside a spin-out of Logan Oil Corp. to shareholders. Total headline consideration is about $1.48 per share when the spin and warrants are included. This is a signed plan of arrangement. It is not shareholder approval and not an effective close.

Oct 26, 2026
Markets
-0.9%