Cenovus Energy reported a C$3.36-billion third-quarter profit Wednesday as its oil and gas production passed one million barrels of oil equivalent a day for the first time.

The Calgary-based company earned C$1.83 per diluted share in the three months ended September 30, compared with 72 cents a year earlier. Profit in the corresponding 2025 quarter was C$1.29 billion, The Canadian Press reported.

Daily upstream production averaged 1,023,500 barrels of oil equivalent, compared with 832,900 a year earlier. Reuters reported that record output and stronger refining margins supported the increase in earnings.

Revenue reached C$15.98 billion, up from C$13.20 billion in the same quarter of 2025, according to The Canadian Press. Refinery crude throughput was lower, averaging 437,200 barrels a day against 710,700 a year earlier.

In its results release, Cenovus said oil-sands production reached a quarterly record of about 833,000 barrels of oil equivalent a day. Foster Creek, Christina Lake and Sunrise each posted production records. Oil-sands operating costs fell to C$10.23 a barrel, more than 50 cents below the second-quarter level.

The company reported approximately C$5.6 billion in cash from operating activities and C$1.45 billion in capital investment. Net debt stood at about C$3.0 billion on September 30, down from C$5.4 billion three months earlier.

Cenovus returned C$1.9 billion to shareholders during the quarter, including C$1.5 billion in share repurchases and C$403 million in common-share dividends.

The production milestone combines oil and natural gas on an energy-equivalent basis. It does not mean the company produced one million barrels of crude oil each day.

Accompanying image: editorial illustration.

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