Record output, strong margins fuel Cenovus earnings rise

McKenzie said 2025 has been an "inflection point" for Cenovus, with drilling at the company’s West White Rose offshore project due to start by the end of the year and the near-completion of oil sands growth projects at Foster Creek and Narrows Lake in northern Alberta.

With these major expansion projects wrapping up, capital spending will decline in 2026 to around CA$4 billion ($3 billion), excluding the MEG assets, he said. The projects will also boost production, with output expected to rise to about 950,000 bpd by 2028, compared with the 805,000-825,000 bpd range forecast for 2025.