Cenovus reports Q1 profit up from year ago, raises base dividend by 10 per cent

Andy Cepuch, senior field manager, at the plant—where steam is created, water is processed, and bitumen is diluted and prepared to go for further processing—at the Cenovus Christina Lake oilsands facility southeast of Fort McMurray, Alta., on Wednesday April, 24, 2024. THE CANADIAN PRESS/Amber Bracken

CALGARY — Cenovus Energy Inc. raised its base dividend by 10 per cent as it reported a first-quarter profit of $1.57 billion, up from $859 million a year ago.

The company says it will now pay a quarterly base dividend of 22 cents per share, up from 20 cents per share.

Cenovus’s first-quarter profit amounted to 83 cents per diluted share, up from 47 cents per diluted share in the same quarter last year.

Revenue totalled $12.36 billion, down from $13.30 billion a year earlier.

Total upstream production was 972,100 barrels of oil equivalent per day, up from 818,900 boepd in the first quarter of 2025.

Downstream crude throughput was 458,500 barrels per day, down from 665,400 a year earlier.

This report by The Canadian Press was first published May 6, 2026.

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