Cenovus Surpasses Records with Record Oil Sands Production

Cenovus Energy reported record oil sands production in its second-quarter earnings release and is poised to hit the million-barrel mark this month.

The company's total upstream production reached 970,000 boe/day, while its Oil Sands business segment produced a record 786,000 bbl/day, despite maintenance activity at Foster Creek.

Cenovus's Christina Lake asset is performing exceptionally well, with new wells brought online at the Narrows Lake lease exceeding 8,000 bbl/day. The SAGD facility averaged 264,000 bbl/day in the second quarter and is ramping up to about 285,000 bbl/day in July.

Cenovus has increased its full-year 2026 guidance by 25,000 boe/day to a range of 970,000 to 1.01 million boe/day, thanks to better-than-expected summer production rates at Christina Lake and Foster Creek.