Cenovus Energy (NYSE: CVE) reported Q2 EPS of $1.26, $0.76 better than the analyst estimate of $0.50. Revenue for the quarter came in at $14.9 billion versus the consensus estimate of $10.68 billion.

2024 guidance update

Cenovus has revised its 2024 corporate guidance to reflect the company’s updated outlook for the remainder of the year. It is available on Cenovus.com under Investors.

Changes to the company’s 2024 guidance include:

Total upstream production of 785,000 BOE/d to 810,000 BOE/d, an increase of 7,500 BOE/d at the midpoint as a result of strong year-to-date performance and asset reliability.
Total downstream throughput of 640,000 bbls/d to 670,000 bbls/d, an increase of 5,000 bbls/d at the midpoint as a result of strong year-to-date performance and optimization of the company’s turnaround activities in the second half of the year, including turnaround activity that was deferred to 2025.
Oil Sands operating costs of $10.50/bbl to $12.50/bbl representing a decrease of 12% at the midpoint, and Asia Pacific operating costs of $9.50/BOE to $10.50/BOE, representing a decrease of $2.00/BOE at the midpoint.
Updated Canadian Refining operating costs per barrel range to $20.25/bbl to $22.25/bbl to reflect cost increases associated with the Lloydminster Upgrader turnaround which were incurred in the first half of the year.
G&A expenses of $625 million to $675 million, a reduction of $25 million at the midpoint

For earnings history and earnings-related data on Cenovus Energy (CVE) click here.