Business Segments Cenovus Energy Inc.

Stocks

CVE

CA15135U1093

Oil & Gas Exploration and Production

Market Closed - Toronto S.E. Other stock markets 21:00:00 17/06/2026 BST			5-day change	1st Jan Change
36.11 ^CAD	-1.69%		-8.86%	+55.51%

06-11	Canada oil outages and bad weather to tighten inventories at key US storage hub	RE
06-09	Cenovus CEO says proposed pipeline to Canada's west coast currently 'unfinanceable'	RE

Sales 2025 by Business Segment

Sales 2025 by Geography

Historical Breakdown of Revenue by Business Segments

Operating Income: Breakdown by Business Segment

Breakdown by Business Segment (CAD)

Fiscal Period: December	2021	2022	2023	2024	2025
Oil and Gas Production
Upstream - Oil Sands	20.63B	30.28B	23.13B	25.17B	25.41B
Total Assets	31.07B	32.25B	31.67B	31.67B	42.5B
CAPEX	-6.02B	-3.4B	-2.38B	-2.71B	-2.94B
EBITDA	6.36B	8.98B	8.17B	9.79B	8.88B
D&A	2.67B	2.76B	2.99B	3.12B	3.43B
Operating Income	3.67B	6.27B	5.14B	6.7B	5.48B
Upstream - Conventional	3.08B	4.03B	3.16B	2.98B	2.6B
Total Assets	3.03B	2.41B	2.43B	2.61B	2.58B
CAPEX	-773M	-356M	-452M	-421M	-453M
EBITDA	803M	1.24B	583M	291M	457M
D&A	3M	370M	386M	442M	479M
Operating Income	802M	851M	210M	-158M	-40M
Total Assets	-	-	-	-	-
Upstream - Offshore	1.67B	1.94B	1.52B	1.47B	1.43B
Total Assets	3.6B	3.34B	3.51B	4.09B	4.76B
CAPEX	-3.3B	-310M	-642M	-1.14B	-934M
EBITDA	1.42B	1.61B	1.12B	1.04B	1.06B
D&A	492M	585M	487M	563M	440M
Operating Income	970M	957M	671M	463M	645M
Oil and Gas Refining and Marketing
Downstream - U.S.Refining	20.04B	30.31B	26.39B	28.31B	24.12B
Total Assets	7.78B	8.32B	8.66B	9.52B	4.7B
CAPEX	-2.61B	-1.06B	-602M	-488M	-442M
EBITDA	212M	1.74B	477M	-232M	-149M
D&A	2.38B	640M	486M	462M	566M
Operating Income	-2.17B	1.08B	8M	-702M	-710M
Downstream - Canadian Refining	4.47B	7.79B	6.23B	5.31B	5.08B
Total Assets	2.92B	3.17B	2.96B	2.9B	2.83B
CAPEX	-2.32B	-117M	-145M	-208M	-117M
EBITDA	532M	699M	675M	-80M	354M
D&A	167M	208M	185M	185M	178M
Operating Income	365M	491M	490M	-265M	176M
Refining and Marketing	-	-	-	-	-
Total Assets	-	-	-	-	-
CAPEX	-	-	-	-	-
EBITDA	-	-	-	-	-
D&A	-	-	-	-	-
Operating Income	-	-	-	-	-
Corporate and Eliminations	-5.71B	-7.46B	-8.23B	-8.97B	-8.94B
Total Assets	4.75B	6.38B	4.68B	5.75B	6.06B
CAPEX	-240M	-86M	-75M	-39M	-17M
D&A	118M	113M	107M	102M	96M
Operating Income	-184M	-52M	-215M	-177M	-17M
Oil and Gas Retail
Downstream - Retail	2.16B	-	-	-	-
Total Assets	966M	-	-	-	-
CAPEX	-721M	-	-	-	-
EBITDA	41M	-	-	-	-
D&A	59M	-	-	-	-
Operating Income	-18M	-	-	-	-

Geographical Revenue Distribution History

Geographical breakdown of sales (CAD)

Fiscal Period: December	2021	2022	2023	2024	2025
United States	21.33B	32.31B	25.94B	26.33B	24.9B
Total Assets	4.09B	4.82B	5.23B	5.9B	2.51B
Canada	23.77B	33.22B	25.13B	26.79B	23.79B
Total Assets	33.92B	35.19B	35.88B	37.01B	47.64B
China	1.26B	1.36B	1.13B	1.15B	1.01B
Total Assets	2.58B	2.06B	1.61B	1.25B	939M
Total Assets	311M	365M	344M	295M	203M