Cenovus Energy (CVE.TO): 3Q26 Earnings Preview: Anticipating a Strong Operational and Financial Print

We anticipate a strong operational print from CVE in 3Q26, with the company having crossed the 1 MMBoe/d upstream production threshold for the first time in July. Our 3Q26 oil sands production estimate of 817 MBoe/d compares to the STe of 794 MBoe/d. We forecast 3Q26 EPS of C$1.75 and adjusted FFO of C$4.77B, which compares to current consensus estimates of C$1.41 and C$4.35B, respectively. Operations ran well through the quarter, with Christina Lake performing strongly through July and August and the planned turnaround on Phases F and G executed without issue;