Premier SAGD oil sands (Foster Creek, Christina Lake), Lloydminster heavy oil + upgrader, and Sunrise (100% post-2022 swap); downstream refining in Canada + US (Lima, Toledo, Superior, Wood River/Borger); offshore Asia Pacific (Liwan gas China, Indonesia); 2025 acquired MEG Energy adding Christina Lake-adjacent SAGD scale.
Strong balance sheet, a growing base dividend plus variable returns/buybacks, and a downstream reliability turnaround; MEG integration 2025 under CEO Jon McKenzie. Flags: Canada concentration, US refining reliability, heavy-oil (WCS) differentials and egress.
Its EV/EBITDA of 8.7x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 5.3% is lower than the 6.5% median, and at $10.00/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Cenovus Energy scores 49/100, strongest on safety (64/100). Sub-scores: value 36, quality 59, growth 26, risk 36 (higher = riskier).
Cenovus Energy holds approximately 6.1 billion boe of proved (1P) reserves with FY2025 production of about 834 thousand boe/d (80% liquids), a reserve life of roughly 20.0 years. Break-even: ~$45/bbl (WTI breakeven) — Low-cost oil sands (Foster Creek/Christina Lake) plus downstream; competitive breakeven, improving refining reliability.
For Cenovus Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Canada | 85% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
| United States | 10% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Asia Pacific | 5% | 50 | diversified/unspecified exposure — universe-average proxy |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Foster Creek | Canada | Oil sands (SAGD) | Flagship low-cost thermal, long life |
| Christina Lake | Canada | Oil sands (SAGD) | Top-tier low-cost SAGD |
| MEG Energy (Christina Lake area) | Canada | Oil sands (SAGD) | Acquired 2025, adjacent SAGD scale |
| Lloydminster (Kirby/upgrader) | Canada | Heavy oil + upgrading | Heavy oil + Lloyd upgrader/asphalt |
| Sunrise | Canada | Oil sands (SAGD) | 100%-owned after 2022 swap |
| US Refining (Lima, Toledo, Wood River/Borger) | United States | Downstream | US refining capacity incl JV legacy |
| Canadian Refining (Superior, Lloyd) | Canada/US | Downstream | Superior (Wisconsin) + Lloyd complex |
| Asia Pacific offshore | China / Indonesia | Offshore oil/gas | Liwan gas (China), MDA/MBH (Indonesia) |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 791 | 779 | 797 | 816 | 834 |
| Proved reserves (bnboe) | 5.90 | 6.00 | 6.10 | 6.30 | 6.10 |
| Revenue ($bn) | 46.0 | 67.0 | 52.0 | 53.0 | 36.3 |
| EBITDA ($bn) | 8.5 | 13.5 | 10.5 | 11.5 | 7.0 |
| Net income ($bn) | 0.6 | 6.5 | 4.1 | 3.4 | 2.9 |
| Free cash flow ($bn) | 2.9 | 6.0 | 4.0 | 4.2 | 2.9 |
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✓ FY2025 figures verified against primary sources: