Cenovus Energy has reported a lower second-quarter profit and it blames lower production, in part, on spring wildfires in western Canada.
The Calgary-based oil and gas producer released details of its quarterly update on Thursday.
In early June, Cenovus was forced to evacuate most company employees from its Christina Lake oilsands operations, south of Fort McMurray, Alta. because of the nearby Caribou Lake wildfire.
At the time, the company estimated the reduced oil production at about 238,000 barrels of oil a day per day.
In Thursday’s update, it estimated the total production loss from the wildfire at two-million barrels.
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The company said a well leak and shut down of its Rush Lake facilities in western Saskatchewan, and maintenance at other oil production facilities, also weighed on production in the second quarter.
Cenovus said total upstream production was 765, 900 barrels of oil per day, compared to 800,00 barrels per day in the second quarter last year.
Net income fell to $851 million, or 45 cents Canadian per share in the three months that ended on June 30, 2025.
That’s down from $1 billion or 53 cents per share during the same period of 2024.
— With files from Reuters and The Canadian Press.
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