CENOVUS Energy, image via https://www.cenovus.com/
CALGARY — Cenovus Energy and Suncor Energy both reported record first-quarter production as higher oil prices boosted profits amid continued volatility in global energy markets.
Cenovus reported production of 972,000 barrels of oil equivalent per day during the first quarter, up 54,000 barrels per day from the same period last year. The company said production increased following its acquisition of MEG Energy and ongoing development work at projects in Alberta and offshore Newfoundland and Labrador.
Net earnings at Cenovus rose more than 80 per cent to nearly $1.6 billion during the quarter, while overall production increased 19 per cent year-over-year.
“This is our time. We should be an energy superpower,” Cenovus chief executive Jon McKenzie said during the company’s earnings call.
Suncor also reported record quarterly production of 875,000 barrels per day, up 22,000 barrels per day from the first quarter of 2025.
The company posted net earnings of $2.1 billion, a 24 per cent increase from the same period last year.
“We’ve got ups and downs in the cycle and we’ve seen those before,” Suncor chief executive Rich Kruger told analysts during the company’s earnings call.
Oil prices climbed sharply during the quarter as conflict in the Middle East disrupted global supply and increased concerns surrounding energy shipments and production.
The companies also pointed to potential future export growth as pipeline expansion projects continue advancing across North America.
Cenovus said regulatory changes would be needed to support future large-scale oilsands development and additional production growth.
Several proposed pipeline projects and expansions currently under discussion could add more than one million barrels per day of additional transportation capacity by the early 2030s, according to the report.
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