06:42 AM EDT, 05/08/2025 (MT Newswires) -- Cenovus Energy ( CVE ) on Thursday reported a drop in first-quarter net earnings despite higher revenue and upstream production. The company boosted its dividend.

Net earnings fell to $859 million, or $0.47 per share, compared with $1.18 billion, or $0.62 per share. Analysts polled by FactSet expected earnings per share of $0.39 for the quarter.

Revenue increased to $16.05 billion from $15.35 billion, exceeding the $14.03 billion consensus estimate compiled by FactSet. Upstream production climbed to 818,900 barrels of oil equivalent per day, up from 800,900 boe/d. Total downstream crude throughput also rose to 665,400 barrels per day from 655,200 b/d.

Cenovus' board of directors approved an 11% increase in the base dividend to $0.80 per share annually, beginning in the second quarter.