06:20 AM EDT, 07/31/2025 (MT Newswires) -- Cenovus Energy ( CVE ) was up 0.2% in US pre-market on Thursday after it reported much better-than-expected earnings for the second quarter, citing an "exceptional" operating performance.

For Q2, Cenovus reported per share diluted of $0.45, down from $0.53 a year earlier but easily beating a FactSet forecast of $0.13

Among highlights, the company generated approximately $2.4 billion in cash from operating activities, $1.5 billion of adjusted funds flow and $355 million of free funds flow.

Total upstream production was 765,900 barrels of oil equivalent per day (BOE/d), reflecting planned turnarounds at the Foster Creek and Sunrise oil sands assets, maintenance at offshore facilities and short-term production impacts from wildfire activity at Christina Lake. Downstream crude throughput was 665,800 barrels per day (bbls/d), representing an overall utilization rate of 92% and including the successful completion of a turnaround at the Toledo Refinery 11 days ahead of schedule.

"Operating performance this quarter was exceptional, with turnaround execution exceeding our targets, major project milestones achieved on time and on budget, and our staff safely and efficiently restoring Christina Lake production following disruption from a wildfire," said Jon McKenzie, Cenovus President and CEO. "Through the hard work and determination of our people, we have arrived at an inflection point, nearing completion of numerous growth projects and successfully concluding significant maintenance events. As investment in these initiatives is completed, we expect to generate increasing free funds flow."

CVE edged down $0.03 at $20.87 on the TSX yesterday.