06:49 AM EDT, 10/31/2025 (MT Newswires) -- Cenovus Energy ( CVE ) , which is currently leading Strathcona Resources ( STHRF ) in the race to acquire MEG Energy ( MEGEF ) , subject to regulatory approval, was last up 1% in U.S. premarket trading on Friday after reporting better-than-expected third-quarter earnings and highlighting strong performance particularly across its Upstream and Downstream businesses.

For Q3, Cenovus reported net earnings per share diluted of $0.72 versus $0.42 a year earlier, and easily beating a consensus forecast provided by FactSet of $0.51.

Among other highlights, the company generated approximately $2.1 billion in cash from operating activities, $2.5 billion of adjusted funds flow and $1.3 billion of free funds flow. Operating results in the quarter included record Upstream production of 832,900 barrels of oil equivalent per day (BOE/d) and record Downstream crude throughput of 710,700 barrels per day (bbls/d), representing an overall utilization rate of 99%.

Earlier Friday, MEG Energy ( MEGEF ) announced that its special meeting of holders of its common shares to vote on the proposed plan of arrangement with Cenovus had been adjourned to Thursday, Nov. 6, at 9am (Calgary Time). Cenovus said the transaction is anticipated to close in mid-November subject to shareholder and court approvals.

Also looking ahead, Cenovus has revised its 2025 corporate guidance to reflect the disposition of the company's 50% interest in WRB effective September 30. Changes include: U.S. Downstream throughput of 510,000 bbls/d to 515,000 bbls/d, a decrease of 52,500 bbls/d at the midpoint. Downstream turnaround expenses of $360 million to $380 million have been reduced by $65 million at the midpoint.

"We delivered record volumes in both our Upstream and Downstream businesses this quarter, while maintaining our commitment to safe, reliable and cost-effective operations," said Jon McKenzie, president and CEO. "Our major growth projects are all approaching completion and our Downstream business is reaching its potential with consistently strong operating performance this quarter."

CVE was down 1.4% in Canada yesterday.