CENOVUS ENERGY INC.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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Sep 30, 2026 · Filed Nov 4, 2026
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Contents
EX-99.1 · Operating Margin
Operating Margin
Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.
| Upstream (7) | Downstream (7) | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| ($ millions) | 2026 Q3 | 2026 Q2 | 2025 Q3 | 2026 Q3 | 2026 Q2 | 2025 Q3 | 2026 Q3 | 2026 Q2 | 2025 Q3 |
| Revenues | |||||||||
| Gross Sales | 12,515 | 14,231 | 7,562 | 8,579 | 8,157 | 8,435 | 21,094 | 22,388 | 15,997 |
| Less: Royalties | (1,953) | (1,661) | (858) | — | — | — | (1,953) | (1,661) | (858) |
| 10,562 | 12,570 | 6,704 | 8,579 | 8,157 | 8,435 | 19,141 | 20,727 | 15,139 | |
| Expenses | |||||||||
| Purchased Product | 1,205 | 2,074 | 674 | 6,266 | 6,663 | 7,321 | 7,471 | 8,737 | 7,995 |
| Transportation and Blending | 3,822 | 4,582 | 2,543 | — | — | — | 3,822 | 4,582 | 2,543 |
| Operating | 1,008 | 971 | 885 | 520 | 505 | 751 | 1,528 | 1,476 | 1,636 |
| Realized (Gain) Loss on Risk Management | (8) | 28 | 12 | (1) | 36 | (1) | (9) | 64 | 11 |
| Operating Margin | 4,535 | 4,915 | 2,590 | 1,794 | 953 | 364 | 6,329 | 5,868 | 2,954 |
7 Found in Note 1 of the September 30, 2026, or the June 30, 2026, interim Consolidated Financial Statements.
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