Cenovus Energy has upgraded its full-year 2026 outlook, projecting higher production volumes and lower operating costs than previously forecast.
The Calgary-based producer released the revised guidance alongside its second-quarter earnings results on Wednesday.
The company anticipates total output will exceed one million barrels per day for the first time.
Most of the production increase stems from its flagship Christina Lake project, a steam-driven oil sands operation located south of Fort McMurray.
Record output from this asset has been the primary driver behind the improved operational metrics.
This guidance upgrade follows a quarterly profit beat, supported by higher realized oil prices and strong operational performance.