Cenovus Energy (CVE) shares surged 6.63% in pre-market trading on Wednesday, as investors cheered second-quarter results that handily beat expectations and an upward revision to the company’s full-year production outlook.

The company reported adjusted earnings of C$1.53 per share, coasting past the analyst consensus of C$1.37, while revenue rose 41% to C$17.4 billion, exceeding forecasts of C$16.87 billion. Net earnings jumped to C$2.87 billion from C$851 million a year earlier, driven by upstream production that averaged 970,400 barrels of oil equivalent per day, a significant increase from 765,900 barrels in the prior-year quarter.

Adding to the bullish sentiment, Cenovus raised its 2026 total upstream production guidance to a range of 970,000 to 1,010,000 barrels of oil equivalent per day, up 25,000 barrels per day from its previous forecast, citing strong oil sands performance and optimized turnaround activity.