1233 ET - Cenovus Energy's business model post-acquisition of MEG Energy should generate around a 23% composite equity return, says Gerdes Energy Research's John Gerdes. In a report, the analyst breaks down 2026 expectations for 976,000 barrels of oil equivalent per day, of which 773,000 will be from the oil sands. This is in the upper half of guidance, Gerdes notes, and assumes about C$5.1 billion in capital spending. Cenovus is also expected to produce about 1.06 million barrels of oil equivalent per day by the end of 2028, including roughly 845,000 barrels a day from oil sands operations, putting it in-line with its longer-term guidance. Gerdes also projects refined product sales of about 490,000 barrels per day. (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

December 12, 2025 12:33 ET (17:33 GMT)

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