8 Most Profitable Oil Stocks To Invest In

5. Cenovus Energy Inc. (NYSE:CVE)

Number of Hedge Funds Holders: 48

5-Year Net Income CAGR: 38.83%

TTM Net Income: $2.73 Billion

Cenovus Energy Inc. (NYSE:CVE) is another Canada-based integrated energy company with segments including upstream, downstream, and corporate and eliminations. The upstream segment consists of oil sands, conventional, and offshore, while the downstream manages Canadian and U.S. manufacturing.

Cenovus Energy Inc. (NYSE:CVE) resumed Christina Lake which will improve the company’s production. The company has also completed pipeline tie-in work that will support new production from Narrows Lake in 2025. This will potentially add 20,000 to 30,000 barrels per day with the first production expected in mid-2025. In addition to that, the company is also progressing its development at Sunrise and Foster Creek Optimization Project and expects to add to the growth of the oil sands business in the next two years. These are some of the company’s low-cost projects that will generate high returns.

During the third quarter of 2024, the company reported slightly lower production in its upstream segment, where it produced over 771,000 barrels of oil equivalent per day. This was mainly due to the turnaround at the Christina Lake oil sands facility. On the other hand, Cenovus Energy Inc. (NYSE:CVE) reported a notable increase in its downstream refining segment, with total throughput up by almost 20,000 barrels per day, compared to Q2 2024.

Cenovus Energy Inc.’s offshore production remains steady as it recorded 66,000 barrels of oil equivalent per day in Q3. The SeaRose FPSO offshore facility has achieved life-extension work while its West White Rose project is 85% complete and will produce the first oil in 2026.