Revenue by Segment
Shows how much revenue each business unit generates, highlighting which segments drive growth and profitability, and where the company might face challenges.
Upstream is now the primary revenue driver—fueled by the MEG acquisition and record oil‑sands output—while downstream has softened recently as one‑offs, seasonal crack weakness and normalization of market capture trim its contribution. A growing corporate & eliminations drag increases consolidated volatility and can mask underlying upstream momentum. Management’s synergy targets, production growth and capex discipline support continued upstream cash flow upside, but tight project timelines (West White Rose) and downstream margin variability are the main near‑term execution risks to realized revenue and free cash flow.
CVE Revenue by Segment
| Date | Corporate and Eliminations | Upstream | Downstream |
|---|---|---|---|
| Jun 30, 2026 | -C$3.30B | C$12.57B | C$8.16B |
| Mar 31, 2026 | -C$2.66B | C$9.39B | C$5.63B |
| Dec 31, 2025 | -C$2.05B | C$8.29B | C$5.31B |
| Sep 30, 2025 | -C$1.94B | C$6.70B | C$8.44B |
| Jun 30, 2025 | -C$2.20B | C$6.77B | C$7.74B |
| Mar 31, 2025 | -C$2.75B | C$8.35B | C$7.71B |
| Dec 31, 2024 | -C$2.35B | C$7.33B | C$7.84B |
| Sep 30, 2024 | -C$2.31B | C$7.33B | C$8.80B |
| Jun 30, 2024 | -C$2.02B | C$7.86B | C$8.75B |
| Mar 31, 2024 | -C$2.29B | C$7.12B | C$8.23B |
| Dec 31, 2023 | -C$2.17B | C$6.89B | C$8.40B |
| Sep 30, 2023 | -C$2.73B | C$7.65B | C$9.66B |
| Jun 30, 2023 | -C$1.84B | C$6.65B | C$7.43B |
| Mar 31, 2023 | -C$1.50B | C$6.62B | C$7.14B |
| Dec 31, 2022 | -C$1.61B | C$7.38B | C$8.30B |
| Sep 30, 2022 | -C$2.62B | C$9.01B | C$11.08B |
| Jun 30, 2022 | -C$1.78B | C$10.10B | C$10.84B |
| Mar 31, 2022 | -C$1.76B | C$9.71B | C$8.25B |
| Dec 31, 2021 | -C$1.83B | C$7.42B | C$8.13B |
| Sep 30, 2021 | -C$1.45B | C$6.62B | C$7.53B |
| Jun 30, 2021 | -C$1.28B | C$5.59B | C$6.32B |
| Mar 31, 2021 | -C$1.15B | C$5.75B | C$4.69B |
| Dec 31, 2020 | -C$187.00M | C$2.61B | C$1.12B |