The Calgary-based company — which is both an oil producer in Alberta and an oil refiner in the United States — says it had $91 million or 11 cents per share of net income in the fourth quarter ended Dec. 31.
That compared with a loss of $641 million or 77 cents per share in the fourth quarter of 2015.
Cenovus Energy CEO Brian Ferguson says the company has focused on containing costs and spending less on capital projects than originally planned.
The company says it plans to resume investment at its Christina Lake oilsands project, with first oil from Phase G expected in the second half of 2019.
It has also launched a conventional drilling program in southern Alberta, with plans to spend about $160 million in 2017.
The company says it will provide details on projects for the Foster Creek and Narrows Lake oilsands operations in June.