Canadian Manufacturing

Cenovus says capital spending to edge higher in 2020, production to rise

In its outlook for 2020, Cenovus expects total production in 2020 to increase 7% compared with its guidance for 2019


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PHOTO: Cenovus Energy

CALGARY – Cenovus Energy Inc. plans to increase its capital spending in 2020 compared with this year.

The energy company says it plans to invest between $1.3 billion and $1.5 billion in 2020, up from between $1.1 billion and $1.2 billion in 2019.

Cenovus says the increase is largely due to a deferral of spending this year following the mandatory production curtailments in Alberta.

In its outlook for 2020, Cenovus expects total production in 2020 to increase 7% compared with its guidance for 2019.

It says its crude-by-rail program, combined with the Alberta government’s special production allowances, will position the company to move to unconstrained production levels.

Per-barrel oilsands non-fuel operating costs are expected to decrease by approximately 5%.

 

News from © Canadian Press Enterprises Inc. 2020

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