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