.png)
See Full Stock Page » Cenovus Energy Inc. will boost production in 2023 to meet what it believes will be continued strong global demand for oil in the year ahead. The Calgary-based oil and gas company released its 2023 budget Tuesday, saying it anticipates capital spending of between $4.0 billion and $4.5 billion in 2023. That amount includes spending of between $1.2 billion and $1.7 billion on optimization and growth, including construction of the West White Rose project off the coast of Newfoundland, as well as optimization of Cenovus’ oilsands assets and opportunities in its downstream business. The company expects total upstream production of between 800,000 and 840,000 barrels of oil equivalent per day next year, a year-over-year increase of more than three per cent. Its total downstream crude throughput is expected to increase nearly 28 per cent to between 610,000 and 660,000 barrels per day due to less planned turnaround work than in 2022. Cenovus’ 2023 budget is based on a forecast average price for West Texas Intermediate crude oil of US$77 per barrel. This is in spite of the fact that oil prices have fallen approximately 19 per cent in the past month, from more than US$90 […]
CamTrader offers a preview only. View original article. www.bnnbloomberg.ca
