CALGARY, Alberta, Dec. 11, 2018 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) remains committed to increasing shareholder value through cost leadership, capital discipline and safe and reliable operations. These commitments, in combination with the company’s high-quality upstream assets and joint ownership in strong refining assets, are expected to further strengthen Cenovus’s ability to generate free funds flow and continue deleveraging its balance sheet in 2019. Cenovus plans to invest between $1.2 billion and $1.4 billion in 2019, with the majority of the budget going to sustain base production at its Foster Creek and Christina Lake oil sands operations. The company also plans to complete construction of the Christina Lake phase G expansion. The 4% reduction in total planned capital spending, compared with Cenovus’s 2018 forecast, is largely the result of efficiency improvements at the company’s oil sands operations and reduced development plans for the Deep Basin as a result of the current commodity price environment. The structural improvements Cenovus has achieved at its oil sands operations have resulted in reduced costs for maintaining base production and adding new production and have positioned the company to create additional value with more efficient use of capital. Cenovus expects […]
