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

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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.

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In its outlook for 2020, Cenovus expects total production in 2020 to increase seven per cent 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 five per cent.

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This report by The Canadian Press was first published Dec. 10, 2019.

Companies in this story: (TSX:CVE)

The Canadian Press

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