Quarterly / Earnings Reports | Second Quarter (2Q) Update | Oil Sands | Capital Markets | Drilling Program - Wells | Capex Decrease
Cenovus Cuts $200MM from Capex; Outline Deep Basin Drilling Program
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Cenovus reported its Q2 2017 results. Highlights include:
Deep Basin Drilling Progam : Cenovus started development activities and began a disciplined 28 net well drilling program for 2017, focusing on horizontal production wells targeting liquids-rich natural gas.
Plan to grow Deep Basin production from 119 Mboe/d to 240 Mboe/d by 2021.
Capex Decreased by -11%: Reduced planned 2017 capital spending by approximately $200 million to $1.7 billion at the midpoint, with no expected impact to forecast production volumes
The reduced capital spending is largely due to continued improvements in drilling performance, development planning and optimized scheduling of well startups at Cenovus’s oil sands operations as well as the company’s decision to suspend its drilling program at Palliser for…- ✓ Full news archive — U.S., Canada & international coverage
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