Exploration & Production | Capital Markets | Capital Expenditure
Cenovus Energy Decreases Capital Budget for 2014
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Cenovus Energy Inc. expects to invest between $2.8 billion and $3.1 billion in 2014, a 13% decrease when compared with the previous year.
The company is focusing its capital on oil projects that are anticipated to provide production growth over the next four years.
Brian Ferguson, Cenovus President & Chief Executive Officer said "Since our launch in late 2009, Cenovus has concentrated on gaining regulatory approvals for our robust inventory of oil sands opportunities while also growing oil reserves.
In 2014, we will focus on investment that will achieve cash flow and earnings growth from our approved projects in order to create the greatest value possible for shareholders."
The company’s business strategy, which plans for 525,000 barrels per day (bbls/d) of net oil production within the…
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