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Cenovus Scraps Conventional Drilling in 2015
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Cenovus Energy Inc. is further reducing its 2015 capital spending in order to preserve cash and maintain the strength of its balance sheet.
The company has identified approximately $700 million in additional capital expenditures originally planned for 2015 that can be deferred until crude oil prices recover.
Brian Ferguson, Cenovus President & Chief Executive Officer said: "We have great assets, we're in a strong financial position and we have the flexibility in our capital plan to make these additional spending reductions without compromising strategic growth projects.
Our plan is to continue to pursue our long-term growth strategy, but at a pace we believe is more in line with the current pricing environment."
In December 2014, Cenovus announced a 2015 capital spending budget of between…
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