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Cenovus Trims Further $150MM from 2020 Capex; Reduces Salaries for Execs, VPs
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Cenovus Energy Inc. has made changes to its 2020 capital plan.
Cenovus is cutting its 2020 capex by an additional $150 million which, combined with the $450 million reduction announced March 9, 2020, is a $600 million decrease from the budget released in December.
The company is also forecasting operating cost reductions of about $100 million and G&A cost reductions of about $50 million compared with the initial December budget.
Updated 2020 Capex set at $750-850 million (down 16% from second iteration and down 43% from original 2020 budget) Production expectations have also decreased by 5% for 2020 (see below).- ✓ Full news archive — U.S., Canada & international coverage
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