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Cenovus Energy Inc T.CVE

Alternate Symbol(s):  CVE | CVE.WS | T.CVE.WT | T.CVE.PR.A | CNVEF | T.CVE.PR.B | T.CVE.PR.C | T.CVE.PR.E | T.CVE.PR.G

Cenovus Energy Inc. is a Canada-based integrated energy company. The Company has oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The Company's segments include Upstream, Downstream, and Corporate and Eliminations. Its Upstream segment includes Oil Sands, Conventional, and Offshore. Its Downstream segment consists of Canadian Manufacturing, and United States Manufacturing. The Company's upstream operations include oil sands projects in northern Alberta, thermal and conventional crude oil, natural gas and natural gas liquids (NGLs) projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and NGLs production offshore China and Indonesia. The Company's downstream operations include upgrading and refining operations in Canada and the United States, and commercial fuel operations across Canada.


TSX:CVE - Post by User

Bullboard Posts
Post by marpincanon Dec 10, 2015 10:32am
269 Views
Post# 24372745

CVE in good shape

CVE in good shape

Cenovus announces 2016 capital budget

Focus remains on capital discipline and balance sheet strength


Calgary, Alberta (December 10, 2015) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) expects to invest between $1.4 billion and $1.6 billion in 2016. While allowing for the planned completion of well-advanced oil sands growth projects in 2016, the budget represents a 19% decrease in capital spending compared with total forecast spending for 2015.

“We expect to meet or exceed all of the operating, cost reduction and financial targets we set for ourselves in 2015, leaving us well-positioned for what we anticipate will be another volatile year ahead,” said Brian Ferguson, Cenovus President & Chief Executive Officer. “We’re financially resilient, we have one of the strongest balance sheets in the industry and we will continue to focus on safe operations, capital discipline and cost control. Even if Brent crude prices remain in the US$40 per barrel range through 2016, we believe we can continue to fund our sustaining capital program, growth projects that are nearing completion and our current dividend level.”

Bullboard Posts