Cenovus Energy Announces 2019 Capital Investment Budget - Quick Facts

(RTTNews) - Cenovus Energy Inc. (CVE.TO, CVE) announced the company plans to invest between $1.2 billion and $1.4 billion in 2019, with the majority of the budget going to sustain base production at its Foster Creek and Christina Lake oil sands operations. The company also plans to complete construction of the Christina Lake phase G expansion.

The company noted that the 4% reduction in total planned capital spending, compared with 2018 forecast, is largely the result of efficiency improvements at the company's oil sands operations and reduced development plans for the Deep Basin as a result of the current commodity price environment.

"We remain focused on delivering on our commitments to shareholders. With our low cost base and strong operations, we already set the performance standard for the in situ oil sands industry. We are well positioned to create additional value and return cash to shareholders over the long term."