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Cenovus Energy plans $2.3 billion to $2.7 billion in capital spending

Cenovus to spend billions

Cenovus Energy Inc. says its capital spending this year will total between $2.3 billion and $2.7 billion

The 2021 budget includes $2.1 billion in sustaining capital and $520 million to $570 million related to the rebuild of the Superior Refinery in Wisconsin, which was damaged in an explosion and fire in April 2018.

Total upstream production in 2021 is expected to be about 755,000 barrels of oil equivalent per day, while its downstream throughput is forecast to be about 525,000 barrels per day.

The company says the plan includes nearly $1 billion of synergies as a result of its acquisition of Husky Energy.

Cenovus completed its takeover of oilsands rival Husky at the start of the year.

When the deal was announced, Cenovus said it would reduce the combined company’s workforce by 20 to 25 per cent.



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