(RTTNews) - Cenovus Energy Inc. (CVE.TO, CVE) said it plans to invest between C$1.3 billion and C$1.5 billion in 2020, about 70% of which is sustaining capital primarily to maintain base production at its Foster Creek and Christina Lake oil sands operations. The company anticipates to further reduce non-fuel per-barrel operating costs and maintain low sustaining capital costs in 2020.
The company projects total production increase of 7 percent compared with 2019 guidance as Cenovus's crude-by-rail program, coupled with the Government of Alberta's Special Production Allowances, positions the company to move to unconstrained production levels.
Alex Pourbaix, Cenovus CEO, said: "Our priorities for 2020 include further strengthening our balance sheet, improving market access, returning cash to shareholders and advancing high-return organic opportunities to sanction-ready status."
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