Canada's Cenovus Maintains Capex Despite Upstream Hit Due to Wildfires


July 31, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Canada-based Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) plans to maintain its spend of between US$1.2 billion and US$1.7 billion on companywide optimization and growth projects in 2023, despite the oil and natural gas developer's drop in second-quarter upstream throughput due to wildfires in Alberta. Industrial Info is tracking more than US$15 billion worth of active projects from Cenovus, nearly US$10 billion of which is in Canada's Oil Sands--where the company is expanding its footprint.

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