Cenovus Plans 21% Higher Capex for 2023

December 8, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) said Tuesday it plans to invest between C$4.0 billion (US$2.9 billion) and C$4.5 billion (US$3.3 billion) in 2023, a 21% increase over this year's budget.

The 2023 plan includes about C$2.8 billion (US$2 billion) of sustaining capital and a range of C$1.2 billion (US$880 million) to C$1.7 billion (US1.2 billion) for optimization and growth.