Oil Sands Producer Cenovus Energy Announces 2024 Budget

December 15, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Canadian oil sands producer Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) this week announced its spending plans for 2024, giving a slight bump in the estimated spending from 2023 levels. The company also forecast higher upstream production and downstream throughput in the upcoming year, following the return to service of two U.S. refineries.

Cenovus announced that it intends to invest between C$4.5 billion (US$3.5 billion) and C$5 billion (US$3.7 billion), an increase from the C$4 billion (US$3.0 billion) to C$4.5 billion (US$3.5 billion) of estimated spending in 2023, which itself was an increase of about 21% from the prior year.