Cenovus Energy Inc. says it plans to invest between $1.3 billion and $1.5 billion in 2020, in a Dec. 10, 2019 story. (Photo by THE CANADIAN PRESS)

Cenovus says capital spending to edge higher in 2020, production to rise

CALGARY — Cenovus Energy Inc. plans to increase its capital spending in 2020 compared with this year.

The energy company says it plans to invest between $1.3 billion and $1.5 billion in 2020, up from between $1.1 billion and $1.2 billion in 2019.

Cenovus says the increase is largely due to a deferral of spending this year following the mandatory production curtailments in Alberta.

In its outlook for 2020, Cenovus expects total production in 2020 to increase seven per cent compared with its guidance for 2019.

It says its crude-by-rail program, combined with the Alberta government’s special production allowances, will position the company to move to unconstrained production levels.

Per-barrel oilsands non-fuel operating costs are expected to decrease by approximately five per cent.

This report by The Canadian Press was first published Dec. 10, 2019.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Out-going Red Deer Food Bank director recalls two decades of providing for a basic human need

Fred Scaife experienced many uplifting moments, along with daily stress

Gathering limits make it a ‘great time to be building a pipeline:’ Alberta minister

EDMONTON — Alberta’s energy minister says it’s a good time to build… Continue reading

Half of Canadians say governments are hiding something about COVID-19: poll

OTTAWA — Half of Canadians believe they’re not getting the whole truth… Continue reading

Scotiabank Q2 profit down from year ago as provisions for credit losses soar

TORONTO — Scotiabank reported a second-quarter profit of $1.32 billion, down sharply… Continue reading

VIDEO: Procession to honour Snowbirds Capt. Jennifer Casey comes to Halifax

Snowbirds service member died in a crash in Kamloops one week ago

Alberta government website has latest COVID-19 statistics

Red Deer Advocate readers can stay up to date on the COVID-19… Continue reading

Political parties don’t need COVID cash

The least essential service throughout the pandemic has been politics — which… Continue reading

Whitecaps ‘keeper Maxime Crepeau dreaming about being back on the soccer pitch

It’s been 80 days since the Vancouver Whitecaps last saw action, so… Continue reading

David Marsden: Jason Kenney is all hat, no cattle

There are few character failings more unappealing than those of people who… Continue reading

Montreal Impact allowed to train individually at Centre Nutrilait

MONTREAL — The Montreal Impact are giving their first-team players access to… Continue reading

Black Crowes, the Trews among artists in Budweiser Stage at Home TV concerts

TORONTO — Live Nation Canada and Budweiser are launching a weekly, one-hour… Continue reading

Sinclair records new version of unreleased Tragically Hip track ‘Get Back Again’

When Gord Sinclair got together last fall with the musicians featured on… Continue reading

Salmon expected to begin arriving soon at Fraser River landslide: DFO

Salmon expected to begin arriving soon at Fraser River landslide: DFO

Most Read