Cenovus Energy Plans Capital Investment Of C$2.5 Bln - C$2.7 Bln In 2015

(RTTNews) - Cenovus Energy Inc. (CVE.TO, CVE) intends to exercise capital restraint in the year ahead in the face of weaker oil prices. The company's 2015 capital budget focuses on continued profitable investment in oil sands projects, creating near-term cash flow while maintaining flexibility to adjust to shifting market conditions.

The company is planning capital investment of between $2.5 billion and $2.7 billion in 2015. Total cash flow for the year is projected to lie between $2.6 billion and $2.9 billion, based on a West Texas Intermediate price of between US$74 per barrel or bbl and US$81/bbl. The company expects moderate production growth in 2015 of around 9% for oil sands production and about 4% for total oil production.

In 2015, the firm plans to invest between $700 million and $750 million at Foster Creek. At Christina Lake, Cenovus anticipates investing between $800 million and $860 million. In addition, it plans to invest between $225 million and $245 million combined in its Wood River Refinery and Borger Refinery in the U.S. in 2015, which are jointly owned with the operator, Phillips66.