Cenovus Issues 2017 Capital Spending Forecast; To Grow Oil Production By 14%

(RTTNews) - Cenovus Energy Inc. (CVE.TO, CVE) announced the company plans to invest between $1.2 billion and $1.4 billion in 2017, a 24% increase compared with the forecast capital spending for 2016. Cenovus plans to direct approximately 70% of its 2017 capital budget towards sustaining its oil sands production and base production at its other operations. The remaining 30% is primarily planned for growth projects at the company's existing and emerging oil sands assets as well as at its tight oil assets in southern Alberta.

The company plans to increase its total oil production in 2017 by 14% compared with its forecast average production for 2016.