The Calgary-based operator now expects to invest between $1.8 and $2 billion this year, having previously targeted an outlay of between $2.5 billion and $2.7 billion as of December.
The spending plans compare to a projected outlay of $2.8 billion to $3.1 billion in 2014.
Cenovus Energy said the reductions were being made to preserve cash and maintain the strength of the balance sheet until crude oil prices recover.
"We
