Canadian operator Cenovus Energy is targeting higher production and reduced capital expenditure under an updated five-year business plan in which it is seeking to grow shareholder returns and reduce its debt, writes Anamaria Deduleasa.
Cenovus’s strategy through 2024 has seen a reduction in the 2019 capital budget guidance to between C$1.1 billion (US$830 million) and C$1.2 billion.
Even as capex is cut by C$150 million, the company is looking to grow output by 2% to 3% per annum, increasing total volumes to approximately 550,000 barrels of oil equivalent per day by the end of 2024.
