- Cenovus Energy (CVE) plans a capital budget in the $2.8B-$3.1B range for 2014, a 13% Y/Y decrease, as it cuts back on exploration activities while projecting a 9% drop in operating cash flow to $3B-$3.7B.
- ~90% of CVE's capex will be invested in its upstream oil assets; it plans to invest $680M-$760M to expand Foster Creek, a 12% Y/Y decrease, and $750M-$820M at Christina Lake, a 15% Y/Y increase.
- CVE still expects oil output to rise 10% Y/Y to 190K-208K bbl/day, driven by Foster Creek and Christina Lake.
From other sites
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at CNBC.com (Dec 22, 2014)
at CNBC.com (Nov 26, 2014)
at CNBC.com (May 15, 2014)
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