- Cenovus Energy (NYSE:CVE) says it is planning 2015 capital spending of $2.5B-$2.7B, a ~15% Y/Y reduction from the $3B-$3.1B it expects to spend this year.
- CVE says it will manage through the volatile oil price environment through sustainable cost savings initiatives targeting $400M-$500M in annual operating and capital cost savings by 2018.
- CVE expects 2015 production growth of ~9% for oil sands production and ~4% for total oil production of 197K-214K bbl/day.
- While CVE sees its cash flow falling 29% to $2.6B-$2.9B in 2015, based on WTI crude prices of $74-$81, the company anticipates maintaining its dividend at current levels; says it would be able to fully fund its committed capital with internal cash flow with WTI at ~$65/bbl through 2015.