Cenovus announces 2023 budget

Calgary, alberta, dec. 06, 2022 (globe newswire) -- cenovus energy inc. (tsx: cve) (nyse: cve) today announced its 2023 budget, delivering disciplined capital allocation and focused investment plans to progress opportunities across its integrated portfolio, holding oil sands and conventional operating costs flat, reducing downstream operating costs and positioning the company for continued growth in shareholder returns. cenovus plans to invest between $4.0 billion and $4.5 billion in 2023, including about $2.8 billion of sustaining capital to maintain base production and support continued safe and reliable operations. a range of $1.2 billion to $1.7 billion will be directed towards optimization and growth, including construction of the west white rose project in atlantic canada, continued optimization of cenovus's oil sands assets and opportunities in the downstream business to improve reliability and increase margin capture.
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