Cenovus announces 2024 budget

Calgary, alberta, dec. 14, 2023 (globe newswire) -- cenovus energy inc. (tsx: cve) (nyse: cve) today announced its 2024 budget, delivering disciplined capital investment and balancing growth of the company's base business with meaningful shareholder returns. continuing with the growth plan embarked on in 2023, cenovus expects to invest capital of between $4.5 billion and $5.0 billion in 2024. this investment includes $1.5 billion to $2.0 billion of optimization and growth capital, primarily for progressing the west white rose project as well as incrementally growing production at the foster creek, christina lake and sunrise oil sands facilities. additionally, cenovus will implement further initiatives in its downstream business to improve reliability and increase margin capture as well as invest in opportunities in the conventional business. approximately $3.0 billion will be directed towards sustaining production and supporting continued safe and reliable operations.
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