Cenovus announces 2025 capital budget and corporate guidance

CALGARY, Alberta, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its 2025 corporate guidance, which includes capital investment of $4.6 billion to $5.0 billion, delivering upstream production of 805,000 barrels of oil equivalent per day (BOE/d) to 845,000 BOE/d and downstream crude unit utilization of 90% to 95%. Capital investment in 2025 will include about $3.2 billion of sustaining capital to maintain base production and support continued safe and reliable operations, with an additional $1.4 billion to $1.8 billion directed towards advancing the company’s upstream growth projects. Cenovus’s disciplined capital plan and strong emphasis on cost control will support continued returns to shareholders of 100% of excess free funds flow (EFFF) over time while maintaining net debt near $4.0 billion.

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