Cenovus Energy Lays Out 2024 Production, Capital Investment Plan

By Adriano Marchese

Cenovus Energy has set its production targets for 2024 and a budget aimed at capital investment and balancing growth of the business with shareholder returns.

The Canadian energy company said Thursday that it expects total upstream production to be between 770,000 and 810,000 barrels of oil equivalent a day.

According to analysts on FactSet, this is expected to come in at an average 797,800 barrels a day.

Production from oil sands and thermal projects are forecasted to be between 590,000 and 610,000 barrels per day, which reflects a turnaround at Christina Lake in Alberta in the third quarter of 2024.

Total downstream crude throughput is expected at 630,000 to 670,000 barrels a day, an increase of about 17% compared with the prior year, Cenovus said.

On the investment front, Cenovus expects to invest capital of between 4.5 billion Canadian dollars ($3.33 billion) and C$5 billion in 2024. This includes up to C$2 billion of optimization and growth capital, as well as for new initiatives in its downstream business to improve reliability and increase margin capture.

The rest of the C$3 billion will be earmarked for sustaining production and supporting its operations.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 14, 2023 06:37 ET (11:37 GMT)

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