Cenovus plans $1.2B to $1.4B in capital spending for 2019

Cenovus Energy Inc. is planning total capital spending of between $1.2 billion and $1.4 billion for next year.

The plan compares with its guidance for this year of between $1.3 billion and $1.4 billion.

Cenovus says the reduction compared with its 2018 forecast is largely due to efficiency improvements and reduced development plans as a result of the current commodity price environment.

The company says the majority of its budget for 2019 will be spent at its Foster Creek and Christina Lake oilsands operations.

• Quebec premier accused of not understanding Alberta's energy industry

Cenovus also plans to complete construction of the Christina Lake phase G expansion.

In addition to its oilsands operations in northern Alberta and established natural gas and oil production in Alberta and B.C., Cenovus also holds a stake in two U.S. refineries.

• Read more articles byCBC Calgary, like us onFacebookfor updates and subscribe to ourCBC Calgary newsletterfor the day's news at a glance