Oil producer Cenovus Energy cuts 2015 capital spending

Wed Jan 28, 2015 6:19am EST
 
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(Reuters) - Cenovus Energy Inc (CVE.TO: Quote), Canada's No. 2 independent oil producer, cut its capital spending budget for 2015 in response to the slump in crude oil prices.

The company said it could defer capital spending of up to C$700 million ($562.5 million) until oil prices recover.

Cenovus announced in December a capital budget of C$2.5 billion-C$2.7 billion for this year, about 15 percent lower than for 2014.

($1 = C$1.24)

(Reporting by Ashutosh Pandey in Bengaluru; Editing by Kirti Pandey)

 
A construction worker walks past the steam generating facility at the Cenovus Foster Creek SAGD oil sands operations near Cold Lake, Alberta, July 9, 2012.  REUTERS/Todd Korol