Canada's Cenovus Energy to spend 13 pct less in 2014

Thu Dec 12, 2013 6:22am EST
 
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Dec 12 (Reuters) - Cenovus Energy Inc , Canada's No. 2 independent oil producer, said it expected to spend 13 percent less in 2014, and forecast a 10 percent jump in oil production.

The company said it expects to invest between C$2.8 billion ($2.64 billion) and C$3.1 billion in 2014, 90 percent of which will be invested in its upstream oil assets.

Cenovus in July tightened its capital expenditure for 2013 by about C$100 million to between C$3.3 billion and C$3.5 billion.