Cenovus Energy to lower capital spending in 2016

Thu Dec 10, 2015 6:13am EST
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Dec 10 (Reuters) - Canadian oil producer Cenovus Energy Inc said it expects to spend between C$1.4 billion ($1.03 billion) and C$1.6 billion in 2016, 19 percent lower than its estimated budget for this year, in response to a steep decline in crude prices.

Cenovus said even if Brent crude prices remain in the $40 per barrel range through 2016, company expects to continue to fund its current dividend level. ($1 = C$1.35 Canadian dollars) (Reporting by Sneha Banerjee in Bengaluru; Editing by Shounak Dasgupta)