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Company News

Cenovus cuts 2019 capital budget by 4 percent

Dec 11 (Reuters) - Canada’s Cenovus Energy Inc said on Tuesday it would reduce its capital spending for 2019 by 4 percent amidst a broader turnaround plan following its highly criticized deal with ConocoPhillips.

The company said it plans to invest between C$1.2 billion ($901.1 million) and C$1.4 billion in 2019, with the majority of the budget going to its Foster Creek and Christina Lake oil sands operations. ($1 = C$1.33) (Reporting by Laharee Chatterjee in Bengaluru)

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