Cenovus Energy sees FY26 capital investment $5B-$5.3B

Cenovus Energy (CVE) announced its 2026 capital budget and corporate guidance. 2026 guidance highlights: Capital investment of between $5B and $5.3B, including approximately $350M of capitalized turnaround costs. Excluding turnaround costs, capital investment is expected to be between $4.7B and $5B, consistent with Cenovus’s planned reduction in growth investments relative to 2025. Upstream production of between 945,000 barrels of oil equivalent per day and 985,000 BOE/d, representing a year-over-year growth rate of approximately 4%1, adjusted for the acquisition of MEG Energy. Downstream crude throughput of between 430,000 barrels per day and 450,000 bbls/d, representing a crude utilization rate of approximately 91% to 95%. General and administrative costs, excluding stock-based compensation, are expected to remain flat relative to 2025 at $625M to $675M, with cost reductions and synergies offsetting the impact of the MEG acquisition. “Following the completion of a three-year growth investment cycle, we are well positioned to ramp up volumes from our projects at Foster Creek and West White Rose and advance the in-flight expansion at our newly acquired Christina Lake North assets,” said Jon McKenzie, CEO. “Our portfolio presents tremendous opportunities that we will continue to grow and develop while balancing debt reduction with shareholder returns and maintaining a resolute focus on controlling costs.”