CALGARY – Cenovus Energy Inc. says it expects its capital spending for 2026 to total between $5.0 billion and $5.3 billion.
The oilsands giant says the total includes about $350 million of capitalized turnaround costs. Excluding turnaround costs, capital spending is expected to be between $4.7 billion and $5 billion.
The plan comes as Cenovus says it expects upstream production for 2026 between 945,000 and 985,000 barrels of oil equivalent per day, representing year-over-year growth of about four per cent, adjusted for the acquisition of MEG Energy Corp.
Downstream crude throughput for 2026 is expected between 430,000 and 450,000 barrels per day, representing a crude utilization rate of 91 per cent to 95 per cent.
Cenovus completed its takeover of MEG Energy Corp. earlier this year.
The two companies had neighbouring properties in the oilsands at Christina Lake, south of Fort McMurray, Alta.
This report by The Canadian Press was first published Dec. 11, 2025.
Companies in this story: (TSX:CVE)
