Cenovus Energy Sets Production Targets and Capital Investment for 2024
Cenovus Energy has announced its production targets and budget for 2024, with a focus on capital investment and achieving a balance between business growth and shareholder returns.
Production Targets
The Canadian energy company projects its total upstream production to range between 770,000 and 810,000 barrels of oil equivalent per day. Analysts estimate an average daily production of around 797,800 barrels.
Specifically, production from oil sands and thermal projects is expected to be between 590,000 and 610,000 barrels per day. Notably, this forecast reflects a turnaround at Christina Lake in Alberta scheduled for the third quarter of 2024.
Furthermore, total downstream crude throughput is anticipated to reach 630,000 to 670,000 barrels per day, representing a significant increase of approximately 17% compared to the previous year.
Capital Investment
Cenovus plans to invest between 4.5 billion Canadian dollars ($3.33 billion) and C$5 billion in capital expenditures for the year 2024. This allocation includes up to C$2 billion designated for optimization and growth capital, as well as funds dedicated to new initiatives aimed at enhancing reliability and maximizing margins within the downstream business.
The remaining C$3 billion will be allocated towards sustaining production and providing operational support.
All Rights Reserved © 2024
Post a comment