Cenovus expects capital spending for 2026 to total between $5.0B and $5.3B

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.

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