Oil prices are down 12 per cent this year and a rebound is not expected before 2029. Photo by Gavin Young/Postmedia

Canada’s largest oilpatch spenders have begun unveiling their 2026 budgets, with early signs showing oilsands spending holding steady despite forecasts calling for an overall pullback of investment in oil and gas production next year.

Cenovus Energy Inc. said Thursday that capital spending will edge higher next year as it integrates MEG Energy Corp. following its successful $8.6-billion takeover.

But the oilsands major emphasized that underlying investment is largely unchanged from 2025 levels, because it aims to keep a lid on spending as it finishes a three-year growth cycle that saw big capital investments in offshore and oilsands projects.

Canada’s largest int

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