Edition:
United Kingdom

Cenovus' 2018 Budget Continues Focus On Deleveraging


Thursday, 14 Dec 2017 

Dec 14 (Reuters) - Cenovus Energy Inc ::CENOVUS' 2018 BUDGET CONTINUES FOCUS ON DELEVERAGING.CENOVUS ENERGY INC - PLANS TO INVEST BETWEEN $1.5 BILLION AND $1.7 BILLION IN 2018.CENOVUS ENERGY INC - IS ALSO PLANNING ADDITIONAL WORKFORCE REDUCTIONS OF APPROXIMATELY 15%.CENOVUS ENERGY INC - IN 2018, COMPANY EXPECTS TO REDUCE ITS PER-BARREL OIL SANDS OPERATING COSTS BY 8% COMPARED WITH ITS 2017 FORECAST.CENOVUS ENERGY INC - IN 2018, COMPANY EXPECTS TO REDUCE ITS PER-BARREL OIL SANDS SUSTAINING CAPITAL COSTS BY 12% COMPARED WITH ITS 2017 FORECAST.CENOVUS - CONTINUES TO ADVANCE PLAN TO REDUCE NUMBER OF BUILDINGS OCCUPIED BY CALGARY STAFF.CENOVUS - REMAINS FOCUSED ON REDUCING REAL ESTATE COSTS THROUGH SUBLEASING PROGRAM & NOT RENEWING EXISTING LEASES AS THEY EXPIRE.CENOVUS ENERGY INC - CONTINUES TO TARGET A LONG-TERM DEBT RATIO OF LESS THAN TWO TIMES NET DEBT TO ADJUSTED EBITDA.CENOVUS ENERGY INC - 2018 CAPITAL BUDGET INCLUDES SUSTAINING CAPITAL OF APPROXIMATELY $780 MILLION, OR $5.50 PER BARREL OF INSTALLED CAPACITY.CENOVUS ENERGY SAYS IS FORECASTING AVERAGE OIL SANDS PRODUCTION OF 373,000 BBLS/D IN 2018, A 26% INCREASE COMPARED WITH ITS FORECAST 2017 PRODUCTION.CENOVUS SEES 2018 TOTAL PRODUCTION 483 - 510 MBOE/D.CENOVUS ENERGY INC SEES 2017 TOTAL PRODUCTION 459 - 492 MBOE/D.CENOVUS - EXPECTS TO HAVE COMPLETED SALE OF LEGACY CONVENTIONAL OIL AND NATURAL GAS ASSETS PRIOR TO 2017-END.CENOVUS ENERGY INC - IVOR RUSTE, COMPANY'S CHIEF FINANCIAL OFFICER, WILL RETIRE ON APRIL 30, 2018.