CALGARY, Alberta, Dec. 11, 2025 (WORLD NEWSWIRE)– Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today revealed its 2026 capital spending plan and business assistance.
2026 assistance highlights:
- Capital expense of in between $5.0 billion and $5.3 billion, consisting of roughly $350 countless capitalized turn-around expenses. Omitting turn-around expenses, capital expense is anticipated to be in between $4.7 billion and $5.0 billion, constant with Cenovus’s scheduled decrease in development financial investments relative to 2025.
- Upstream production of in between 945,000 barrels of oil comparable daily (BOE/d) and 985,000 BOE/d, representing a year-over-year development rate of roughly 4% 1, changed for the acquisition of MEG Energy Corp. (MEG).
- Downstream unrefined throughput of in between 430,000 barrels daily (bbls/d) and 450,000 bbls/d, representing an unrefined usage rate of roughly 91% to 95%.
- General and administrative (G&A) expenses, omitting stock-based settlement, are anticipated to stay flat relative to 2025 at $625 million to $675 million, with expense decreases and synergies balancing out the effect of the MEG acquisition.
” Following the conclusion of a three-year development financial investment cycle, we are well placed to increase volumes from our jobs at Foster Creek and West White Rose and advance the in-flight growth at our recently obtained Christina Lake North properties,” stated Jon McKenzie, Cenovus President & & President. “Our portfolio provides incredible chances that we will continue to grow and establish while stabilizing financial obligation decrease with investor returns and preserving an undaunted concentrate on managing expenses.”
2026 Assistance summary
| ( C$ before royalties) | Production/ Throughput ( MBOE/d/ Mbbls/d) |
Capital expense ($ Millions) |
Operating expense 3 ($/ BOE) |
| Upstream 2 | |||
| Oil sands | 755 – 780 | 3,500 – 3,600 | 11.25 – 12.75 |
| Traditional | 120 – 125 | 450 – 500 | 11.00 – 12.00 |
| Atlantic | 20 – 25 | 450 – 500 | 35.00 – 45.00 |
| Asia Pacific | 50 – 55 | 10.00 – 11.00 | |
| Overall Upstream | 945 – 985 | 4,400 – 4,600 | |
| Downstream | |||
| Canadian Refining | 105 – 110 | 11.50 – 12.50 | |
| U.S. Refining | 325 – 340 | 11.00 – 12.00 | |
| Overall Downstream | 430 – 450 | 600 – 700 | |
| Overall | 5,000 – 5,300 | ||
1 Portion modification when comparing the midpoint of 2026 assistance to the midpoint of assistance from 2025, consisting of assistance offered by MEG on November 25, 2024.
2 See Q3 2025 Management’s Conversation and Analysis for summary of production by item type as at September 30, 2025.
3 Upstream operating costs are divided by sales volumes. Downstream expenses are divided by overall processed inputs.
Note: Overalls might not include due to rounding. Cenovus’s complete 2026 assistance can be discovered at cenovus.com.
2026 assistance
Cenovus anticipates capital expense to be in between $5.0 billion and $5.3 billion in 2026, inclusive of roughly $350 countless turn-around expenses which will be capitalized in 2026. Omitting capitalized turn-around expenses, capital expense is anticipated to be in between $4.7 billion and $5.0 billion, consisting of roughly $850 countless invest associated to the just recently obtained Christina Lake North property (previously MEG’s Christina Lake).
Consisted of in the capital expense spending plan is sustaining capital of $3.5 billion to $3.6 billion, omitting turn-arounds, which will support ongoing safe and trusted operations while preserving base production. An extra $1.2 billion to $1.4 billion of financial investment will be directed towards development jobs, consisting of a growth task at Christina Lake North.
Oil Sands
Oil sands production assistance for 2026 is 755,000 bbls/d to 780,000 bbls/d, that includes the effect of a turn-around at Christina Lake in the 3rd quarter. The assistance variety likewise consists of production of roughly 8,000 bbls/d from Rush Lake, which is going through a phased ramp-up after getting regulative approval to reboot the centers in late November. Oil sands non-fuel operating expense are anticipated to be in the variety of $8.50/ bbl to $9.50/ bbl, in line with 2025, with fuel expenses of $2.75/ bbl to $3.25/ bbl, at a presumed AECO gas rate of $2.50 per thousand cubic feet.
Cenovus prepares to invest $3.5 billion to $3.6 billion in its oil sands properties in 2026. The capital strategy consists of development invest to advance the Christina Lake North growth task, continue advancement at Dawn and the traditional heavy oil organization, and to assess solvent boosted oil healing chances in the Lloydminster area.
Traditional
The business prepares to invest in between $450 million and $500 million in its traditional properties in 2026, with most of the capital devoted to sustaining base production. Overall production is anticipated to be in between 120,000 BOE/d and 125,000 BOE/d, with running expenses of in between $11.00/ BOE and $12.00/ BOE.
Offshore
Overall Offshore production in 2026 is anticipated to be in the variety of 70,000 BOE/d to 80,000 BOE/d, consisting of production of in between 20,000 bbls/d and 25,000 bbls/d from the Atlantic area. Very first oil from the West White Rose field is anticipated in the 2nd quarter of 2026 and production will increase as extra wells are taken into service. Production from the Asia Pacific area is anticipated to be in between 50,000 BOE/d and 55,000 BOE/d.
Capital costs in the Offshore section is anticipated to be in between $450 million and $500 million in 2026, that includes invest associated to drilling activities at West White Rose.
Downstream
Overall Downstream crude throughput is anticipated to be in between 430,000 bbls/d and 450,000 bbls/d, representing an unrefined usage rate of roughly 91% to 95%. Downstream capital expense is forecasted to be in between $600 million and $700 million, consisting of roughly $300 countless turn-around invest, with sustaining capital mostly associated to security and dependability efforts.
Unrefined throughput in Canadian Refining is anticipated to be in between 105,000 bbls/d and 110,000 bbls/d, representing unrefined system usage of in between 97% and 102%, with running expenses of in between $11.50/ bbl and $12.50/ bbl.
U.S. Refining unrefined throughput is anticipated to be in between 325,000 bbls/d to 340,000 bbls/d, representing unrefined system usage of in between 89% and 93%. U.S. Refining running expenses are anticipated to vary from $11.00/ bbl to $12.00/ bbl, a minor boost from the previous year due to the sale of our interest in WRB Refining. Business will stay concentrated in 2026 on sustaining strong dependability and continued development towards its expense targets to increase competitiveness relative to its geographical peers.
Business
G&An expenditures, omitting stock-based settlement, are anticipated to be in between $625 million and $675 million in 2026. The variety for 2026 follows previous year assistance, with expense decreases and synergies anticipated to balance out the effect of the acquisition of MEG. In addition, combination, deal and other expenses of roughly $150 million to $200 million are anticipated to be sustained in 2026.
2026 prepared upkeep
The following table offers information on prepared upkeep and turn-around activities in 2026 and anticipated production or throughput effects.
Possible quarterly production/throughput effect
| ( MBOE/d or Mbbls/d) | Q1 | Q2 | Q3 | Q4 | Annualized effect |
| Upstream | |||||
| Oil Sands | – | 5 – 9 | 23 – 28 | 2 – 4 | 8 – 10 |
| Offshore | – | – | – | – | – |
| Traditional | – | – | – | – | – |
| Downstream | |||||
| Canadian Refining | – | 10 – 15 | – | – | 2 – 4 |
| U.S. Refining | 5 – 10 | – | 35 – 45 | 40 – 50 | 20 – 26 |
Upstream upkeep activity in 2026 consists of prepared turn-arounds at the business’s Foster Creek and Christina Lake oil sands centers in the 2nd and 3rd quarters respectively. In the Downstream, the Lloyd Upgrader will go through scheduled upkeep in the 2nd quarter, and the Lima Refinery will be carrying out a significant turn-around in the fall. The production and throughput effect of these prepared turn-arounds are shown in Cenovus’s assistance.
For more information see the business’s 2026 assistance offered here.
Monetary structure
Following the acquisition of MEG, Cenovus changed its investor returns structure to stabilize deleveraging with investor returns. Under the changed structure, while net financial obligation is above $6.0 billion, the business will target to return roughly 50% of excess totally free funds circulation (EFFF) to investors, with the rest assigned to deleveraging. When net financial obligation is in between $6.0 billion and $4.0 billion, the business will target to return roughly 75% of EFFF to investors, with the rest assigned to deleveraging. The long-lasting net financial obligation target of $4.0 billion stays the same, and upon reaching the target, Cenovus will target to return roughly 100% of EFFF to investors. The business will keep a versatile and opportunistic method to handling investor returns in a provided quarter, focusing on long-lasting worth development over a formulaic adherence to target returns.
Fourth-quarter 2025 upgrade
Consisting of the effect of the MEG acquisition, which closed on November 13, 2025, upstream production in the 4th quarter is anticipated to be in between 910 MBOE/d and 920 MBOE/d, and roughly $80 countless transaction-related costs are expected to be sustained in the quarter. In addition, particular one-time advantages associated with the MEG acquisition are anticipated to be sped up, moving a part of that gain from 2026 into 2025. Cenovus’s significant development jobs continue to advance well, with building of the Foster Creek Optimization task finished ahead of schedule in late November, and very first oil at West White Rose anticipated in the 2nd quarter of 2026.
Sustainability
Cenovus has actually upgraded its social dedications in the locations of Native reconciliation and approval and belonging after an extensive evaluation to make sure positioning with organization concerns and an altering worldwide landscape. These upgraded aspirations, backed by Cenovus’s executive management group and Board of Directors, enhance the business’s enduring dedication to sustainability management. Extra details is offered in Cenovus’s social dedications record at cenovus.com.
The business continues to browse the changes to Canada’s Competitors Act consisted of in Expense C-59, however Cenovus’s intent and method to ecological action stay the same. The current proposition by the federal government to change the Competitors Act is a great initial step to assist chart a course forward for external ecological disclosure. Cenovus stays positive that changes to the Competitors Act will supply higher clearness concerning ecological disclosure and enable the business to share the ecological successes it has actually accomplished along with its aspirations for the future.
Advisory
Basis of Discussion
Cenovus reports monetary lead to Canadian dollars and provides production volumes on a web to Cenovus before royalties basis, unless otherwise mentioned. Cenovus prepares its monetary declarations in accordance with International Financial Reporting Standards.
Barrels of Oil Equivalent
Gas volumes have actually been transformed to barrels of oil equivalent (BOE) on the basis of 6 thousand cubic feet (Mcf) to one barrel (bbl). BOE might be deceptive, especially if utilized in seclusion. A conversion ratio of one bbl to 6 Mcf is based upon an energy equivalency conversion technique mostly suitable at the burner idea and does not represent worth equivalency at the wellhead. Considered that the worth ratio based upon the existing rate of petroleum compared to gas is substantially various from the energy equivalency conversion ratio of 6:1, using a conversion on a 6:1 basis is not a precise reflection of worth.
Positive Details
This press release consists of positive declarations and other details (jointly described as “positive details”) about the business’s existing expectations, quotes and forecasts, made due to the business’s experience and understanding of historic patterns. Although the business thinks that the expectations represented by such positive details are sensible, there can be no guarantee that such expectations will show to be appropriate.
This positive details is existing just since the date suggested above. Readers are warned not to put excessive dependence on positive details as real outcomes might vary materially from those revealed or indicated. Cenovus carries out no responsibility to upgrade or modify any positive details other than as needed by law.
Positive details in this press release is determined by words such as “advance”, “continue”, “establish”, “direct”, “anticipate”, “focus”, “boost”, “keep”, “chance”, “strategy”, “possible”, “development”, “task” and “will” or comparable words or expressions and consists of recommendations of future results, consisting of, however not restricted to, declarations about: upstream production; anticipated downstream usage; capital expense; capitalizing turn-around expenses; production development; expense decreases and synergies balancing out the effect of the MEG acquisition on G&A; increasing go back to investors; advancing development jobs; effects of turn-arounds and prepared upkeep; running expenses; turn-around expenses; drilling; capital allotment; throughput; dependability; basic and administrative costs; development; security; tactical financial investments; prepared turn-arounds; sustainability management; increase of production from Rush Lake; timing of very first oil and production increase from the West White Rose task; growing production at Foster Creek; advancing the Christina Lake North growth task, advancement at Dawn and the traditional heavy oil organization and examining boosted oil healing chances in the Lloydminster area; changed investor returns structure; net financial obligation target; preserving a versatile and opportunistic method to handling investor returns in a provided quarter, focusing on long-lasting worth development over formulaic adherence of target returns; timing of MEG transaction-related costs; velocity of one-time advantages associated with the MEG acquisition; ecological successes and aspirations for the future and continued discussion with the federal government on disclosure of exact same; and 2026 assistance. The 2026 assistance, as upgraded December 10, 2025 and offered on cenovus.com, presumes: Brent costs of US$ 64 per barrel; WTI costs of US$ 60 per barrel; WCS of US$ 47.50 per barrel; differential WTI-WCS of US$ 12.50 per barrel; AECO gas costs of $2.50 per thousand cubic feet; Chicago 3-2-1 fracture spread of US$ 20 per barrel; and a currency exchange rate of $0.72 US$/ C$.
In addition to the rate presumptions revealed herein, the elements or presumptions on which the positive details in this press release is based consist of: projection bitumen, petroleum and gas, NGLs, condensate and improved items costs, and light-heavy petroleum rate differentials; projection production and unrefined throughput volumes and timing thereof; projection costs and expenses, forecasted capital expense levels, the versatility of capital costs strategies and associated sources of financing; our capability to fund capital investment and costs on an affordable basis; accomplishment of more operating effectiveness, expense control and decreases and sustainability thereof; our projection production volumes undergo possible ramp down of production based upon organization and market conditions; foreign exchange rate, consisting of with regard to our U.S. dollar financial obligation and refining capital and operating costs; future enhancements in accessibility of item transport capability; awareness of anticipated effects of storage capability within oil sands tanks; prepared turn-around and upkeep activity at both upstream and downstream centers; the efficiency of financial investments in cyber security strength and standardization of information governance; accounting quotes and judgments; our capability to acquire essential regulative and partner approvals; the presence of a beneficial and steady global trade environment, consisting of tariffs; the presence of a beneficial and steady regulative structure worrying greenhouse gas emissions that consists of, to name a few things, assistance from different levels of federal government, consisting of financial backing; and the effective and prompt execution of capital jobs or phases thereof, consisting of those connected with our sustainability dedications.
For extra details concerning Cenovus’s product danger elements, the presumptions made, and threats and unpredictabilities which might trigger real outcomes to vary from the expected outcomes, describe “Danger Management and Danger Aspects” and “Advisory” in Cenovus’s Management’s Conversation and Analysis for the durations ended December 31, 2024 and September 30, 2025, and to the danger elements, presumptions and unpredictabilities explained in other files Cenovus submits from time to time with securities regulative authorities in Canada (offered on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and at cenovus.com).
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy business with oil and gas production operations in Canada and the Asia Pacific area, and updating, refining and marketing operations in Canada and the United States. The business is dedicated to optimizing worth by establishing its properties in a safe, accountable and affordable way, incorporating ecological, social and governance factors to consider into its organization strategies. Cenovus typical shares and warrants are noted on the Toronto and New York stock exchanges, and the business’s favored shares are noted on the Toronto Stock Market. To find out more, go to cenovus.com.
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Cenovus contacts:
Financiers
Financier Relations basic line
403-766-7711
Media
Media Relations basic line
403-766-7751