Cenovus Energy Inc. CVE, a major player in the energy sector, has announced its 2025 corporate guidance, outlining a capital investment range of $4.6 -$5.0 billion. The company aims to deliver upstream production between 805,000 and 845,000 barrels of oil equivalent per day (BOE/d). It also anticipates downstream crude unit utilization rates to be between 90% and 95%, signaling its strategic focus on growth, reliability and shareholder returns.

CVE Plans $5 Billion Capital Investment for Growth

According to the company, approximately $3.2 billion of the capital budget will be allocated to sustaining base production and ensuring safe and reliable operations. Additionally, $1.4 - $1.8 billion will be directed toward advancing upstream growth projects. Cenovus Energy remains committed to its disciplined capital management strategy, maintaining net debt near $4.0 billion while returning 100% of excess free funds flow to shareholders.

Cenovus Energy Advances Key Projects in 2025

Jon McKenzie, Cenovus Energy’s president and CEO, emphasized its progress in its three-year investment cycle, noting significant milestones expected in 2025. These include the first oil from the Narrows Lake project, the installation of West White Rose offshore facilities and preparation for the Foster Creek optimization project. These initiatives aim to drive production growth of 150,000 BOE/d by the end of 2028 and expand free funds flow.

Cenovus Energy projects 2025 oil sands production to be between 615,000 and 635,000 barrels per day (bbls/d), with non-fuel operating costs consistent with 2024 levels at $8.50 -$9.50 per barrel. Key investments include $600 - $700 million for growth, targeting optimization and enhanced recovery at Foster Creek, new well pads at Sunrise and development in the Lloydminster area. The Narrows Lake project remains on track for the first oil by mid-2025.

In its conventional assets, Cenovus Energy plans to invest in the range of $350 -$400 million, primarily for maintenance, with production projected between 125,000 and 135,000 BOE/d. Offshore production is expected to be in the range of 65,000- 75,000 BOE/d, driven by the return of output from the White Rose field and progress on the West White Rose project.

CVE Projects Growth in Downstream Throughput

Downstream operations are set to improve with anticipated crude throughput between 650,000 and 685,000 bbls/d, a 4% increase from 2024. Investments will focus on safety, maintenance and reliability enhancements across Cenovus Energy’s refineries. Canadian refining throughput is expected to be between 100,000 and 105,000 bbls/d, with U.S. refining throughput projected in the range of 550,000-580,000 bbls/d. Operating costs in the U.S. refining segment are expected to decline 7% from 2024.