Cenovus Energy Inc. (CVE), an oil and gas company, Thursday announced its capital budget for 2026 and provided an update for the fourth quarter of 2025.
The company expects capital investment of between $5 billion and $5.3 billion, including around $350 million of capitalized turnaround costs. Excluding the turnaround costs capital investment is expected to be between $4.7 billion and $5 billion.
Upstream production of between 945,000 BOE/d and 985,000 BOE/d, showing a year-over-year growth rate of approximately 4.1 percent.
Downstream crude throughput of between 430,000 bbls/d or barrels per day and 450,000 bbls/d, representing a crude utilization rate of approximately 91 percent to 95 percent.
Looking forward to the fourth quarter of 2025, the company is considering the impact of the MEG acquisition, which closed on November 13, 2025, and is expecting upstream production in the fourth quarter to be between 910 MBOE/d and 920 MBOE/d.
In addition, certain one-time benefits related to the MEG acquisition are expected to be accelerated, shifting a portion of that benefit from 2026 into 2025, Cenovus said in a statement.
In pre-market activity, CVE shares were trading at $17.80, down 0.34% on the New York Stock exchange.
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