Cenovus Anticipates Investment of $2.8B-$3.1B in 2014

Cenovus Energy

expects to invest between $2.8 billion and $3.1 billion in 2014, a 13% decrease when compared with the previous year. The company is focusing its capital on oil projects that are anticipated to provide production growth over the next four years. "Since our launch in late 2009, Cenovus has concentrated on gaining regulatory approvals for our robust inventory of oil sands opportunities while also growing oil reserves," said Brian Ferguson, Cenovus President & Chief Executive Officer. "In 2014, we will focus on investment that will achieve cash flow and earnings growth from our approved projects in order to create the greatest value possible for shareholders."