06:41 AM EST, 12/11/2025 (MT Newswires) -- Cenovus Energy ( CVE ) on Thursday released its 2026 capital budget and corporate guidance, including a capital budget of C$5.0 billion to $5.3 billion.

The total 2026 capital investment includes about $350 million of capitalized turnaround costs. Excluding this, capital investment is expected to be between $4.7 billion and $5.0 billion. This is consistent with the company's plan to cut growth investments compared with 2025 levels.

Of the total budget, $4.4 billion to $4.6 billion will be allocated for upstream investment, while $600 million to $700 million will be spent on the downstream segment.

In the upstream segment, $3.5 billion to $3.6 billion will be invested in oil sands assets, $450 million to $500 million will be allocated for conventional assets, and $450 million to $500 million will be spent in the offshore segment.

Cenovus expects to produce 945,000 to 985,000 barrels of oil equivalent per day, representing a year-over-year growth rate of roughly 4%, adjusted for the acquisition of MEG Energy (MEG.TO).

Downstream crude throughput is forecast at 430,000 to 450,000 barrels per day, representing a crude utilization rate of 91% to 95%.

Oil sands production guidance is 755,000 bbls/d to 780,000 bbls/d, including the impact of a turnaround at Christina Lake in the third quarter.