06:36 AM EST, 12/11/2025 (MT Newswires) -- Cenovus Energy ( CVE ) said Thursday it set a capital budget of between $5 billion and $5.3 billion, including about $350 million of capitalized turnaround costs.

The company expects upstream production of between 945,000 to 985,000 barrels of oil equivalent per day in 2026, about 4% higher year over year when adjusted for its acquisition of MEG Energy.

Downstream crude throughput is expected at between 430,000 to 450,000 barrels per day, or about 91% to 95% utilization, the company said.

The 2026 plan includes sustaining capital of $3.5 billion to $3.6 billion, excluding turnarounds, and $1.2 billion to $1.4 billion for growth projects, including expansion at Christina Lake North.