07:07 AM EST, 12/12/2024 (MT Newswires) -- Cenovus Energy ( CVE ) on Thursday released its 2025 corporate guidance that envisions $4.6 billion to $5 billion in capital investments.

The company expects to deliver upstream production of 805,000 barrels of oil equivalent per day (boe/d) to 845,000 boe/d, a 4% increase from 2024 levels, and downstream crude unit utilization of 90% to 95%.

Capital spending will include about $3.2 billion of sustaining capital. An additional $1.4 billion to $1.8 billion will be used to advance upstream growth projects.

General and administrative costs are expected to remain flat relative to 2024.

"Cenovus will deliver important milestones on our major growth projects in 2025, including achieving first oil from Narrows Lake, installation of the West White Rose offshore facilities and commencement of drilling, and preparations for first steam at the Foster Creek optimization project," Cenovus President and CEO Jon McKenzie said.