Cenovus Energy forecasts 4% higher 2026 oil output, $5B+ capital spending, and increased shareholder returns.

Cenovus Energy forecasts a 4% rise in 2026 upstream production to 945,000–985,000 barrels of oil equivalent per day, driven by the MEG Energy acquisition and projects like Christina Lake North and West White Rose. Capital spending is projected at $5.0 billion to $5.3 billion, including $350 million in turnaround costs, with core spending at $4.7 billion to $5.0 billion. Downstream throughput is expected at 430,000–450,000 barrels per day, and the company plans to boost shareholder returns while focusing on cost control and debt reduction.