Ivor Ruste, Executive Vice President and CFO of Cenovus Energy, Inc., says the company will reduce its capital spending this year. The current budget calls for a 10% reduction in capital spending, compared to 2013.
“We’re spending less money on building reserves and simply reinvesting into our oil sands projects,” Ruste says.
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Cenovus Energy is decreasing its planned capital expenditures in part because management expects an inflationary business environment, according to Ruste.
“We haven’t felt very much of that at this stage, but we built 3% to 5% in our cost estimates for the year. An internal priority for us is to make sure we’re keeping our cost structure down as we look for additional new technologies to help drive our cost and efficiencies and productivities in the right way,” Ruste says. “So it’s something that is important to us internally in addition to finding additional pipeline capacity, takeaway capacity and new markets.”
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