Capital Markets | Capital Expenditure | Capex - 2026
Cenovus Outlines 2026 Development Plan Following MEG Integration
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Cenovus’ 2026 plan targets capital investment of $5.0 billion to $5.3 billion (including ~$350 million of capitalized turnaround costs) and upstream production of 945,000 BOE/d to 985,000 BOE/d, reflecting ~4% year-over-year growth (adjusted for the MEG acquisition). The company expects volumes to ramp from key projects at Foster Creek and West White Rose, while advancing the Christina Lake North expansion and managing planned turnarounds.
Relative to its 2025 corporate guidance, Cenovus’ 2026 budget implies a higher total capital program and a larger upstream production base. Guidance also calls for downstream crude throughput of 430,000 bbls/d to 450,000 bbls/d and G&A of $625 million to $675 million, with cost reductions and synergies expected to offset the MEG acquisition impact.
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