Cenovus finishes 2015 with strong balance sheet

Additional budget reductions planned to preserve financial resilience

Calgary, Alberta (February 11, 2016) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) achieved significant sustainable cost savings across its business in 2015 and further strengthened what is now one of the best balance sheets in the North American exploration and production sector. The company is planning additional measures in 2016 to help it remain financially resilient through another year of expected low crude oil and natural gas prices. These measures include reducing 2016 capital, operating and general and administrative (G&A) spending by another $400 million to $500 million.

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Photos

Cenovus's Christina Lake project in northern Alberta uses steam-assisted gravity drainage (SAGD) technology to produce oil. The process involves drilling into the reservoir and injecting steam at a low pressure to soften the oil so it can be pumped to the surface.
Courtesy Cenovus Energy
Steam generators at Cenovus’s Foster Creek project in northern Alberta. The project uses a process called steam-assisted gravity drainage (SAGD) to produce oil, which involves drilling into the reservoir and injecting steam at a low pressure to soften the oil so it can be pumped to the surface.
Courtesy Cenovus Energy