Cenovus plans to boost production and shareholder returns in 2023 mpotkins
The oilsands major, which released its 2023 budget Tuesday, expects to reach its net debt target by the end of this year, a milestone that will trigger an escalation in shareholder returns to 100 per cent of excess free funds flow from 50 per cent.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Cenovus’ production boost comes amid softening crude prices, despite continued energy supply concerns exacerbated by Russia’s invasion of Ukraine. Cenovus also said it expects to close its acquisition of BP Plc’s Toledo refinery and for the fire-damaged Ohio plant to resume operations by the end of the first quarter of 2023.CNRL sets new emissions target alongside pledge to boost shareholder returns
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