Cenovus Says it Has Room for Further Spending Cuts

Cenovus Energy Inc , Canada's No. 2 independent oil producer, said on Thursday that it could cut another C$500 million ($400.6 million) from its 2015 capital spending budget if oil prices fall further.

 

The company has already twice slashed its 2015 capital spending budget to cope with oil prices that have fallen by more than half since June. While Chief Executive Officer Brian Ferguson said Cenovus was comfortable with its current spending target of C$1.8 billion to C$2 billion, there is room for additional cuts if prices continue to fall.