Capital Spending Guidance - Cenovus Energy Inc. expects capital investment between $5 billion and $5.3 billion in 2026, including $350 million of turnaround costs, which will be capitalized in 2026 [1] - Approximately $3.5-$3.6 billion will be allocated for sustaining capital expenditures to maintain base production and operations, while an additional $1.2-$1.4 billion will be dedicated to growth and expansion projects [1] Upstream Production Outlook - Total upstream production for 2026 is guided in the range of 945,000 to 985,000 barrels of oil equivalent per day (BOE/d), indicating a year-over-year growth of 4% after adjusting for the acquisition of MEG Energy [2] - Oil sands production is expected to contribute 755,000-780,000 BOE/d, with operating costs per BOE projected between $11.25 and $12.75 [2] - Conventional production is projected to be 120,000-125,000 BOE/d, with operating costs between $11 and $12 per BOE [2] Downstream Throughput and Refining Guidance - Expected downstream crude throughput is projected to be between 430,000 and 450,000 barrels per day (bbl/d), implying a crude utilization rate of nearly 91% to 95% [3] - Canadian refining throughput is estimated at 105,000 to 110,000 bbl/d, with operating costs expected between $11.50 and $12.50 per barrel [3] - U.S. refining throughput is guided between 325,000 and 340,000 bbl/d, with operating costs in the range of $11 to $12 per barrel [3] Corporate Guidance - General and administrative expenses, excluding stock-based compensation, are expected to be in the range of $625-$675 million, remaining broadly flat compared to the previous year [4] - The company anticipates incurring expenses of approximately $150-$200 million related to integration, transaction, and other one-off costs in 2026 [4] Overall Strategy - Cenovus's capital guidance for 2026 reflects a strategy of reducing growth investments compared to 2025, while focusing on debt reduction and returning value to shareholders [5] - The company aims to maintain safe and reliable operations, cost competitiveness, and strengthen its outlook for the coming year [5]