Stocks in play: Cenovus Energy Inc.

Announced its updated corporate strategy and five-year business plan. Building on the company’s excellent financial performance in the first half of 2019, Cenovus’s strategy through 2024 will focus on sustainably growing shareholder returns and further reducing net debt. The five-year business plan allows for disciplined production growth at Cenovus’s best-in-class oil sands assets, subject to improved market access, and provides potential for cumulative free funds flow of approximately $11 billion at mid-cycle West Texas Intermediate prices averaging between $57 and $60 U.S. per barrel (bbl). In addition, Cenovus has reduced its 2019 capital budget guidance to between $1.1 billion and $1.2 billion, a $150-million reduction from the midpoint of the company’s April 23, 2019 guidance. Cenovus Energy Inc. shares T.CVE are trading down $0.23 at $11.82.