TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange: Toronto Stock Exchange (19,990.17, down 252.09 points): Suncor Energy Inc. (TSX:SU). Energy. Down $1.30, or 3.1 per cent, to $40.93 on 21.8 million shares. Algonquin Power & Utilities Corp. (TSX:AQN). Utilities. Down 19 cents, or 1.9 per cent, to $9.86 on 9.2 million shares. Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Down $2.12, or 2.7 per cent, to $75.59 on 9.1 million shares. Manulife Financial Co
CALGARY — Cenovus Energy Inc. will boost production in 2023 to meet what it believes will be continued strong global demand for oil in the year ahead. The Calgary-based oil and gas company released its 2023 budget Tuesday, saying it anticipates capital spending of between $4.0 billion and $4.5 billion in 2023. That amount includes spending of between $1.2 billion and $1.7 billion on optimization and growth, including construction of the West White Rose project off the coast of Newfoundland, as w
Canada's Cenovus Energy on Tuesday forecast higher capital expenditure and production in 2023, and said its natural gas business could grow by as much as 25% in coming years due to higher prices. The Calgary-based oil and gas producer said total upstream production will rise around 3% year-on-year to 800,000-840,000 barrels of oil equivalent per day (boepd), and total spending will increase around 21% to between C$4 billion ($2.94 billion) and C$4.5 billion. The company will direct up to C$1.7 billion towards growth projects including building the offshore West White Rose project in Atlantic Canada, optimizing oil sands assets and improving reliability in its downstream refinery business.