Cenovus high grades its portfolio

Debt management has been the immediate priority for the firm, but 2022 holds plenty of growth opportunities

Canadian oil sands producer Cenovus enters 2022 with two key ambitions: cutting the company’s debt to below $8bn and achieving a 4pc production hike. The operator completed $1.1bn in divestments this year and expects to slash a fifth of its debt next year if WTI stays above $45/bl. “For 2022, we have made it very clear that we intend to get to that $8bn by the middle of year, depending on commodity prices,” says Kam Sandhar, executive vice-president, strategy and corporate development at Cenovus. “We do have a desire to get the debt below $8bn over time, which equates to somewhere in the $6-8bn range.” “For 2022, we have made it very clear that we intend to get to that $8bn by the midd