Cenovus Energy Inc (CVE)

[Timothy Smith]

@Timothy Smith: Cenovus Energy (CVE +1.2%) is higher after cutting its quarterly dividend by 40% and accelerating its cost-cutting efforts while adopting a “more moderate approach” to expanding its oil sands assets.

CVE keeps its 2015 Petro capital spending plan at C$1.8B-C$2B, but due to its expectations for ongoing low oil prices (Lucrum), it no longer plans to pursue multiple major oil sands construction projects at the same time.