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Cenovus Energy (CVE-T), the country's second largest oil company, recently announced plans to increase its spending by 23 percent to support a 21-percent boost in production next year. But Chief Executive Brian Ferguson tells BNN that while most of that increase will come from operations in the oil sands, the company is more than just a play on the oil sands.
"We've always indicated that we are growing our oil production, we are not just an oil sands company. We've got some very profitable and significant growth opportunities on the conventional oil side as well," he tells BNN. "We've had some great success in the tight oil plays in southern Saskatchewan and we've also been expanding our land base in Alberta into additional tight oil plays."
"It's a diversified oil growth story," he adds.