Suncor plans to raise production to between 840,000 to 870,000 barrels per day in 2026, a 100,000-barrel-per-day increase compared to three years earlier. Cenovus is aiming to hike output four per cent year-over-year to an upper target of 985,000 barrels per day, according to the company’s latest capital spending plans. Suncor said it would spend up to $5.8 billion over the year, down slightly from the $5.9 billion it expects to spend in 2025, while Cenovus is planning up to $5 billion in capital expenditures, level with its plans for 2025. (The Logic)

Talking point: The outlays show how Canada’s major oilsands companies have managed to wring increasing value out of their assets without significantly raising spending. After a decade of cost-cutting efforts, Canada’s largest heavy oil producers now turn out among the lowest-cost barrels on the market, letting them ramp up output while keeping year-over-year costs flat. That efficiency is improving as Alberta’s government tries to make the economic case for a proposed new one-million-barrel-per-day oil pipeline, which the province and Ottawa agreed to support in their recent landmark energy deal assuming certain conditions are met.