Sign the oil patch is ready to start spending

One of the first big boosts to anticipated oil-patch capital spending comes from Calgary's Cenovus(CVE)as the oil-sands company is targeting $1.2-1.4B next year,some 25% above this year's forecast."The 2017 budget includes capital to resume construction of the Phase G expansion at Cenovus' Christina Lake oil-sands project and to invest in attractive,conventional oil-drilling opportunities with high-return potential in Southern Alberta."We're confident we can move forward with projects that have strong potential to drive shareholder value,"adds CEO Brian Ferguson.