Cenovus has benefitted significantly from its modular project development strategy. It has allowed the company to react quickly to lower prices scaling back on spending and shelving planned phases at its oil sands projects. Achieving sustainable cost reductions has been a priority under the lower for longer price outlook with over Cdn$500 million of cost savings realised in 2016. The company's cash flow breakeven has reduced dramatically and is now in the region of US$60/bbl Brent over the next two years. With financial health now largely restored in 2017 Cenovus can start to accelerate growth by increasing investment.