The company said it could defer capital spending of up to C$700 million ($562.5 million) until oil prices recover.
Cenovus announced in December a capital budget of C$2.5 billion-C$2.7 billion for this year, about 15 percent lower than for 2014.
($1 = C$1.24)
(Reporting by Ashutosh Pandey in Bengaluru; Editing by Kirti Pandey)