The Successful Investor, in its September, 2015, issue, refreshes its buy of Cenovus Energy Inc., recently $19. On Dec. 3, 2009, EnCana Corp. split itself into two companies, new EnCana Corp. and Cenovus Energy. On Dec. 3, 2009, the first day of trading, we invested $1,000 in Cenovus at $26.25. The newsletter then said buy nine times from October, 2010, to July, 2015, at prices ranging from $21 to $34. Assuming an investment of $1,000 for each of the 10 buys, the $10,000 position would now be worth $6,365. The oil producer plans to spend $1.8-billion to $2-billion on expansions and upgrades in 2015, which should add 50,000 barrels a day of production by the end of 2016. Cenovus produced 274,954 barrels a day in the second quarter of 2015, down from 286,188 barrels a day a year earlier. Lower production and prices cut the company's 2015 second quarter earnings to $151-million from $473-million in the same period last year. To conserve cash, Cenovus has laid off workers and cut its annual dividend by nearly 40 per cent. The new annual dividend of 64 cents is now a 3.4-per-cent yield. The stock trades at a low 7.1 times the company's projected 2015 cash flow of $2.67 a share. Cenovus is still a buy.