Cenovus Energy Inc.
Cenovus Energy is a Canadian oil company. We`re committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Our operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and Saskatchewan. We also have 50 percent ownership in two U.S. refineries.
Our strategy defines our focus for the next decade. It’s centred on developing our top-quality oil resources, building on our track record of strong project execution, progressing our environmental performance, expanding our markets and maintaining our financial strength – all aimed at increasing total shareholder return.
Our shares are listed on the Toronto and New York stock exchanges and trade under the symbol CVE.
- Canadian oil company
- About 5,000 people
- Committed to implementing new ideas and new approaches, safely and responsibly
- Proven track record of low-cost operations and environmental leadership
- Superior financial position with a strong balance sheet and free cash flow streams from established assets
- 56 billion barrels of discovered bitumen initially-in-place1
- Significant opportunity for oil sands production growth at Foster Creek and Christina Lake, and at our emerging projects in northern Alberta
- A 50 percent interest in our Foster Creek, Christina Lake and Narrows Lake oil sands assets with ConocoPhillips
- One of the lowest steam to oil ratios in the industry: about 2.2 at Foster Creek and Christina Lake combined
- A 50 percent interest in the Wood River Refinery (Illinois) and the Borger Refinery (Texas) with Phillips 66
- Significant near-term growth opportunities in conventional oil production
- Canada’s largest CO2 enhanced oil recovery operation and the world’s largest geological greenhouse gas storage project located at our Weyburn oil field
- Access to a predictable and reliable stream of internally-generated cash flow from our established natural gas properties to fund our oil growth
- Committed to strengthening our communities by supporting learning, safety and well-being, and helping sustain the communities where we live and work.
Cenovus began independent operations on December 1, 2009 when Encana Corporation split into two distinct companies: one an oil company (Cenovus), the other a natural gas company (Encana). Cenovus has retained assets from both PanCanadian Energy Corp. and Alberta Energy Company, the two Canadian oil and natural gas companies that merged to form Encana in 2002. It’s through those two companies that Cenovus can trace its roots.
PanCanadian: In 1881, the Government of Canada commissioned Canadian Pacific Railway (CPR) to build a transcontinental railroad to connect the country from east to west. As part of the deal, CPR was paid with land. In some cases mineral rights were included. A CPR crew drilling for water near Medicine Hat in 1883 actually made Alberta's first natural gas discovery and launched the petroleum era in Western Canada. PanCanadian is the oil and gas company that eventually emerged from that first discovery.
AEC: Amid the tumultuous oil shocks of the 1970s, the Government of Alberta created AEC to provide Albertans and other Canadians with an opportunity to participate, through share ownership, in the industrial and energy-related growth of the province.