Cenovus Energy
We’re a Canadian-based integrated energy company headquartered in Calgary. We’re committed to maximizing value by sustainably developing our assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into our business plans.
We operate in Canada, the United States and the Asia Pacific region. Our operations include oil sands projects in northern Alberta, thermal and conventional crude oil and natural gas projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia. Cenovus’s downstream operations include upgrading, refining and marketing operations in Canada and the United States.
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).
Many of our original assets were from the two Canadian oil and natural gas companies that merged to form Encana in 2002 – PanCanadian Energy Corp. and Alberta Energy Company.
It’s through those two companies that we can trace our roots – all the way to the 1880s when the Government of Canada commissioned Canadian Pacific Railway (CPR) to build a transcontinental railroad. As part of its payment, CPR received 25 million acres of land, some of which included mineral and surface rights. It was a CPR crew drilling for water near Medicine Hat in 1883 that made Alberta’s first natural gas discovery and launched the petroleum era in Western Canada. PanCanadian Energy Corp. eventually emerged from that first discovery.
Alberta Energy Company came into being in the 1970s, when the Government of Alberta created the company to provide Albertans and other Canadians with an opportunity to participate, through share ownership, in the industrial and energy-related growth of the province.
On January 1, 2021 Cenovus Energy acquired Husky Energy, which began as a small refinery operation in 1938 and grew to become one of Canada’s top integrated oil and gas producers.
The combined company is the second largest Canadian oil and natural gas producer, the second largest Canadian-based refiner and upgrader, and unites high-quality and low-cost oil sands and heavy oil assets with extensive midstream and downstream infrastructure.
Our strategy
Our strategy focuses on delivering value over the long term through sustainable, low-cost, diversified and integrated energy leadership, supported by five strategic objectives:
* Top-tier safety performance and environmental, social and governance (ESG) leadership. We strive to ensure safe and reliable operations across our portfolio, including top-tier health and safety performance. We are also committed to being an ESG leader, meeting or exceeding our ESG targets.
* Cost leadership. We aim to maximize shareholder value through competitive cost structures and optimized margins.
* Financial discipline. We are focused on maintaining targeted debt levels while positioning Cenovus for resiliency through commodity price cycles.
* Returns-focused capital allocation. We continue to take a disciplined approach to allocating capital to projects that generate returns at the bottom of the cycle. Our shareholder returns strategy is complementary to our business.
* Free funds flow growth. We continue to prioritize free funds flow generation through all price cycles to manage our balance sheet, increase shareholder returns through dividend growth and share repurchases, reinvest in the business and diversify.
Operations at Cenovus
We are an integrated oil and natural gas company, based in Calgary, Alberta, with operations that span Canada, the United States and the Asia Pacific region. We work across the full oil and natural gas value chain – in exploration, production, refining, transportation and retail – providing products that help power our communities and energize the world. We are committed to operating in a safe, sustainable and cost-efficient manner.
Our shares trade under the symbol CVE and are listed on the Toronto and New York stock exchanges.
View Our Products:
https://www.cenovus.com/Our-operations/Products
CONTACT CENOVUS:
Head office
225 6 Ave SW
PO Box 766
Calgary, AB T2P 0M5
(postal code for couriers – T2P 1N2)
