Cenovus
 |
|
| Public | |
| Traded as | : CVE : CVE S&P/TSX 60 component |
| Industry | Oil and Natural Gas |
| Founded | 2009 |
| Headquarters | Calgary, Alberta, Canada |
|
Key people
|
Brian Ferguson (CEO), Patrick D. Daniel (Board Chair) |
| Products | Oil, Natural Gas |
| Revenue | $20 billion CAD net before royalties (2015) |
|
Number of employees
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~3,500 (2016) |
| Website | Cenovus.com |
Cenovus Energy Inc. (pronounced se-nō-vus) is an integrated oil company headquartered in Calgary, Alberta.
Cenovus was formed on December 1, 2009 when Encana Corporation split into two distinct companies, with Cenovus becoming a focused integrated oil company. Some of Cenovus’s assets formerly belonged to PanCanadian Energy Corp. and Alberta Energy Company (AEC), the two Canadian oil and gas companies that merged to form Encana in 2002.
In March 2017, Cenovus reached an agreement to purchase ConocoPhillips’ 50% share of their FCCL oil sands projects, as well as most of their Deep Basin conventional assets in Alberta and British Columbia. That deal closed on May 17.
Cenovus is known for being a responsible developer of Canada’s oil sands, with an emphasis on innovation, safety and environmental stewardship. The company’s business strategy focuses on creating value through the development its oil sands assets, achieving predictable, reliable performance and maintaining financial resilience. Cenovus shares trade on the Toronto and New York stock exchanges under the symbol CVE.
Cenovus has two producing projects in the Alberta oil sands – Foster Creek and Christina Lake (Alberta). On May 17, 2017, Foster Creek and Christina Lake became 100 percent owned and operated by Cenovus.
Cenovus also has conventional oil and natural gas operations across Alberta and Saskatchewan, including the Weyburn oilfield in Saskatchewan, which is the largest CO2 enhanced oil recovery operation in Canada. It’s also the site of the largest geological greenhouse gas storage project in the world, with about 27 million tonnes of CO2 safely stored underground. This has been extensively studied by researchers as part of the International Energy Agency Greenhouse Gas Weyburn-Midale CO2 Monitoring and Storage Project.
In May 2017, Cenovus assumed ownership of ConocoPhillips’ Deep Basin assets in Alberta and British Columbia. This liquids-rich acquisition includes more than 3 million net acres of land.
Cenovus has 50 percent ownership in two refineries in the United States: the Wood River Refinery (Illinois) and Borger, Texas refinery. Phillips 66 is the co-owner and operator.
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Wikipedia