Cenovus Energy
 |
|
| 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), Michael A. Grandin (Board Chair) |
| Products | Oil, Natural Gas |
| Revenue | $20 billion CAD net before royalties (2015) |
|
Number of employees
|
~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.
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.
According to the Cenovus website, members of the Board of Directors include:
Ralph S. Cunningham, director of TETRA Technologies, Inc., who served as a director from the company's inception in 2009, retired in April 2016.
Cenovus has two producing projects in the Alberta oil sands – Foster Creek and Christina Lake (Alberta). Foster Creek and Christina Lake are 50 percent owned by ConocoPhillips. 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.
Cenovus joined Canadian Natural Resources Limited, Suncor and Talisman Energy in the production of Western Canadian Select.
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