Cenovus Energy

Overview

Cenovus Energy Inc.

type	Public
traded as	tsx: CVE nyse: CVE S&P/TSX 60 component
industry	Petroleum industry
key people	Jon McKenzie (CEO) Alex Pourbaix (board chair)
products	* Natural gas * Fuel * Diesel fuel * Jet fuel
revenue	CA$54.277 billion‡R1R‡
revenue year	2024
operating income	CA$10.795 billion‡R1R‡
income year	2024
net income	CA$3.142 billion‡R1R‡
net income year	2024
assets	CA$56.539 billion‡R1R‡
assets year	2024
equity	CA$29.754 billion‡R1R‡
equity year	2024
num employees	7,150 full-time equivalent employees‡R2R‡
foundation	November 30, 2009
location city	Calgary, Alberta, Canada
subsid	Husky Energy
homepage	www.cenovus.com

Cenovus Energy Inc. (pronounced se-nō-vus) is a Canadian integrated oil and natural gas company headquartered in Calgary, Alberta. Its offices are located at Brookfield Place, having completed a move from the neighbouring Bow in 2019.[3]

History

Cenovus was formed in 2009 when Encana split into two companies,[4] with Cenovus becoming focused on oil sands assets.

In 2017, Cenovus purchased ConocoPhillips' 50 percent share of their Foster Creek Christina Lake (FCCL) oil sands projects and most of their conventional assets in Alberta and British Columbia, including the Deep Basin.[5][6]

Operations

Oil sands

Cenovus has four producing projects in the oil sands – Foster Creek, Christina Lake (Alberta), Sunrise (jointly owned with BP Canada and operated by Cenovus) and Tucker.[13] All projects use the drilling method of steam-assisted gravity drainage (SAGD). On May 17, 2017, Foster Creek and Christina Lake became 100 percent owned and operated by Cenovus.[7] In December 2021, Cenovus announced the sale of the Tucker oil sands project to Strathcona Resources.[14] In June 2022, Cenovus announced it would acquire the outstanding 50% interest in the Sunrise oil sands asset and assume full ownership.[15]

Conventional oil and gas

Cenovus once held conventional oil and natural gas operations across Alberta and Saskatchewan, including the Weyburn oilfield in Saskatchewan, which is the largest enhanced oil recovery operation in Canada. It's also the site of the largest geological greenhouse gas storage project in the world, with about 30 million tonnes of safely stored underground[16] and extensively studied by researchers as part of the International Energy Agency Greenhouse Gas Weyburn-Midale Monitoring and Storage Project.[17]

In May 2017, Cenovus assumed ownership of ConocoPhillips' conventional assets in Alberta and British Columbia.[7] Cenovus’s current conventional assets include the Deep Basin, a liquids-rich natural gas fairway located in northwestern Alberta and northeastern British Columbia, and the Marten Hills heavy oil project. The Deep Basin asset comprises approximately 2.8 million net acres of land and produced more than 125,000 barrels of oil equivalent. Cenovus also holds a significant land position in the Marten Hills region for potential development. In November 2020, Cenovus announced the sale of the Marten Hills assets to Headwater Exploration Inc.[18]

Refining

Following the acquisition of Husky Energy in January 2021, Cenovus became Canada’s second-largest Canadian-based refiner and upgrader.[19] Cenovus owns the Lima Refinery in Lima, Ohio, the Superior Refinery in Superior, Wisconsin and the Lloydminster refinery in Lloydminster, Alberta and upgrader in Lloydminster, Saskatchewan.[20][21] Cenovus has 50 percent ownership in two refineries in the United States: the Wood River Refinery and Borger, Texas refinery. Phillips 66 is the co-owner and operator.[22] In August 2022, Cenovus reached an agreement to purchase BP's 50% interest in the BP-Husky Toledo Refinery in Toledo, Ohio. Cenovus has owned the other 50% of the refinery since its combination with

Transportation

Cenovus owns a crude-by-rail loading facility near Edmonton Alberta – the Bruderheim Energy Terminal. The company was recognized for its rail safety performance in 2016,[24] and for safe transportation of chemical products in 2017.[25]

Retail

Cenovus owns a group of travel centres under the Husky brand, which were included in its acquisition of Husky Energy. They offer fuels under the Esso brand.[26][27]

Cenovus Energy

History

Operations

Oil sands

Conventional oil and gas

Refining

Transportation

Retail

Technology

Potential mitigation of climate impacts

Leadership

President

Chairman of the Board

See also

External links

References