Cenovus Energy

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Cenovus Energy Inc.
Public
Traded asTSXCVE
NYSECVE
S&P/TSX 60 component
IndustryOil and Natural gas
Founded2009
Headquarters
Calgary, Alberta, Canada
Key people
Alex Pourbaix (CEO),
Keith A. MacPhail (Board Chair)
ProductsOil, Natural gas
Revenue$21.4 billion CAD (2019)[1]
Number of employees
~2,300 (2019)
Websitewww.cenovus.com

Cenovus Energy Inc. (pronounced se-nō-vus) is an integrated oil and natural gas company headquartered in Calgary, Alberta.

Cenovus was formed on December 1, 2009 when Encana Corporation split into two distinct companies,[2] 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.[3][4][5]

Cenovus shares trade on the Toronto and New York stock exchanges under the symbol CVE.

They are headquartered at Brookfield Place in Calgary.

Operations[edit]

Oil sands[edit]

Cenovus has two projects producing oil in the oil sands – Foster Creek and Christina Lake (Alberta). Both projects use a drilling method called steam-assisted gravity drainage (SAGD). Cenovus has no mining assets or tailings ponds. On May 17, 2017, Foster Creek and Christina Lake became 100 percent owned and operated by Cenovus.[5]

Conventional oil and gas[edit]

Cenovus once held 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 30 million tonnes of CO2 safely stored underground[6] and extensively studied by researchers as part of the International Energy Agency Greenhouse Gas Weyburn-Midale CO2 Monitoring and Storage Project.[7]


In May 2017, Cenovus assumed ownership of ConocoPhillips' conventional assets in Alberta and British Columbia.[5] 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 97,000 barrels of oil equivalent a day in 2019. Cenovus also holds a significant land position in the Marten Hills region for potential development.

Refining[edit]

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.[8]

Transportation[edit]

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,[9] and for safe transportation of chemical products in 2017.[10]

Technology[edit]

The primary technology Cenovus uses at its Foster Creek and Christina Lake projects is called steam-assisted gravity drainage (SAGD). Cenovus also applies different associated technologies to enhance the SAGD process, such as electric submersible pumps at Foster Creek and solvent aided process (SAP) at Christina Lake.

In 2011, the company began applying its blowdown boiler technology to improve the efficiency of water use at its oil sands operations.[11] In 2013, Cenovus developed its SkyStrat™ drilling rig that allows an exploratory rig to be flown into remote areas by helicopter piece-by-piece, set up to drill a test well, dismantled and airlifted away. The process requires no roads, meaning little disturbance to the boreal forest.[12] The company received an Environmental Performance award for the SkyStrat™ program.[13]

Environment[edit]

Cenovus has been recognized for its efforts in environmental stewardship.[14] Cenovus is focusing on reducing its impact on wildlife habitats particularly to help protect declining woodland caribou.[15]

Cenovus is a member of Canada's Oil Sands Innovation Alliance (COSIA).[16]

See also[edit]

References[edit]

  1. ^ https://www.cenovus.com/invest/docs/2019/2019-annual-consolidated-financial-statements.pdf
  2. ^ "EnCana proceeds with plan to split into two distinct and independent energy companies" (PDF) (Press release). Encana. September 10, 2009.
  3. ^ "Cenovus to buy ConocoPhillips' Canadian assets for a massive $17.7 billion". Financial Post. 29 March 2017. Retrieved 11 September 2017.
  4. ^ "Cenovus to double production and reserves in Canada". Archived from the original on 2018-09-09. Retrieved 2017-05-18.
  5. ^ a b c "Cenovus completes acquisition of assets in Western Canada from ConocoPhillips". Archived from the original on 2018-12-06. Retrieved 2017-05-18.
  6. ^ "Canada 150: From early oil wealth to global GHG reduction tech enabler, Saskatchewan's Weyburn-Midale oilfield just keeps giving", JWN, 28 June 2017, retrieved 31 August 2017
  7. ^ Weyburn-Midale published by Petroleum Technology Research Centre
  8. ^ "Refining Marketing". Phillips 66. Archived from the original on 2012-11-02.
  9. ^ "Rail". Cenovus Energy. Retrieved December 15, 2017.
  10. ^ "Union Pacific Spotlights Safe Chemical Transportation". Union Pacific Railroad. June 26, 2017. Retrieved December 15, 2017.
  11. ^ Technologies lower in situ bitumen recovery costs
  12. ^ "Flying drilling rig". Archived from the original on 2016-03-04. Retrieved 2015-09-10.
  13. ^ "Celebrating industry initiative", Financial Post, 22 April 2013, retrieved 2 May 2016
  14. ^ Cenovus recognized as a leader in corporate responsibility
  15. ^ Caribou habitat restoration
  16. ^ https://www.cosia.ca/about/members

External links[edit]