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Cenovus Energy

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"Cenovus" redirects here. Not to be confused with Cenovis.
Cenovus Energy Inc.
Company typePublic
TSX: CVE
NYSE: CVE
S&P/TSX 60 component
IndustryOil and Natural Gas
Founded2009
Headquarters
Calgary, Alberta, Canada
Key people
Brian Ferguson,[1] President & Chief Executive Officer
Michael A. Grandin (Board Chair)
ProductsOil, Natural Gas
Revenue$20 billion CAD net before royalties (2015)
Number of employees
~3,500 (2016)
WebsiteCenovus.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,[2] 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.[3] The company’s business strategy focuses on creating value through the development its oil sands assets, achieving predictable, reliable performance and maintaining financial resilience.[4] Cenovus shares trade on the Toronto and New York stock exchanges under the symbol CVE.

Board of Directors

According to the Cenovus website, members of the Board of Directors include:

  • Michael A. Grandin (Board Chair), director of BNS Split Corp. II and HSBC Bank Canada
  • Patrick D. Daniel, director of Canadian Imperial Bank of Commerce and Capital Power Corporation, and Chair of the North American Review Board of American Air Liquide Holdings, Inc.
  • Ian W. Delaney, Chairman of The Westaim Corporatation and Ontario Air Ambulance Services Co.
  • Brian C. Ferguson, President & Chief Executive Officer of Cenovus
  • Steven F. Leer, lead director of Norfolk Southern Corporation, a publicly traded North American rail transportation provider. a lead director of USG Corporation, and a director of Parsons Corporation
  • Richard J. Marcogliese, Principal of iRefine, LLC, a privately owned petroleum refining consulting company, Executive Advisor of Pilko & Associates L.P., and an Operations Advisor to Philadelphia Energy Solutions, elected as Director in April 2016
  • Valerie A.A. Nielsen, former director of Wajax Corporation
  • Charles M. Rampacek, director of Flowserve Corporation and Energy Services Holdings, LLC
  • Colin Taylor, two consecutive four-year terms as Chief Executive and Managing Partner of Deloitte & Touche LLP.
  • Wayne G. Thomson, director of TVI Pacific Inc., Chairman of Maha Energy Inc., Chairman of Inventys Thermal Technologies Inc., a private carbon capture technology company, and Chairman and President of Enviro Valve Inc.
  • Rhonda I. Zygocki, senior advisor with the Center for Strategic and International Studies and former Executive Vice-President, Policy and Planning of Chevron Corporation, elected as Director in April 2016[5]

Ralph S. Cunningham, director of TETRA Technologies, Inc., who served as a director from the company's inception in 2009, retired in April 2016.[6]

Operations

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.[7] 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.[8]

Cenovus joined Canadian Natural Resources Limited, Suncor and Talisman Energy in the production of Western Canadian Select.[9]

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.[10]

Technology

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

Cenovus has been recognized for its efforts in environmental stewardship.[14] The company continues to work at improving its environmental performance for air,[15] land[16] and water.[17] Cenovus is focusing on reducing its impact on wildlife habitats particularly to help protect declining woodland caribou.[18]

Cenovus is a member of Canada’s Oil Sands Innovation Alliance (COSIA).

Safety

Employees, suppliers, contractors and consultants are required to understand and work by the company’s policies and practices.[19] There’s a strong emphasis on the importance of safe driving. Cenovus is an alcohol- and drug-free workplace.

Community investment

Cenovus is an Imagine Canada Caring company.[20] This means the company gives one percent of its pre-tax profits to charitable or non-profit organizations. Since 2009, the company has also invested $1.8 billion on goods and services supplied by Aboriginal businesses near its operations.[21]

Worker housing

Cenovus provides housing for staff and other contract workers, commonly known as "camps", who work at their Christina Lake and Foster Creek projects and other locations in northern Alberta.[22] A few of the bigger camps house up to 800 people when operations are at peak capacity. The camps employ housekeeping, kitchen, janitorial and technical support staff, as well as electricians and paramedics who work and live for a short time on-site as part of a shift rotation.

See also

References

  1. ^ Brian Ferguson
  2. ^ EnCana proceeds with plan to split into two distinct and independent energy companies Encana
  3. ^ Cenovus recognized as a leader in corporate responsibility
  4. ^ 3 Things Cenovus Energy Inc. Wants Investors to Know
  5. ^ "Our Board", Cenovus, nd, retrieved 2 May 2016
  6. ^ "Our Board", Cenovus, 27 April 2016, retrieved 2 May 2016
  7. ^ ConocoPhillips Canada – FCCL partnership
  8. ^ Weyburn-Midale published by Petroleum Technology Research Centre
  9. ^ Cenovus (April 29, 2010). "Western Canada Select fact sheet"
  10. ^ Refining Marketing Phillips 66
  11. ^ Technologies lower in situ bitumen recovery costs
  12. ^ Flying drilling rig
  13. ^ "Celebrating industry initiative", Financial Post, 22 April 2013, retrieved 2 May 2016
  14. ^ Cenovus recognized as a leader in corporate responsibility
  15. ^ Cenovus corporate responsibility report – air
  16. ^ Cenovus corporate responsibility report – land
  17. ^ Cenovus corporate responsibility report – water
  18. ^ Caribou habitat restoration
  19. ^ Cenovus contractor policies and practices
  20. ^ Imagine Canada Caring Company program
  21. ^ Cenovus corporate responsibility report – Aboriginal relations
  22. ^ Oilsands camps weathering lower oil prices, report finds Template:Wayback
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