Cenovus Energy Inc is an integrated energy company engaged in developing, producing and marketing crude oil, natural gas and natural gas liquids in Canada. It owns refineries and conducts marketing activities in the United States.
In 2009, EnCana Corporation split into two independent publicly traded companies: EnCana (GasCo) and Cenovus Energy Inc.
EnCana Corporation was formed in 2002 by merging PanCanadian Energy Corp. and Alberta Energy Co.
The company's operations include conventional oil and natural gas assets, natural gas liquids business, thermal heavy oil assets and oil sands projects.
The oil sands portfolio comprises 100 per cent interest in Christina Lake, Foster Creek, Sunrise project, and a 50 per cent stake in Tucker project, all located in Alberta.
Cenovus Energy Inc owns six upgraders and refineries in Canada and the United States, including:
• Lima Refinery
• Superior Refinery
• BP-Husky Toledo Refinery
• Cenovus-Phillips 66
• Asphalt refinery
The refineries convert light, medium or heavy oil into gasoline or petroleum byproducts, which are further utilized in everyday items like contact lenses, smartphones, clothes, etc.
Cenovus has development projects and exploration assets in China, Indonesia, Newfoundland and Labrador.
Cenovus is an integrated energy firm that engages in activities across the value-chain, from developing to marketing products across Canada and the international market.
The company claims that through its integrated upstream and downstream operations, it is able to mitigate the impact of volatility in light and heavy crude oil differentials.
Cenovus connects high-quality and low-cost oil sands and heavy oil assets with its vast midstream and downstream infrastructure.
On January 1, 2021, Cenovus Energy Inc acquired Husky Energy, a leading Canadian integrated oil and gas producers. With this agreement, the company reportedly has become the third-largest oil and natural gas producer and the second-largest refiner and upgrader in Canada. The company is headquartered in Calgary, Alberta.
The energy firm claims from 2004 to 2019, it has reduced nearly 30 per cent Carbon Dioxide emissions intensity from its oil sands operations.
At the Christina Lake oil sand facility, nitrogen oxide emission is 50 per cent below the regulatory threshold of 400 tonnes per year, the company claims. In addition, Cenovus Energy Inc is aiming for net-zero emissions by 2050.