Cenovus Energy Inc. (NYSE: CVE) is a Calgary-based integrated oil and natural gas company engaged in exploration, development, production, refining and marketing activities. Established in 2009 through the acquisition of ConocoPhillips’ Canadian assets, Cenovus has grown to become one of Canada’s largest energy producers. The company’s upstream operations focus primarily on developing oil sands and conventional heavy oil resources in Alberta, as well as offshore light oil and natural gas projects in Atlantic Canada.
In Alberta, Cenovus operates multiple oil sands developments, employing steam-assisted gravity drainage (SAGD) and other thermal recovery methods to extract bitumen from deep reservoirs. The company’s portfolio also includes conventional heavy oil assets that leverage enhanced oil recovery techniques. Following the 2021 merger with Husky Energy, Cenovus expanded its resource base with additional producing properties in Saskatchewan and Newfoundland, solidifying its position as a diversified producer with a balanced mix of heavy and light crude streams.
Downstream, Cenovus owns and operates refining and marketing assets in Canada and the United States. Key facilities include integrated refineries in Edmonton, Alberta, and Superior, Wisconsin, which process heavy crude into gasoline, diesel, jet fuel and other refined products. Cenovus also markets refined products through branded wholesale networks across North America and participates in several joint ventures to optimize logistics, pipelines and storage infrastructure, ensuring supply reliability and market access.
Under the leadership of President and CEO Alex Pourbaix, Cenovus has placed a strong emphasis on operational efficiency, capital discipline and environmental performance. The company has set targets to reduce greenhouse gas emissions intensity and is investing in carbon capture, utilization and storage (CCUS) initiatives. Cenovus’s governance framework aligns with industry best practices, and its board of directors includes members with extensive experience in energy, finance and sustainability, guiding the company through a dynamic energy transition landscape.
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