“Market Cap $21.81 B As of May 2014
At a Glance
- Industry: Oil & Gas Operations
- Founded: 2009
- Country: Canada
- CEO: Brian Ferguson
- Website: www.cenovus.com
- Employees: 3,544
- Sales: $18.11 B
- Headquarters: Calgary
#523 Global 2000
- #516 in Sales
- #934 in Profit
- #897 in Assets
- #509 in Market value
Cenovus Energy, Inc. is an oil company. Its operations include oil sands properties and established crude oil and natural gas production in Alberta and Saskatchewan. It operates through four reportable segments: Oil Sands, Conventional, Refining & Marketing and Corporate & Eliminations. The Oil Sands segment includes the development and production of bitumen assets at foster creek, christina lake and narrows lake as well as heavy oil assets at pelican lake. It also includes the athabasca natural gas assets and projects in the early stages of development such as grand rapids and telephone lake. The Conventional segment includes the development and production of conventional crude oil, natural gas liquids and natural gas in Alberta and Saskatchewan, including the carbon dioxide enhanced oil recovery project at Weyburn and emerging tight oil opportunities. The Refining & Marketing segment is focused on the refining of crude oil products into petroleum and chemical products at two refineries located in the U.S. The Corporate & Eliminations segment primarily includes unrealized gains and losses recorded on derivative financial instruments, gains and losses on divestiture of assets, as well as other Cenovus-wide costs for general and administrative and financing activities. The company was founded on November 30, 2009 and is headquartered in Calgary, Canada.“
“Cenovus Energy History
Cenovus began independent operations on December 1, 2009 when Encana Corporation split into two distinct companies: one an oil company (Cenovus), the other a natural gas company (Encana).
Cenovus has retained assets from both PanCanadian Energy Corp. and Alberta Energy Company, the two Canadian oil and natural gas companies that merged to form Encana in 2002. It’s through those two companies that Cenovus can trace its roots.
PanCanadian: In 1881, the Government of Canada commissioned Canadian Pacific Railway (CPR) to build a transcontinental railroad to connect the country from east to west. As part of the deal, CPR was paid with land. In some cases mineral rights were included. A CPR crew drilling for water near Medicine Hat in 1883 actually made Alberta’s first natural gas discovery and launched the petroleum era in Western Canada. PanCanadian is the oil and gas company that eventually emerged from that first discovery.
AEC: Amid the tumultuous oil shocks of the 1970s, the Government of Alberta created AEC to provide Albertans and other Canadians with an opportunity to participate, through share ownership, in the industrial and energy-related growth of the province.”
*Information from Forbes.com and Cenovus.com
**Video published on Vimeo by ” Cenovus Energy“