Cenovus Energy

Cenovus Energy Inc. (pronounced se-nō-vus) is a Canadian integrated oil and natural gas company headquartered in Calgary, Alberta. Its offices are located at Brookfield Place, having completed a move from the neighbouring Bow in 2019.

Cenovus was formed in 2009 when Encana Corporation split into two distinct companies, 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. Cenovus completed the acquisition of Husky Energy for C$3.9 billion in stock in January 2021. The combined company is Canada’s third-largest crude oil and natural gas producer and the second-largest Canadian-based refiner and upgrader. In August 2025, MEG Energy agreed to acquired by Cenovus for CA$7.9 billion in a cash-and-stock deal, two months after MEG rejected a hostile acquisition offer from Strathcona Resources for $6bn.

Cenovus has four producing projects in the oil sands – Foster Creek, Christina Lake (Alberta), Sunrise (jointly owned with BP Canada and operated by Cenovus) and Tucker. All projects use the drilling method of steam-assisted gravity drainage (SAGD). On May 17, 2017, Foster Creek and Christina Lake became 100 percent owned and operated by Cenovus. In December 2021, Cenovus announced the sale of the Tucker oil sands project to Strathcona Resources. In June 2022, Cenovus announced it would acquire the outstanding 50% interest in the Sunrise oil sands asset and assume full ownership.

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 and extensively studied by researchers as part of the International Energy Agency Greenhouse Gas Weyburn-Midale CO₂ Monitoring and Storage Project.

In May 2017, Cenovus assumed ownership of ConocoPhillips' conventional assets in Alberta and British Columbia. 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 125,000 barrels of oil equivalent. Cenovus also holds a significant land position in the Marten Hills region for potential development. In November 2020, Cenovus announced the sale of the Marten Hills assets to Headwater Exploration Inc.

Following the acquisition of Husky Energy in January 2021, Cenovus became Canada’s second-largest Canadian-based refiner and upgrader. Cenovus owns the Lima Refinery in Lima, Ohio, the Superior Refinery in Superior, Wisconsin and the Lloydminster refinery in Lloydminster, Alberta and upgrader in Lloydminster, Saskatchewan. Cenovus has 50 percent ownership in two refineries in the United States: the Wood River Refinery and Borger, Texas refinery. Phillips 66 is the co-owner and operator. In August 2022, Cenovus reached an agreement to purchase BP's 50% interest in the BP-Husky Toledo Refinery in Toledo, Ohio. Cenovus has owned the other 50% of the refinery since its combination with Husky Energy in 2021.

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, and for safe transportation of chemical products in 2017.