Cenovus Energy is a Canadian energy company that grew by splitting from Encana and concentrating on Alberta oil sands, later expanding through an all-stock deal to acquire Husky Energy. It mines and produces crude oil and natural gas from oil sands assets (like Foster Creek and Christina Lake) and, after acquiring Husky, adds a large refining and upgrading network in Canada and the United States. This combination makes Cenovus an integrated energy player with upstream production and downstream refining capacity. Unlike some peers that focus on either exploration or refining, Cenovus differentiates itself through its integrated model and its strategy of growth via combinations—first a demerger, then a major acquisition—to gain scale and hedge against price swings. The company’s goal is to become a leading, resilient, North American integrated energy company by connecting oil sands production with refining and marketing to create value for shareholders.
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Calgary, Canada
Founded
2009
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