Calgary, Canada-based Cenovus Energy Inc. is a leading integrated energy firm. Starting from pumping out oil from its oil sands projects in Canada, the company’s operations comprises marketing the produced oil, natural gas and natural gas liquids (NGLs). Cenovus’ entire operation of oil and gas production is concentrated in Canada, within the provinces of Alberta and British Columbia. The company supplies oil to the Gulf Coast of the United States through the Enbridge Flanagan South pipeline.

At 2022-end, the company had oil equivalent proved reserves of 6.1 billion barrels, unchanged from the previous year. Based on working interest production, the estimated proved reserves life index was more than 21 years. In 2022, the company produced 786.2 thousand barrels of oil equivalent per day, of which 81.6% was liquids. Output declined year over year.

The company primarily operates through three segments: Oil Sands, Conventional, and Downstream.

Oil Sands: This segment incorporates development and production of bitumen in northeast Alberta. The bitumen assets are located in Foster Creek, Christina Lake and Narrows Lake. Several other bitumen projects are on the way. In 2022, the company’s Oil Sands segment reported operating margin of C$8,979 million.

Conventional: This segment incorporates almost 2.8 million net acres of land primarily in the Elmworth-Wapiti, Kaybob-Edson, and Clearwater operating areas, which are rich in natural gas and belongs to the Alberta and British Columbia provinces. The segment recorded operating margin of C$1,235 million in 2022.

Downstream: This segment incorporates the company's operations related to Canadian Manufacturing and U.S. Manufacturing activities. From the Canadian Manufacturing unit, the company reported operating margin of C$699 million, up from C$573 million in 2021.