Our history
Cenovus was formed on November 30, 2009 from the split of Encana Corporation into two highly focused and independent publicly traded energy companies: one an integrated oil company (Cenovus), the other a pure play natural gas company (Encana). Its roots date to the 1880s and the earliest days of the oil and gas industry in Western Canada.
Cenovus has retained assets from both PanCanadian Energy Corporation and Alberta Energy Company Ltd. (AEC) — two Canadian oil and gas companies that merged to form Encana in 2002. It's through those two companies that Cenovus can trace its roots back as far as some of world's oldest petroleum companies.
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.
Timeline of key events — 1881 to present day
| 2009 | |
| December 1 | Cenovus begins operating as an independent integrated oil company. |
| November 25 | Shareholders approve the split. |
| September 10 | Encana proceeds with plans to split into two distinct and independent publicly traded energy companies. |
| 2008 | |
| October 15 | Encana announces plans to delay its plans to split due to the high level of uncertainty and volatility in the global debt and equity markets. |
| May 11 | Encana announces plans to split along business lines to create two independent publicly traded energy companies — Encana and Cenovus. Brian Ferguson is to become Chief Executive Officer of Cenovus. |
| 2007 | |
| January 3 | Encana and ConocoPhillips close transaction to create integrated North American heavy oil business. |
| 2006 | |
| October 5 | Encana and ConocoPhillips of Houston announce plans to create an integrated North American heavy oil business. |
| May 6 | Encana starts importing diluents for enhanced oil operations through West Coast port. |
| 2005 | |
| December 14 | Brian Ferguson succeeds John Watson as Encana Chief Financial Officer. |
| November 7 | Encana announces it intends to expand enhanced oil production to 500,000 barrels per day. |
| 2002 | |
| April 8 | Encana shares begin trading on the Toronto Stock Exchange and New York Stock Exchange under the symbol ECA. |
| April 4 | Shareholders and optionholders of both companies approve the merger of AEC and PanCanadian to form Encana. |
| 2001 | |
| PanCanadian Petroleum Ltd. becomes PanCanadian Energy Corporation — a 100 percent publicly owned company trading under the symbol PCE on the Toronto Stock Exchange and PCX on the New York Stock Exchange. | |
| 2000 | |
| PanCanadian launches one of North America's largest CO2 miscible flood projects at Weyburn, Saskatchewan. The Weyburn oilfield is one of Cenovus's key enhanced oil projects. | |
| 1998 | |
| AEC acquires Amber Energy, which included the Pelican Lake property. Pelican Lake is one of Cenovus's key enhanced oil projects. | |
| 1997 | |
| PanCanadian acquires CS Resources, including the Christina Lake asset in the Athabasca region in northeast Alberta. Christina Lake is one of Cenovus's key enhanced oil projects. | |
| 1993 | |
| Alberta Government sells remaining stake in AEC making it a 100 percent publicly owned company. | |
| 1988 | |
| AEC opens AECO-C natural gas storage, creating a benchmark for Canadian gas prices and a North American trading hub. | |
| 1975 | |
| AEC begins operations owned 50 percent by public investors and 50 percent by the Alberta government. Its assets include oil and gas rights on the 600,000-acre Suffield Block in southeast Alberta. | |
1972 |
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| PanCanadian embarks on ambitious development of shallow gas on its royalty-free lands in the Irrigation Block in southern Alberta. | |
| 1971 | |
| PanCanadian Petroleum Ltd., Canada's largest independent oil and gas producer, is created by the merger of Canadian Pacific Oil and Gas and Central-Del Rio Oils. | |
| 1958 | |
| Canadian Pacific Railway (CPR) creates Canadian Pacific Oil and Gas Company to hold its mineral rights and begin an aggressive exploration and production program. | |
| 1883 | |
| A CPR crew drilling for water near Medicine Hat, Alberta, strikes gas and ushers in the petroleum age in Western Canada. | |
| 1881 | |
| Government of Canada commissioned CPR to build a transcontinental railroad. As part of its payment, CPR received 25 million acres of land, some of which came with mineral and surface rights. | |
