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.
Timeline of key events — 1881 to present day
|Cenovus receives approval to proceed with its Narrows Lake oil sands project.|
|Joint venture partner, ConocoPhillips, splits into two companies: one focused on exploration and production (ConocoPhillips), the other on refining and marketing (Phillips 66).|
Cenovus commercializes blowdown boiler technology to improve efficiency and reduce water use at its oil sands operations.
|The coker and refinery (CORE) project at the Wood River Refinery in Roxana, Illinois is completed.|
|Cenovus commercializes its Wedge Well™ technology, which is used to improve efficiency while producing more oil at its oil sands operations.|
|Foster Creek becomes the largest commercial steam-assisted gravity drainage (SAGD) project in Alberta to reach royalty payout status.|
|Cenovus begins operating as an independent integrated oil company on December 1, 2009, trading shares on the Toronto Stock Exchange and New York Stock Exchange under the symbol CVE.|
|Encana announces plans to split along business lines to create two independent publicly traded energy companies|
|Encana and ConocoPhillips complete a transaction to create integrated North American heavy oil business. Encana receives 50% ownership in two U.S. refineries operated by ConocoPhillips, while ConocoPhillips receives 50% ownership in the Foster Creek, Christina Lake and Narrows Lake oil sands projects.|
|Encana starts importing diluents for enhanced oil operations through West Coast port.|
|Shareholders and option holders of both companies approve the merger of AEC and PanCanadian to form Encana. On April 8, Encana shares begin trading on the Toronto Stock Exchange and New York Stock Exchange under the symbol ECA.|
|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.|
|PanCanadian launches one of North America's largest CO2 miscible flood projects to enhance oil recovery at Weyburn, Saskatchewan. The Weyburn field is also the site of the world’s largest study into carbon capture and storage.|
|AEC acquires Amber Energy, which included the Pelican Lake property.|
|PanCanadian acquires CS Resources, including the Christina Lake oil sands asset in the Athabasca region in northeast Alberta.|
|Alberta Government sells its remaining stake in AEC, making it a 100 percent publicly owned company.|
|AEC opens AECO-C natural gas storage, creating a benchmark for Canadian gas prices and a North American trading hub.|
|The Government of Alberta creates 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. Public investors own 50 percent of AEC, while the Alberta government owns the remaining 50 percent. Its assets include oil and gas rights on the 600,000-acre Suffield Block in southeast Alberta.|
|PanCanadian embarks on ambitious development of shallow gas on its royalty-free lands in southern Alberta.|
|The merger of Canadian Pacific Oil and Gas Company and Central-Del Rio Oils creates PanCanadian Petroleum Ltd., Canada's largest independent oil and gas producer.|
|CPR creates Canadian Pacific Oil and Gas Company to hold its mineral rights and begins an aggressive exploration and production program.|
|A CPR crew drilling for water near Medicine Hat, Alberta, strikes gas and ushers in the petroleum age in Western Canada.|
|Government of Canada commissions CPR to build a transcontinental railroad. As part of its payment, CPR receives 25 million acres of land, some of which includes mineral and surface rights.|