Contributing to the economy
As a Canadian oil company committed to developing the oil sands responsibly, we contribute to the economy and to the wealth and prosperity of the communities where we operate. Our contributions include:
- Providing thousands of direct and indirect jobs in Alberta and across Canada
- Paying taxes to multiple levels of government
- Paying dividends to our shareholders and interest to our lenders
- Purchasing goods and services from local and Aboriginal suppliers, as well as businesses across Canada and the United States
- Driving Canadian innovation through investments made in research and technology through a number of collaboration projects
- Enhancing quality of life and opportunities for the communities where we work and live through our community investment programs and in-kind donations
Producing and exporting oil contributes billions of dollars to the Canadian economy each year. The contributions from oil and gas production and pipelines to local, provincial and federal governments get invested in communities across Canada. For example, the total contribution from taxes and royalties in 2013 was enough money to build 923 high schools, hire 337,184 new teachers, construct 14 hospitals and train 334,580 new nurses. This data has been compiled from a number of third-party sources using data from 2012 and 2013. Please visit More2theStory.com for a complete listing of those sources.
Learn more about the value oil brings to the economy and our daily lives at More2theStory.com.
2014 Cenovus contributions
We are an Imagine Canada Caring Company, which means we give a minimum of one percent of our pre-tax profits to charitable or non-profit organizations. In 2014, we supported 1,405 organizations.
Improving the way we do business with our supply chain
We aim to continuously improve the ways in which we procure goods and services and work only with suppliers that share our commitment to safety, quality and ethical conduct. Some of the ways we’ve enhanced our purchasing processes include:
- Reducing the number of suppliers we work with to manage suppliers more effectively from a financial, performance, ethical and risk perspective and streamline costs
- Using the health and safety intelligence reporting tool to store contractor safety information and score them based on their performance. The tool uses financials, our internal health and safety contractor data, plus information that’s been self-reported by contractors.
- Focusing our work and efforts with key suppliers to identify initiatives that benefit the entire company
- Centralizing our buying to better leverage our operations spend and sustainably manage costs