We have six enterprise goals as a company which we anticipate will help us execute on our strategy. Some of the goals are related to our financial performance, and are intended to help ensure that we are financially resilient regardless of market conditions. For more information on our financial performance and how it’s measured, refer to our 2016 financial documents. We also have three enterprise goals that reflect our environmental, safety and organizational health priorities.

In addition to our enterprise goals, we have a number of corporate responsibility goals that help ensure we’re living up to the commitments we set out in our Corporate Responsibility Policy. Learn more about our goals in the table below.

Focus area Our goals, targets and aspirations1 Our recent performance examples
Safety Goal: Achieve zero significant incidents.
  • We measure progress towards our goal by setting internal targets for Total Recordable Injury Frequency (TRIF) and Tier 1 and 2 process safety events:
    • while we didn’t beat our all-time TRIF low from 2015, we achieved a TRIF of 0.43 in 2016 which was a strong improvement from our performance levels in 2014 and earlier
    • we improved our process safety performance in 2016, with no Tier 1 process safety events and six Tier 2 process safety events
People Goal: Improve organizational health.
  • We defined organizational health and communicated the goal to staff
  • We conducted a company-wide survey to identify areas where we need to improve
Environment

Goal: Encourage solutions focused on zero emissions oil from wells to end use.

Target: To achieve a 33 percent reduction in our total upstream greenhouse gas (GHG) emissions intensity by 2026, compared with our January 2016 levels.

  • From 2004 through 2016, we reduced greenhouse gas (GHG) emissions intensity at our oil sands operations by 33 percent and we continue to focus on technology development to further reduce our emissions
  • In 2016, we continued to support the advancement of carbon capture and storage through our enhanced oil recovery project at Weyburn, Saskatchewan, where we’ve safely injected 30 million tonnes of CO2 underground since 2000. That’s the equivalent of taking more than six million cars off the road for an entire year2
Focus area Our goals, targets and aspirations1 Our recent performance examples
Governance Aspiration: To have women make up at least one-third of the independent members of the Board of Directors by 2020.
  • Twenty percent of our current independent directors are female
Environment Goal: To collaboratively accelerate development of technologies with the aim of reducing emissions and resources required for each barrel of oil we produce.
  • Cenovus, along with Suncor Energy and the BC Cleantech CEO Alliance, is a co-founder of Evok Innovations, a first-of-its-kind investment partnership to connect the energy industry and the global clean technology community. In 2016, Evok’s first full year of operations, the company invested in seven potential clean technology solutions
  • We are one of eight member companies of Canada’s Oil Sands Innovation Alliance (COSIA) supporting the US $20 million NRG COSIA Carbon XPRIZE. In early 2017, plans were announced to build the Alberta Carbon Conversion Technology Centre in Calgary, which will initially serve as a testing ground for NRG COSIA Carbon XPRIZE finalist teams. The centre is expected to be operational in 2018
  • We joined the MIT Energy Initiative (MITEI), the energy-focused innovation hub of the Massachusetts Institute of Technology, through its Carbon Capture Utilization and Storage (CCUS) Low-Carbon Energy Center. The Center presents an unparalleled opportunity to play a vital role in catalyzing the transition to a low carbon energy future
Environment Goal: To provide current and prospective investors with transparent disclosure on the carbon risks associated with our business.
  • We continue to report our GHG emissions and climate change data annually through our corporate responsibility report and through the CDP climate change program. We have been recognized as being in the top quartile of all global companies assessed by CDP and are one of only two Canadian energy companies at the Leadership level
  • We recognize that our investors and other stakeholders benefit from understanding Cenovus’s strategy to remain both cost and carbon competitive over the long term. As such, in early 2017 we made an additional commitment to enhance our future climate-related disclosures
  • We also report our GHG emissions on an annual basis to Canada’s Greenhouse Gas Emissions Reporting Program as per regulatory requirements
Environment

Goal: To reduce habitat loss and impact on wildlife, particularly woodland caribou.

Target: As part of the 10-year Cenovus Caribou Habitat Restoration Project, we expect to treat forest fragmentation within an area of approximately 3,900 square kilometres.

  • In 2016, we treated 370 square kilometres of land and reached approximately 430,000 trees planted cumulatively since 2013 as part of the Caribou Habitat Restoration Project
  • We also continued our work through COSIA on the Caribou Restoration Prioritization Zone project and the Regional Industry Caribou Collaboration
Environment Goal: To manage our use of water resources efficiently and responsibly.
  • In 2016, our fresh water use intensity for oil sands production was 0.11 barrels of fresh water per barrel of oil produced. That’s well below the industry average for in-situ oil sands operators and the target set by COSIA members to reduce oil sands water use to a target of 0.20 barrels of freshwater for every barrel of oil produced
Environment Goal: To manage our inactive well inventory and improve efficiency around well abandonment and reclamation.
  • We abandoned 354 wells across our operations in 2016, which is the first step towards reclamation
  • We submitted 77 reclamation applications to the Alberta Energy Regulator
  • We received 184 well site reclamation certificates
Environment Goal: To improve spill prevention and respond effectively when spills occur.
  • Cenovus’s operations leadership set corporate targets for reportable spill reductions and managed them throughout the year. This resulted in both a reduction in the count and volume of spills
  • Spill reporting was transitioned to Cenovus’s Process Safety team to analyze cause-based trends to help anticipate and prevent spills
  • We made improvements to surface water and berm integrity management
  • We completed gap assessments for high-impact pipelines to verify effectiveness of leak detection and mitigation strategies. Additional operator training was implemented to increase rigour around early detection and response to possible pipeline releases
Community Goal: To build strong relationships with our local Aboriginal communities and provide opportunities that will benefit both the communities and Cenovus.
  • In 2016, we spent $198 million doing business with Aboriginal companies, which was 19 percent of our total capital spend
  • We awarded 17 scholarships valued at $3,500 each for Aboriginal students pursuing a full-time degree, diploma or certified trade
  • From 2009 to early 2017, we surpassed $2 billion in cumulative business spending with local and Aboriginal companies in our operating areas
Community

Goal: To treat all communities near our operations fairly and with respect.

Targets:

  • Invest one percent of our annual pre-tax profit to support charitable and community partners and make a positive difference in the communities where we work and live
  • Positively impact 250,000 youth through literacy programs, healthy living initiatives and skill building opportunities by 2020
  • Increase public access to key social and emergency services organizations in local communities
  • Support the active involvement of our employees by providing them with diverse giving and volunteering opportunities
  • We have been an Imagine Canada Caring company since 2009, which means we give one percent of our pre-tax profits to charitable or non-profit organizations
  • In 2016, we:
    • donated over $7.5 million to nearly 650 organizations and held over 75 company-sponsored and team-volunteer events, ranging from cooking dinners and reading to children to packing food hampers
    • impacted over 90,000 youth through ongoing investments like our partnership with the Northland School Division No. 61
    • supported over 30 organizations focused on building strong families and safe communities
    • provided over 75 volunteer events for our staff and matched over $1.4 million in employee donations

1Notes on definitions:

  • Goal: a specific desired outcome that Cenovus has some relative control to achieve. A goal may have one or more associated targets.
  • Target: a specific, near-term objective, typically focused on the change in a measureable key performance indicator (quantitative). Alternatively, the target can be an action (qualitative) which, once completed, can be more clearly demonstrated in the near term.
  • Aspiration: an ambitious outcome that Cenovus aims to influence, but may not have significant control over as the result occurs outside of the company’s operational boundaries and may require the contributions of others

2Note: Based on an estimate of 4.75 metric tonnes of CO2 emissions per car per year according to a U.S. EPA GHG Equivalencies Calculator (updated March 2014).