Our upgrading and refining operations
All oil needs to be refined so it can be made into usable products. At our upgraders and refineries, we take oil and turn it into products like gasoline, diesel and petrochemicals that are then used in the daily items we rely on – including asphalt, smartphones, laundry detergent, contact lenses and clothes.
Our upgrader and refineries help to reduce the impact to Cenovus of price fluctuations in the oil market by allowing us to capture value from the very beginning with the production of oil through to the end with the creation of a wide range of finished products. This allows us to be a fully integrated producer of higher value finished products and helps to reduce our risk and lessen the volatility in our business.
In addition to our wholly owned refineries listed below, we have 50% stakes in three U.S. refineries. Through a joint venture with the operator Phillips 66 we have refining capacity in Wood River, Illinois and Borger, Texas. We have a second joint venture through the BP-Husky Toledo Refinery near Toledo, Ohio, which is operated by bp Plc.