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Cenovus sets bold sustainability targets

Company further integrates ESG into strategy to enhance business resilience

Calgary, Alberta (January 9, 2020) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is establishing ambitious environmental, social and governance (ESG) targets to guide performance in its four ESG focus areas: climate & greenhouse gas (GHG) emissions, Indigenous engagement, land & wildlife, and water stewardship. These targets reflect the company’s continued integration of sustainability into its strategy and business plan to help foster long-term resilience. Leading safety practices, strong governance and ongoing innovation remain foundational to Cenovus. The ESG targets are part of Cenovus’s focus on maintaining a low cost structure, growing free funds flow and shareholder returns, and continuing to strengthen its balance sheet as it implements the five-year business plan that was communicated at Investor Day in October.

“Our environmental practices, low-emissions oil sands operations and the relationships we’ve built with residents in areas where we operate - including Indigenous communities -demonstrate our commitment to sustainability leadership,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “The meaningful targets we’re announcing today build on our achievements to date and position us to thrive in the transition to a lower-carbon future. I’m confident we have the right business model and talent in place to achieve them.”

Focus area 2030 Targets
Climate & GHG emissions
  • Reduce emissions intensity by 30%(1)
  • Hold absolute emissions flat(1)
Indigenous engagement
  • Achieve a minimum of $1.5 billion of additional spending with Indigenous businesses
Land & wildlife
  • Reclaim 1,500 decommissioned well sites
  • Complete $40 million of caribou habitat restoration work
Water stewardship
  • Achieve a fresh water intensity of maximum 0.1 barrels per barrel of oil equivalent

(1)Includes scope 1 and 2 emissions from operated facilities (see Definitions section in the PDF version of the news release). Uses a 2019 baseline.

In addition to its 2030 climate & GHG emissions target, Cenovus’s long-term ambition is to reach net zero emissions by 2050.

Cenovus’s Christina Lake project

Cenovus’s Christina Lake project in northern Alberta uses steam-assisted gravity drainage (SAGD) technology to produce oil. The process involves drilling into the reservoir and injecting steam at a low pressure to soften the oil so it can be pumped to the surface.

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Steam generators at Cenovus’s Foster Creek project in northern Alberta.

Steam generators at Cenovus’s Foster Creek project in northern Alberta. The project uses a process called steam-assisted gravity drainage (SAGD) to produce oil, which involves drilling into the reservoir and injecting steam at a low pressure to soften the oil so it can be pumped to the surface.

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Cenovus’s Wolf Lake Natural Gas Plant in the Deep Basin in west central Alberta.

Cenovus’s Wolf Lake Natural Gas Plant in the Deep Basin in west central Alberta.

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