Cenovus Energy Inc TSE:CVE, NYSE:CVE is a Canadian integrated oil company. Originally part of Encana, the company was spun off on November 30, 2009 when Encana decided to separate its pure play natural gas operations from those dealing with integrated oil. The division left Cenovus with a stake in 2 high quality refineries (Wood River near St. Louis and Borger in Borger, Texas) and major oil and natural gas projects in the Athabascan region of northern Alberta (Foster Creek, Christina Lake, Pelican Lake and other emerging projects) and Saskatchewan (Weyburn is also the world's largest CO2 sequestration project). Its 2 largest projects and refining businesses are run through subsidiaries FCCL, and WRB Refining which are jointly owned with ConocoPhillips. The partnership with ConocoPhillips was made in 2006 when Encana gave up half of its control of Foster Creek and Christina Lake in exchange for 50% interest in the 2 refineries. Production from its share of Alberta's oil sands is estimated to be 5 times higher in 2019 than in 2010 due to progress in phase developments. The company's commitment to developing SAGD (steam assisted gravity drainage) and associated technologies gives it an advantage over competitors in that it allows it to make increasing use of bitumin resources (56 billion barrels of 'discovered bitumen intitially in place'). In 2008 the company's production of natural gas and crude oil was 900 million cubic feet and 110,000 barrels of oil per day, respectively. It could amount to 230,000 in 2010. Cenovus Energy has also shown a lot of interest in patents. Recently Cenovus used patents as a bargainin tool in negotiations. December 2011 total proved reserves were 1.9 billion boe (up 17% yoy) and contingent resources 8.2 billion (up 34%). December 2010 total proved reserves were 1.7 billion boe (up 19% yoy) and contingent resources 6.1 billion (up 13%). Oil sands growth was funded using $1.3 billion in excess cash flow generated by conventional oil operations.
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