Integrated Oil & Gas · Senior · Integrated · Oil-weighted · Oil · Asia · Canada · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Cenovus Energy - Total Company
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Cenovus Energy worldwide consolidated operations — Canadian integrated oil and gas company. Five segments: Oil Sands (Foster Creek, Christina Lake incl. MEG acquisition, Sunrise, Lloydminster Thermal, Lloydminster Conventional Heavy Oil), Conventional (Edson/Clearwater/Rainbow Lake/Elmworth/Wapiti + 30% Duvernay JV), Offshore (Atlantic Canada, Asia Pacific China, 40% HCML Indonesia JV), Canadian Refining (Lloydminster Upgrader + Refinery + 2 ethanol plants), U.S. Refining (Lima, Superior, Toledo - wholly-owned post Sep 30, 2025 WRB divestiture). 2025 Upstream production 834.2 MBOE/d; 1P reserves 6,135 mmboe; 2P reserves 9,607 mmboe.
Portfolio Aggregate
Multiple effective dates · 2P
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Reserves & resources — detail
As at 31 December 2025
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Operating · 9 projects
Christina Lake
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI in-situ SAGD oil sands project in northern Alberta. Includes adjacent MEG Energy assets acquired on November 13, 2025, adding low-cost Christina Lake North production. Narrows Lake tie-back completed and fully ramped up in 2025. 2025 bitumen production 254.3 Mbbls/d (up from 234.2 in 2024).
Oil & Gas metrics
Multiple effective dates
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Oil & Gas inventory & footprint
Multiple effective dates
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Foster Creek
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI in-situ SAGD oil sands project in northern Alberta. Foster Creek optimization project completed ahead of schedule in 2025 with all major process units brought online, supporting incremental production. Turnaround safely completed in 2025. 2025 bitumen production 206.1 Mbbls/d (up from 196.0 in 2024).
Oil & Gas metrics
Multiple effective dates
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Oil & Gas inventory & footprint
Multiple effective dates
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Sunrise
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI in-situ SAGD oil sands project in northern Alberta. Brought new well pads online in 2025 to support continued production growth. 2025 bitumen production 53.8 Mbbls/d (up from 49.6 in 2024).
Oil & Gas metrics
Multiple effective dates
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Oil & Gas inventory & footprint
Multiple effective dates
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Asia Pacific - Indonesia
Asset · Ownership 40%
Project information
As at 31 December 2025
Description
As at 31 December 2025
40% equity interest in HCML joint venture - offshore Indonesia NGL and natural gas exploration and production. Equity-accounted investment. Recovery performance reductions noted in 2025.
Oil & Gas metrics
As at 31 December 2025
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Conventional
District
Project information
As at 31 December 2025
Description
As at 31 December 2025
Cenovus Conventional segment - assets rich in NGLs and natural gas in Alberta and British Columbia. Includes Edson, Clearwater and Rainbow Lake operating areas, plus Northern Corridor (Elmworth and Wapiti). Includes 30% equity interest in Duvernay Energy Corporation joint venture. Numerous natural gas processing facility interests. 2025 production 122.8 MBOE/d (up from 119.9).
Oil & Gas metrics
As at 31 December 2025
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Oil & Gas inventory & footprint
As at 31 December 2025
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Lloydminster Thermal
District
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI thermal in-situ heavy oil/bitumen development across the Lloydminster region (Alberta/Saskatchewan border). Includes Rush Lake facilities which experienced temporary shut-in in Q2 2025 due to a casing failure at a steam injection well; successfully restarted in Q4 2025 with phased ramp-up progressing. 2025 production 102.6 Mbbls/d (down from 111.5 in 2024 due to Rush Lake incident).
Oil & Gas metrics
Multiple effective dates
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Oil & Gas inventory & footprint
Multiple effective dates
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Lloydminster Conventional Heavy Oil
District · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI conventional heavy oil development program in the Lloydminster region. Made progress on heavy oil development program in 2025. 2025 production 25.1 Mbbls/d (up 43% from 17.6 in 2024).
Oil & Gas metrics
Multiple effective dates
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Oil & Gas inventory & footprint
Multiple effective dates
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Asia Pacific - China
District · Ownership 49%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Cenovus offshore natural gas operations in China, primarily the Liwan deepwater gas development. 2025 saw improvements to recovery performance increasing original natural gas in place estimates.
Oil & Gas metrics
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Atlantic Offshore
District · Operating · Ownership 40%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Cenovus offshore E&P operations on the east coast of Canada — includes White Rose (operator), Terra Nova, Hibernia. White Rose production resumed in Q1 2025 following completion of SeaRose FPSO Asset Life Extension project (project did not produce in 2024). West White Rose project advancing toward 2026 first oil.
Oil & Gas metrics
Multiple effective dates
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Processing facilities · 2 projects
U.S. Refining
District · Other
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI U.S. refining operations following Sept 30, 2025 divestiture of 50% Wood River + Borger (WRB) interest. Three wholly-owned refineries (Lima OH, Superior WI, Toledo OH) producing gasoline, diesel, jet fuel, asphalt and other products. YE2025 operable capacity 364.8 Mbbls/d (down from 612.3 pre-divestiture); 2025 weighted average operable capacity 549.9 Mbbls/d (reflecting WRB inclusion through Sept 30).
Processing facilities
As at 31 December 2025
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Canadian Refining
District · Other
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI Lloydminster upgrading and asphalt refining complex - converts heavy oil and bitumen into synthetic crude oil, diesel, asphalt and other products. Also includes Bruderheim crude-by-rail terminal, two ethanol plants, and Cenovus Canadian commercial fuels business. YE2025 operable capacity 108 Mbbls/d; 2025 utilization 103% (110.7 mbbls/d crude unit throughput).
Processing facilities
As at 31 December 2025
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Oil
Natural gas
NGL
Light oil
Heavy oil
Bitumen
Synthetic crude
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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