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Cenovus was formed in 2009 when Encana split into two companies, with Cenovus becoming focused on oil sands assets.
In 2017, Cenovus purchased ConocoPhillips ' 50 percent share of their Foster Creek Christina Lake (FCCL) oil sands projects and most of their conventional assets in Alberta and British Columbia, including the Deep Basin. Cenovus completed the acquisition of Husky Energy for C$3.9 billion in stock in January 2021. The combined company is Canada’s third-largest crude oil and natural gas producer and the second-largest Canadian-based refiner and upgrader. In August 2025, MEG Energy agreed to be acquired by Cenovus for CA$7.9 billion in a cash-and-stock deal, two months after MEG rejected a hostile acquisition offer from Strathcona Resources for $6bn.