Oil and Gas 360

Company further integrates ESG into strategy to enhance business resilience

CALGARY, Alberta, Jan. 09, 2020 (GLOBE NEWSWIRE) — 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.

Cenovus sets bold sustainability targets- oil and gas 360

“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). 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.

The company’s 2030 ESG targets and long-term net zero emissions ambition were established through a rigorous process that involved work with external ESG consultants and included robust scenario analysis. The work examined additional actions that could be integrated into the company’s business plan and long-term strategy to further improve ESG performance. The assessment indicated that Cenovus has several options it can pursue to achieve the 2030 targets. The company is now conducting further analysis of the various opportunities available and expects to provide more information later in the year as part of the disclosure for its normal course business planning. These opportunities are anticipated to align with the priorities outlined in its current five-year business plan.

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Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil and natural gas company. It is committed to maximizing value by sustainably developing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and British Columbia. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. For more information, visit cenovus.com.

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