As of December 31, 2018, the company had proved reserves of, of which 63% were synthetic crude. The company also owns two operated pipeline systems, an electricity cogeneration facility, and a 50% interest in the North West Redwater Partnership. In 2018, the company averaged production of per day, of which 76% was petroleum and natural gas liquids and 24% was natural gas. In 2018, production came as follows:
The company's largest operation is the Horizon Oil Sands project which is north of Fort McMurray, Alberta. It includes a surface oil sands mining and bitumen extraction plant and bitumen upgrading with associated infrastructure. The company sanctioned the Horizon Oil Sands Project in February 2005 and it began production in early 2009.
History
The company was founded in 1973. In 1998, the company sold land to Remington Energy for C$127.5 million. In 1999, the company and Penn West Petroleum acquired the Canadian assets of BP Amoco. In 2000, the company acquired Ranger Oil for C$1.08 billion. In 2002, the company acquired Rio Alto for $2.4 billion. In February 2004, the company acquired Petrovera Resources, a joint venture between Encana and ConocoPhillips. In September 2006, the company acquired the Canadian operations of Anadarko Petroleum for US$4.1 billion. In April 2014, the company acquired the conventional assets in Canada of Devon Energy for C$3.125 billion. In 2017, the company acquired the Canadian oil sands assets of Royal Dutch Shell, including a 70% working interest in the Athabasca Oil Sands Project, for $5.3 billion in cash plus 97,560,975 shares. The shares were sold in 2018. In August 2018, the company acquired the idled Joslyn oil sands project from Total S.A. and its partners. In September 2018, the company acquired Laricina Energy for $46 million. In June 2019, the company acquired the remaining assets in Canada of Devon Energy.
Accidents
In June 2013, the Alberta Energy Regulator investigated reports of leaks in the company's Primrose East oil sands project. The regulator concluded that nearly a million litres of bitumen mixed with water had seeped into the ground around the site. In April 2014, a pipeline owned by the company spilled 70,000 liters of oil and processed water northwest of Slave Lake, Alberta. In November 2014, a pipeline owned by the company spilled almost 60,000 liters of crude oil into a muskeg region 27 kilometers from Red Earth Creek, Alberta.
