Our strategy

Our strategy focuses on delivering value over the long term through sustainable, low-cost, diversified and integrated energy leadership, supported by five strategic objectives: 

• Top-tier safety performance and environmental, social and governance (ESG) leadership. We strive to ensure safe and reliable operations across our portfolio, including top-tier health and safety performance. We are also committed to being an ESG leader, meeting or exceeding our ESG targets. 
• Cost leadership. We aim to maximize shareholder value through competitive cost structures and optimized margins.
• Financial discipline. We are focused on maintaining targeted debt levels while positioning Cenovus for resiliency through commodity price cycles.
• Returns-focused capital allocation. We continue to take a disciplined approach to allocating capital to projects that generate returns at the bottom of the cycle. Our shareholder returns strategy is complementary to our business.
• Free funds flow growth. We continue to prioritize free funds flow generation through all price cycles to manage our balance sheet, increase shareholder returns through dividend growth and share repurchases, reinvest in the business and diversify.