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HISTORY

Innovation built
over 150 years

For nearly 150 years, we’ve grown alongside a changing energy landscape. From early natural gas discoveries in Western Canada to today’s focused operations across North America, our history is defined by practical innovation, disciplined growth, and a focus on doing the work well.

We’ve adapted as technologies advanced, markets shifted, and energy needs evolved. Through it all, we’ve stayed focused on responsible development, operational excellence, and creating long-term value.

Our history gives us perspective and confidence. We’re building on what we’ve learned to shape what comes next.

1881
Where It Began

Canadian Pacific Railway

Our roots trace back to 1881, when the Canadian Pacific Railway was founded to build a trans-Canada rail line supporting westward settlement and trade. As part of that mandate, the Canadian government granted CPR 25 million acres of land, including mineral rights.

In 1883, workers drilling for water near Medicine Hat discovered natural gas instead—an early signal of the region’s future role in energy development.

1958
A Growing Focus on Energy
CP Oil and Gas

To manage its growing land and mineral rights, CPR established CP Oil and Gas in 1958. By then, natural gas had become an increasingly affordable and efficient energy source, gaining momentum across North America.

As energy opportunities expanded, CP Oil and Gas was formed in 1958 to manage growing land and mineral holdings. At the time, natural gas was emerging as an affordable, reliable energy source across North America.

This marked a more focused approach to developing energy resources tied to our original land base.

1971
Building Scale Through Discipline
PanCanadian Petroleum Limited

In 1971, CP Oil and Gas merged with Central Del Rio Oils to form PanCanadian Petroleum Limited. The approach of disciplined, lower risk development and long-term land stewardship helped PanCanadian become Canada’s largest independent oil and gas producer.

1973
Expanding Canada’s Energy Capability
Alberta Energy Company

The Alberta Energy Company (AEC) was established in 1973 through a 50:50 partnership between the Alberta government and public shareholders. Formed during a period of rising oil prices and supply challenges, AEC quickly became one of Canada’s leading producers—second only to PanCanadian.

2002
Coming Together

Encana

In 2002, PanCanadian and AEC merged to form Encana, bringing together Canada’s two largest energy producers. Focused on low-cost growth and responsible development, we became one of the world’s largest independent petroleum companies.

2004
Expanding into the U.S.

Tom Brown Inc. Acquisition

We expanded into the United States in 2004 with the acquisition of Tom Brown Inc. The deal added unconventional assets in Wyoming’s Wind River Basin and Texas’ Permian Basin.

These assets increased U.S. production by approximately 40 percent and marked an important step in diversifying our portfolio.

2009
Sharpening Our Focus
Encana–Cenovus Split

As the company continued to grow, we separated operations in 2009. Encana retained our unconventional natural gas assets, while Cenovus assumed ownership of the oil sands business. The split allowed both companies to focus on their strengths and pursue long-term strategies.

2014
Unlocking Value and Strengthening Our Portfolio

PrairieSky Royalty Ltd. 

In 2014, we completed the initial public offering of PrairieSky Royalty Ltd., monetizing a portion of our mineral title and royalty interests while retaining long-term value through continued ownership.

Eagle Ford Acquisition

Later in 2014, we acquired significant acreage in the Eagle Ford from FreeportMcMoRan. The acquisition added significant drilling locations and increased oil and liquids production. This move supported a more balanced commodity mix and expanded our presence in a high-quality U.S. shale play.

2014
Building Momentum in the Permian
Athlon Energy Acquisition

We further expanded our U.S. footprint with the acquisition of Athlon Energy, adding a prime asset with extensive drilling inventory in the Permian Basin.

The transaction strengthened our position in a premier liquids-rich resource play and accelerated our strategy.

2019
Gaining Scale and Efficiency
Newfield Exploration Merger

Encana’s merger with Newfield Exploration in 2019 added core positions in the Anadarko and Uinta Basins. The combination increased our scale, expanded liquids production and unlocked efficiencies through our cube development approach.

2020
A New Name for a New Chapter
Becoming Ovintiv

We rebranded as Ovintiv in 2020. The change reflected a sharper focus on innovation, a growing U.S. footprint, and a clear commitment to delivering energy in a changing industry.

2023–2026
Strengthening Our Core
Building Scale Where It Matters Most

In 2023, we expanded our Permian position by acquiring EnCap-managed assets in the Northern Midland Basin. The acquisition added complementary, largely undeveloped inventory adjacent to our existing operations.

The following year, we expanded in the Montney through the acquisition of assets from Paramount Resources. The transaction increased our scale in the play and added inventory aligned with our development plans.

In 2026, we acquired NuVista Energy, expanding our Montney position. The transaction enhanced access to processing and downstream transportation and supported operational efficiency.