CAPP 2011 Oil & Gas Investment Symposium John Brannan Executive Vice-President & Chief Operating Officer Calgary June 13, 2011
Oil & gas information & non-GAAP measures Oil & gas information The contingent resources estimates, effective December 31, 2010, and the discovered bitumen initially-in- place estimates, effective December 31, 2009, were prepared by…
Cenovus: Building from a strong base Tickers TSX, NYSE CVE Enterprise value 30 billion Shares outstanding 754 MM 2011F production Oil & NGLs 132 Mbbls/d Natural gas 650 MMcf/d Borealis Greater Pelican Region 2010 proved & probable…
Manufacturing oil production growth Mbbls/d 500 Bitumen (prior) Pelican Lake (prior) 400 Other oil & NGLs (prior) Bitumen (new) Pelican Lake (new) 300 Other oil & NGLs (new) 200 100 0 2010 2011F 2012F 2013F 2014F 2015F…
Updated 10-year plan Whats changed accelerating oil sands timelines performance exceeding expectations increasing oil sands phase size at Foster Creek production growth driven by SOR performance growing conventional oil increasing…
Accelerated project schedules Regulatory First production Expected production Project phase application filings target capacity (bbls/d) gross Foster Creek Prior New Prior New F Q2-2009 2014F 30,000 35,000 G Q2-2009 2016F 2015F…
Bringing forward bitumen growth Year-end production capacity (Mbbls/d) 500 Emerging plays Christina Lake 400 Foster Creek Annual production (new) 300 Annual production (prior) 200 100 0 2010 2011F 2012F 2013F 2014F…
Top quality reservoirs Low SOR means Steam-to-oil ratio (bbl/bbl) Lower capital cost 8 Lower operating cost Smaller surface 6 footprint Lower energy usage Lower emissions 4 Less water usage 2 0 Peer Peer Peer Peer Peer…
Leading capital efficiency Foster Creek Christina Lake /bbl/d /bbl/d 30,000 30,000 Actual costs Projected costs Range Actual costs Projected costs 20,000 20,000 10,000 10,000 0 0 A B C D&E FG&H* A&B CD&E F&G 20Mbbls/d…
Foster Creek - leading the way
2011F - Foster Creek 51 - 54 Mbbls/d of production 375 - 425 MM of capital 2.1 2.3 SOR 11.10 11.85/bbl operating cost F, G & H construction ramp up Q1 Execute strat well program 110 gross wells drilled Complete planned…
Operational excellence - Foster Creek Record production Turnaround Mbbls/d 119.7 Mbbls/d Mar. 5, 2011 120 100 80 60 40 20 0 1-Apr-10 1-Jul-10 1-Oct-10 1-Jan-11 1-Apr-11 Volumes are shown on a 100% basis.
Christina Lake - top tier reservoir
2011F - Christina Lake 9 11 Mbbls/d of production 375 - 425 MM of capital 2.4 2.7 SOR* 18.65 19.40/bbl operating costs* Continue construction on phase D Q1 Execute strat well program 59 gross wells drilled Q2 Complete phase C…
Operational excellence - Christina Lake Mbbls/d Record production 20.3 Mbbls/d Mar. 12, 2011 18 12 6 0 1-Apr-10 1-Jul-10 1-Oct-10 1-Jan-11 1-Apr-11 Volumes are shown on a 100% basis.
Advancing Pelican Lake production Mbbls/d 75 Opportunity to apply technology to maintain Prior New production beyond 2017 50 25 0 2010 2011F 2012F 2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F Volumes are…
Capturing additional oil opportunities Mbbls/d 140 Pelican Lake (prior) Opportunity to apply technology to maintain 120 Other oil & NGLs (prior) production beyond 2017 Pelican Lake (new) 100 Other oil & NGLs (new) 80 60…
Portfolio of additional opportunities Regulatory approval Construction Steam & production Initial application bbls/d net Narrows Lake 65,000 Grand Rapids 180,000 Telephone Lake 80,000* Winefred Lake 30,000 Foster Creek Other…
Manufacturing approach to development Manufacturing process staged development dedicated in-house construction management teams multiple small contractors standard designs assembly line drilling & completions Module yard…
Refining overview Top quality refinery assets Wood River (Post-CORE) 356 Mbbls/d crude throughput 240 Mbbls/d heavy crude capacity 85% clean product yield Borger 146 Mbbls/d crude throughput 35 Mbbls/d heavy crude capacity 89%…
Wood River CORE project Increases overall capacity 50 Mbbls/d of increased crude throughput 130 Mbbls/d of increased heavy crude capacity lowers crude input costs produces a greater proportion of high value clean products…
Self-funding organic growth billions 7 Committed capital Committed cash flow 6 Discretionary capital Discretionary cash flow 5 4 3 2 1 0 Average 2010 2011F 2012F 2013F 2014F 2015F (2016F - 2021F) 2011F based on…
Our dividend commitment Dividend growth requires: strong financial health sustainable pace of development reliable, predictable cash flow to support payments Dividend yield comparison 5% 4% 3% 2% 1% 0% HSE COS CVE SU IMO…
Cenovus Energy building for the future World class inventory of oil opportunities long history of operating excellence industry leading portfolio of oil projects huge discovered bitumen resource initially-in-place identified…
Investor Relations contacts Susan Grey Director, Investor Relations 403-766-4751 susan.greycenovus.com Bill Stait Analyst, Investor Relations 403-766-6348 bill.staitcenovus.com
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