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BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc.

Cenovus Energy Inc. · Nov 21, 2013 · 20 slides

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Slides

  1. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 1
    Bank of America Merrill Lynch Global Energy Conference Don Swystun, Executive Vice-President, Refining, Marketing, Transportation & Development Miami November 21, 2013 cenovus.com
  2. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 2
    Oil & gas and financial information Oil & gas information The contingent resources estimates and the bitumen initially-in-place estimates are effective December 31, 2012 and were prepared by McDaniel & Associates Consultants Ltd.…
  3. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 3
    A different kind of oil sands Focus on total shareholder return & building net asset value Top-tier oil sands portfolio generates predictable, reliable growth Strong project execution & innovation drives performance Strategic integration…
  4. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 4
    Strong integrated oil portfolio TSX, NYSE CVE Enterprise value 28 billion Shares outstanding 756 MM 2013F production Oil & NGLs 181 Mbbls/d Natural gas 525 MMcf/d 2012 proved & probable reserves 3.1 BBOE Bitumen Economic…
  5. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 5
    Executing on our business plan Mbbls/d 600 Oil sands Pelican Lake 500 Conventional oil & NGLs 400 300 200 100 0 2010 2011 2012 2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F Volumes are shown…
  6. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 6
    Manufacturing oil sands growth Mbbls/d 700 10 phases 9 phases CL - H 600 FC - J NL - A 500 CL - G CL - F 400 FC - H CL CDE Optimization FC - G 300 FC - F CL - E 200 CL - D CL - C FC - E 100 CL - B FC - D FC - B FC…
  7. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 7
    Cenovus SAGD is among the lowest supply cost globally Breakeven US/bbl 120 175 global oil projects Global average supply cost 70 100 Oil sands SAGD projects 80 60 Cenovus supply cost US35 - 65/bbl 40 20 0 10 20 30…
  8. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 8
    Improving supply costs as projects advance & technology is developed Light-heavy Supply cost (US/bbl) at Investor Day: differential Project 2010 2013 Blending & transport Royalties Foster Creek 40 - 50 35 - 45 Operating costs…
  9. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 9
    Industry-leading steam to oil ratio drives performance Steam to oil ratio bbl/bbl Low SOR means: 8.0 Lower capital cost Peer Producing CVE project Emerging CVE project Lower operating cost 7.0 Smaller surface footprint 6.0 Lower…
  10. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 10
    Industry-leading capital efficiency /bbl/d 50,000 Industry range 40,000 30,000 20,000 10,000 0 A B C D&E FG&H* A&B CD&E CD&E** FG&H AB&C Phases Foster Creek Christina Lake Narrows Lake Mbbls/d 20 10 30 60 125 18…
  11. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 11
    Driving innovation in oil sands through technology Technology development drives SAGD performance: Wedge Well technology Blowdown boiler Electric submersible pumps SkyStrat drilling rig Solvent aided process Dewatering process
  12. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 12
    Telephone Lake is another cornerstone asset Borealis region Telephone Lake commercial project: Regulatory approval expected Q2 2014 Initial production 90,000 bbls/d (phases A & B) Telephone Lake Project SOR - 2.1 project area…
  13. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 13
    Supporting oil sands growth with conventional oil & gas Upstream operating cash flow 100% Natural gas 80% Conventional oil 60% 40% Oil sands 20% 0% 2010 2011 2012 2013F 2014F 2015F Conventional oil includes Pelican…
  14. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 14
    Growing cash flow reinforces quality of asset base Conventional oil & gas billion Capital Operating cash flow 70% fee lands 2.5 20% IRR 2.0 Payback less than 3 years 1.5 Scalable & flexible capital program Diversification of…
  15. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 15
    Integration continues to deliver value & reduce cash flow volatility Wood River Refinery Refineries have access to discounted crudes Wood River accesses multiple pipelines - Keystone, Express-Platte, Mustang, Ozark Borger has…
  16. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 16
    Delivering significant cash flow from the downstream billion 1.5 Feedstock advantage & heavy processing capacity drive cash flow 1.0 Minimal annual maintenance capital of 100 - 125 million 0.5 0.0 2009 2010 2011 2012 2013F…
  17. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 17
    Committing to pipeline expansions for market access Current pipeline access West Coast: Trans Mountain - 11,500 bbls/d Alberta US Gulf Coast: Kitimat Edmonton Hardisty Pegasus, rail, barge - 30,000 bbls/d Vancouver Montreal…
  18. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 18
    Achieving flexibility in transportation through rail bbls/d Rail opens new markets not currently 40,000 pipeline connected 30,000 Ability to move wider variety of crudes 20,000 Pricing uplift exceeds rail costs 30,000 10,000…
  19. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 19
    A different kind of oil sands Focus on total shareholder return & building net asset value Top-tier oil sands portfolio generates predictable, reliable growth Strong project execution & innovation drives performance Strategic integration…
  20. BAML GLOBAL ENERGY CONFERENCE – Cenovus Energy Inc. – slide 20
    Investor Relations contacts Graham Ingram Senior Analyst, Investor Relations 403-766-2849 Bill Stait Senior Analyst, Investor Relations 403-766-6348 cenovus.com

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