Strong integrated oil portfolio Values are approximate. Forecast production based on midpoints of 2012 guidance dated April 25, 2012. Cenovus land and bitumen estimates at December 31, 2011 have been updated to reflect the divestiture…
0 100 200 300 400 500 2010 2011 2012F 2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F Bitumen Pelican Lake Other oil & NGLs Mbbls/d Volumes are shown before royalties and net to CVE. 2012F based on midpoints of April 25,…
Advancing oil growth Q4 Anticipate sanctioning & start construc Develop tailored business unit environm Ongoing 2012 milestones Q3 Q2 Q1 Connect Shaunavon central facilities to growth in the area (previously Q1) Pursue…
? Top quality reservoirs ? Manufacturing approach & project execution ? Operational excellence ? Experienced team ? Technological innovations ? Stakeholder relationships & environmental track record Identifying our keys to success
0 25 50 75 100 125 150 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Foster Creek Christina Lake Mbbls/d 5 yr CAGR (2007?11) ~25% Production is shown before royalties and on a gross basis. Demonstrating…
8 6 4 2 0 CVE CL Peer CVE FC ? Lower capital cost ? Lower operating cost ? Smaller surface footprint ? Lower energy usage ? Lower emissions ? Less water usage Low SOR means Reservoir quality drives performance Peers include:…
Leading capital efficiency Foster Creek $/bbl/d Christina Lake Capital efficiency is calculated based on production design capacity for each phase. *Foster Creek F,G&H expectations reflect greenfield expansion and design enhancement…
? Utilize dedicated in-house construction management teams ? Employ multiple small contractors ? Develop projects in staged, manageable phases ? Operate assembly-line drilling & completions ? Reduce execution timeline through…
Putting innovation into practice Nisku module fabrication yard
Focusing on operational excellence Turnaround Mbbls/d Production is shown on a gross basis. Foster Creek daily production Capacity 6
Mbbls/d Christina Lake phases A, B & ramp up of C Production is shown on a gross basis. Industry leading start-up Capacity
Focus on innovation 2004 2006 2008 2010 2012 2014 2016 ESP (phase 2) New drilling met hod Combust ion (AIDROH) Conf ident ial project Conf ident ial project Conf ident ial project Warm Lime Sof t ening Conf ident ial project…
Volumes are shown before royalties. 2012F based on midpoints of April 25, 2012 guidance document. 2013F through 2020F based on future price assumptions as noted in the advisory. 0 20 40 60 80 100 1998 2000 2002 2004 2006 2008 2010…
Managing our conventional assets Cenovus land at December 31, 2011.* *Updated to reflect the divestiture of the Boyer natural gas property in northern Alberta. 2012 objectives: ? Growing liquids production by 17% ? Expanding…
Refining assets are key to integration ? Wood River ? 306 Mbbls/d crude capacity ? 200 - 220 Mbbls/d heavy crude ? 85% clean product yield ? Borger ? 146 Mbbls/d crude capacity ? 35 Mbbls/d heavy crude ? 89% clean product yield…
CORE completion adds significant value ? Objectives ? leverage Wood River?s strategic location ? become a major processor of bitumen-blended heavy oil ? Value drivers ? reduces input costs ? increases clean product yield ?…
CVE wide 6% Refining 5% Pelican Lake 17% New resource plays 12% Christina Lake 15% Foster Creek 21% Conventional oil 21% Natural gas 3% Capital investment focused on oil growth 2012 capital budget: $3.1 - $3.4 B ?…
Our dividend commitment ? Dividend growth requires: ? strong financial health ? sustainable pace of development ? reliable, predictable cash flow to support payments 0% 1% 2% 3% 4% 5% 6% 7% COS HSE SU CNQ IMO Full year 2011…
Operational Heavy oil production integrated with refining capacity Scalable conventional oil programs provide flexibility Portfolio approach to transportation requirements Financial Financial strength to support growth plans Natural…
Cenovus?s value pledge ? Deliver on commitments ? Build on our strong track record ? Double net asset value between 2010 and 2015 ? Sustain decades of growth with manufacturing model Focused on increasing total shareholder return…
Building NAV by converting resources Discovered BIIP 56 Bbbls Undiscovered BIIP 82 Bbbls 1P 2P 2C 8.2 Bbbls See advisory. Volumes are best estimate, shown before royalties and on a net basis.
Delivering on our commitments 2011 milestones Q4 Q3 Q2 Q1 Completed start up of CORE project at Wood River Submitted Grand Rapids application Submitted revised Telephone Lake application Achieved first production at Christina…
Standard SAGD well pair and steam chambers coalesce Wedge Well producer ? Technology details: ? < 0.1 average SOR ? first year production rate of 600 ? 800 bbls/d at Foster Creek, current average of 400 bbls/d; 300 ? 400 bbls/d…
Cenovus?s Solvent Aided Process (SAP) ? SAP versus SAGD metrics ? 30% production rate improvement ? 15% incremental total oil recovery ? 3% reduction in annual fuel gas usage ? 0.05 bbls solvent (butane) purchased per bbl…
Telephone Lake ? dewatering pilot ? Dewatering expected to improve project economics, but is not required for development ? Dewatering process ? remove water and replace with air ? re-inject water at the perimeter to confine air ?…
Supporting pipelines to new markets Source: Pipeline company publically available information. Casper Toledo Sarnia Edmonton Cushing San Francisco Los Angeles Hardisty Houston Chicago Anacortes Superior Montr?al Vancouver…
0 20 40 60 80 100 2011 AVG 2012 JUN YTD Gasoline Distillate Other % Refined products* Increasing heavy oil processing & clean product yield 0 20 40 60 80 100 2011 AVG 2012 JUN YTD Heavy Medium sour Light % Crude*…
Building flexibility into capital programs 2012F based on commodity price assumptions outlined in the April 25, 2012 guidance document. 2013F through 2021F based on future price assumptions as noted in the advisory. *Non-GAAP measure.…
Key credit metrics & ratings Credit metrics Total debt $3,745 $3,417 Debt to adjusted EBITDA* 1.0x 1.1x 1.0 ? 2.0x Debt to capitalization* 27% 28% 30 ? 40% Target Q2 2012 Q2 2011 Range *Non-GAAP measures. See advisory. Credit…
April 25, 2012 - C$, before royalties Foster Creek Christina Lake Total Production (Mbbls/d) 53 - 57 26 - 29 79 - 86 Operating cash flow ($ millions) (1) 850 - 950 300 - 340 1,150 - 1,290 Capital expenditures ($ millions) 650 - 700…
Oil & liquids Natural gas Total Production Oil & liquids (Mbbls/d) 53 - 59 53 - 59 Natural gas (MMcf/d) 575 - 600 575 - 600 Operating cash flow ($ millions) (1) 1,050 - 1,175 450 - 500 1,500 - 1,675 Capital expenditures ($ millions)…
April 25, 2012 - C$, before royalties Total cash flow ($ billions) (1) 3.3 - 3.9 - per common share, diluted ($/share) 4.35 - 5.15 Operating cash flow ($ billions) (1) 4.0 - 4.7 Total capital expenditures ($ billions) (5) 3.1 - 3.4…
Steepbank East McMurray Telephone Lake Grosmont Grand Rapids Foster Creek Proper Narrows Lake West Kirby Winefred Lake Christina Lake Proper Wabiskaw BOREALIS REGION GREATER PELICAN REGION CHRISTINA LAKE REGION FOSTER CREEK…
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