Cenovus at a glance TSX, NYSE CVE 2020F production Telephone Lake Oil Sands 375 Mbbls/d Deep Basin 84 MBOE/d Narrows Lake Elmworth-Wapiti Christina Lake 2019 proved & probable Marten Hills 6.9 BBOE reserves Foster Creek…
Decisive actions to reduce 2020F cash outflows Actions result in nearly 1 billion of reduced cash outlay expected in 2020 230 million Nearly 1 billion 150 million Dividend suspension reduction in Decision to temporarily 2020F…
Ample liquidity to weather the current environment New credit facility of 1.1 billion added in April 2020 Total borrowing capacity of 6.2 billion: Liquidity profile 5.6 billion committed facilities 0.6 billion uncommitted lines for…
Sustainability focus areas 2030 TARGETS Reduce emissions Achieve a Reclaim Achieve a fresh minimum of intensity by 30% 1,500 water intensity of and hold absolute 1.5 billion decommissioned well maximum emissions flat of…
Operational flexibility to preserve value Actively responding to market volatility 100+ Mbbls/d Dynamic storage Proven ability to turn down oil sands operations by up to 100 Mbbls/d Oil sands operations while maintaining…
Oil sands sustaining capital projects Sustaining projects are some of the highest return projects in our portfolio Consistent approach to sustaining production at Foster Creek and Christina Lake Current and future programs…
Conventional overview Deep Basin Reduced capital investment given challenging price environment Low base decline allows for moderated pace of development Over 2.8 million net acres and 1.2 Bcf/d net processing capacity in the Deep…
Refineries provide counter cyclical cash flow Strategically located downstream assets provide heavy crude advantage Wood River Wood River Crude capacity 346 Mbbls/d (67% heavy) Nelson complexity factor 11.0 Accesses multiple…
History of GHG emissions intensity reduction Climate & GHG emissions 2018 direct oil sands GHG emissions Oil sands GHG emissions intensity1 intensity 45 percent below oil sands (kg CO2 / BOE) industry average 100 Technology and…
History of reducing impact to land & wildlife Land & wildlife Managing critical habitat for species at risk: Cumulative well site reclamation certificates received since 20141 Received over 1,600 reclamation 1,000 certificates since…
Foster Creek overview Foster Creek production history Key facts and reservoir characteristics Current productive capacity phases A-G (bbls/d) 180,000 Mbbls/d 175 Regulatory approved capacity (bbls/d) 295,000 Phase G Reservoir…
T100 R1W5 R20W4 R15W4 R10W4 R5W4 R1W4 T100 Birch T95 T95 Wabiskaw/ Grosmont McMurray Telephone Lake Dover Steepbank T90 T90 East McMurray Fort McMurray North BOREALIS REGION T85 & T85 South…
2020 Corporate Guidance - C, before royalties April 1, 2020 UPSTREAM OIL SANDS Production Capital expenditures Operating costs Effective royalty Steam to oil (Mbbls/d) ( millions) (/bbl) rates (%) ratio Foster Creek 145 - 170 175 -…
and upholding our trusted reputation; projections for 2020 and future years and our plans and strategies to realize such projections; future opportunities for oil and natural gas development; forecast operating and financial results,…
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