CENOVUS AT A GLANCE TSX, NYSE CVE Market capitalization 44 billion 2022E production 780 MBOE/d Oil Sands 580 Mbbls/d Conventional 126 MBOE/d Offshore 70 MBOE/d Upgrading and refining 660 Mbbls/d capacity 2021 proved & probable…
HIGH-QUALITY, DIVERSE & INTEGRATED PORTFOLIO Geographic diversification, physical integration and market access 2022E Production Rainbow Sunrise (MBOE/d) Atlantic Offshore Christina Lake Canada 70 Foster Creek Conventional Deep…
FIRST QUARTER 2022 RESULTS Cash flow from operating activities of 1.4 billion in Q1 2021 FIRST QUARTER HIGHLIGHTS FIRST QUARTER RESULTS Tripled our base dividend to 0.42/share annually Production 799 MBOE/d and implemented a variable…
WHY CENOVUS Operational Financial ESG Sustainably growing strength discipline leadership shareholder returns Maintaining upstream Returns focused Targeting GHG Target 50% of excess free production 780-800 capital allocation absolute…
OUR FINANCIAL FRAMEWORK Principles and approaches that guide our decisions Financial resilience Sustainably grow shareholder returns Reduce net debt to Adjusted Funds Flow to Base dividend growth, sustainable at US45 WTI 1.0x at US45…
UPDATED FRAMEWORK DRIVES INCREASED SHAREHOLDER RETURNS Strengthening our balance sheet, capital flexibility and shareholder value proposition Updated capital allocation Tripled base dividend in Q1 2022 to 0.42/ share annualized…
DISCIPLINED CAPITAL ALLOCATION PRIORITIES Framework directly links balance sheet strength and shareholder returns growth Safe & reliable operations, sustaining capital Committed Capital Base dividend Calculating excess free funds…
DELIVERING ON OUR COMMITMENT OF ENHANCED SHAREHOLDER RETURNS Updated framework positions Cenovus to become a leader in shareholder returns Base dividend yield Illustrative potential 2022 shareholder yield 1,000shareholder returns…
FINANCIAL RESILIENCE Optimizing our capital structure to reduce risk and increase capital flexibility Extended the weighted average US millions Schedule of bond maturities1 1,750 bond maturity to 12.4 years 1,500 Completed the…
2022 BUDGET Disciplined budget focused on free funds flow and returns 2022 capital guidance Corporate Capital expenditures of 50-70 million 2.9 - 3.3 billion Downstream 1,150-1,250 Total production1 of million 760,000 - 800,000…
12 COMMITTED TO A STRONG SAFETY CULTURE Prioritizing safety & asset integrity above all else Pro forma safety performance improvements Track record of continued improvement in recordable injuries and process safety injuries per…
AMBITIOUS ESG TARGETS REINFORCE SUSTAINABILITY LEADERSHIP Strong safety & asset integrity, good governance are foundational Reduce absolute GHG Reduce freshwater Reclaim 3,000 Achieve a minimum of Increase women in emissions by 35%…
FOCUSED ON ABSOLUTE EMISSIONS REDUCTIONS Embedding GHG considerations across our portfolio Illustrative levers to achieve absolute GHG reduction target CLIMATE & GHG EMISSIONS TARGETS Total emissions (Mt CO2e / yr) Reduce absolute…
DECARBONIZATION IN OUR BUSINESS PLAN Applying and advancing technologies to reduce absolute emissions Phase 1 Phase 2 Phase 3 2021 - 2026 2027 - 2035 2036 - 2050 Included in our five-year plan Projects being progressed for 2035 target…
OIL SANDS OIL SANDS Best-in-class OPERATIONS assets ARE THE with low-cost structure and FOUNDATION long-life reserves OF OUR BUSINESS CHRISTINA LAKE 230 - 250 Mbbls/d production 2022E SUNRISE (50% WORKING INTEREST) 8.00 -…
BEST-IN-CLASS OIL SANDS ASSETS AND OPERATIONS Leveraging operating experience and technology for continuous improvement Production and steam-oil-ratio (SOR) versus peers1 Cumulative operating years versus peers2 Mbbls/d SOR Cumulative…
CONVENTIONAL Capital investment focused on returns and free funds flow generation 2022 expected production of 126 MBOE/d Delivering strong netbacks1 in 2021 Conventional business provides diversified /BOE /mcf cash flow stream and…
OFFSHORE High-netback production with exposure to global oil prices Atlantic Operator of the White Rose field and partner in Terra Nova Exposure to Brent-plus pricing PHOTO HERE De-risking portfolio with changes to working…
CANADIAN MANUFACTURING Upgrader and refinery strategically located in Lloydminster Lloydminster upgrader 81 Mbbls/d throughput capacity Produces high quality, low sulphur synthetic crude oil and diesel fuel, and recovers diluent from…
U.S. MANUFACTURING STRATEGICALLY Integration LOCATED with our oil sands U.S. business REFINERIES provides balanced differential exposure LIMA, OHIO 175 Mbbls/d capacity (40 Mbbls/d heavy) BORGER, TEXAS (50% INTEREST)…
APPENDIX
2022 PLANNED MAINTENANCE Estimated quarterly production impact (Mbbls/d) Q2 Q3 Q4 Upstream Foster Creek 11 - 14 5-8 Christina Lake 14 - 17 Lloydminster Thermals 2-3 1-2 Downstream Lloydminster Upgrader 9 - 14 Lloydminster…
SNAPSHOT OF FEEDSTOCKS & REFINED PRODUCTS Refineries provide diversified feedstock and product slate Refinery feedstock (% of throughput) Refined products (% of throughput) 7% 2% 3% 4% 5% 2% 3% 5% 11% 12% 8% 19% 14% 14% 10% 18% 17%…
DIVERSIFIED MARKETING STRATEGY Utilizing storage, pipeline and marketing infrastructure to optimize margins Bruderheim Rail Terminal Heavy oil blend vs. processing and export capacity Edmonton Global / domestic Hub Mbbls/d…
T100 R1W5 R20W4 R15W4 R10W4 R5W4 R1W4 T100 Wabiskaw/ McMurray ( SUNRISE T95 Telephone T95 Steepbank Lake Fort McMurray BOREALIS REGION North T90 House Saskatchewan T90 Alberta McMullen…
2022 Corporate guidance - C, before royalties April 26, 2022 UPSTREAM OIL SANDS Production Capital expenditures Operating costs Effective royalty (Mbbls/d) ( millions) (/bbl) rates (%) Christina Lake 230 - 250 Fuel 3.75 - 4.50 30 -…
Barrels of Oil Equivalent Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six Mcf to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to…
Specified Financial Measures Advisory Certain financial measures in this presentation do not have a standardized meaning prescribed by IFRS and, therefore, are considered Specified Financial Measures. These Specified Financial Measures…
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