CENOVUS AT A GLANCE TSX, NYSE CVE Market capitalization 40 billion 2024F production 790 MBOE/d Oil Sands 600 Mbbls/d Conventional 125 MBOE/d Offshore 65 MBOE/d Upgrading and refining 745 Mbbls/d capacity 2022 proved & probable…
HIGH-QUALITY, DIVERSE & INTEGRATED PORTFOLIO Geographic diversification, physical integration and market access 2024F Production (MBOE/d) Conventional 125 Offshore 770 - 810 65 MBOE/d Oil Sands 600 Refining and Upgrading…
2023 RESULTS TO DATE Continuing to deliver on our commitments to shareholders Increased Debt reduction and illustrative trajectory Strengthened shareholder Advancing the billions balance sheet returns portfolio 14.0 Net debt 1…
2024 BUDGET OVERVIEW Disciplined investments to grow production, reduce costs and expand margins 2024 Guidance ranges Production/ Capital investments of 4.5 - 5.0 billion to support Capital investments Operating costs ( millions)…
2024 CAPITAL INVESTMENTS Disciplined budget aligned with strategic priorities billions Capital investments year-over-year 4.5 - 5.0 B 4.0 - 4.5 B Offshore: Downstream: West White Rose Increased Toledo working Oil sands optimization:…
2024 OPTIMIZATION AND GROWTH INVESTMENTS Pursuing strategic initiatives to enhance our integrated business 2024 optimization and growth capital Estimated incremental production/throughput and potential timelines Project MBOE/d 2024 2025…
2024 BUDGET Positioned for significant adjusted funds flow in multiple commodity price scenarios 2024 capital investment and illustrative adjusted funds flow billions 2024 budget invests in core projects that will 12.0 grow production…
DISCIPLINED CAPITAL ALLOCATION PRIORITIES Framework directly links balance sheet strength and shareholder returns growth Safe & reliable operations, sustaining capital Committed Capital allocation framework Capital Base dividend…
OIL SANDS OPTIMIZATION AND GROWTH Investing in high-return brownfield opportunities Foster Creek optimization Increasing oil handling capacity through facility debottlenecks Multi-year investment to increase production by more than…
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…
FINANCIAL RESILIENCE Optimizing our capital structure to reduce risk and increase capital flexibility US millions Schedule of bond maturities1 1,500 Repurchased US1.0 billion of notes in Q3 2023 1,000 Reduced weighted average…
DELIVERING ON OUR SHAREHOLDER RETURNS FRAMEWORK Returned over 2 billion to shareholders year to date 2023 Dividend principles Returning capital to our shareholders1 Built into the capital structure 0.16 8% Base dividends per…
AMBITIOUS ESG TARGETS REINFORCE SUSTAINABILITY LEADERSHIP Strong safety & asset integrity, good governance are foundational 2 Reduce absolute GHG Reduce freshwater Reclaim 3,000 Achieved a minimum of Increase women in emissions by…
PROGRESSING GHG REDUCTION INITIATIVES IN OUR BUSINESS PLAN 1 billion capital investment over Phase 1 (2023 2027) Carbon capture and storage (CCS) projects Minnedosa ethanol plant Elmworth gas plant Pathways foundational pipeline and…
CONTINUED DECARBONIZATION ON OUR PATH TO 2035 AND 2050 Applying and advancing technologies to reduce absolute emissions Phase 2 2028 - 2035 Phase 3 2036 - 2050 Advancing projects for 2035 target Technology pathways to net zero…
PATHWAYS ALLIANCE Industry collaboration towards net zero Pathways consists of Canadas six largest oil sands producers, representing 95% of oil sands production. The Pathways Foundational Project Pathways plan includes reducing…
WHY CENOVUS Sustainably growing Operational Financial Sustainability shareholder returns strength discipline leadership Targeting 100% of excess Integrated portfolio with Returns focused Targeting GHG free funds flow to production of…
BUSINESS OVERVIEW
20 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…
OIL SANDS Best-in-class assets with low cost structure and long-life reserves CHRISTINA LAKE1 237 Mbbls/d production in 2023 SUNRISE1 8.84/bbl operating costs Industry leading CSOR 1.9 49 Mbbls/d production in 2023 Cogeneration…
CONVENTIONAL Capital investment focused on returns and free funds flow generation Conventional focus areas Capital investment in 2024 focuses on maintaining production levels, advancing methane reduction Northern Corridor projects and…
OFFSHORE High netback production with exposure to global oil prices ATLANTIC Operator of the White Rose field and partner in Terra Nova o Terra Nova asset life extension completed in 2023 Proceeding with SeaRose FPSO asset life…
WEST WHITE ROSE PROJECT Delivering incremental value in the Atlantic region White Rose production profile (net to Cenovus) Mbbls/d First oil expected in 2026, with peak production 50 of 45 Mbbls/d in 2028 40 o Adds an expected 14…
CANADIAN REFINING Upgrader and refinery strategically located in Lloydminster LLOYDMINSTER UPGRADER 81.5 Mbbls/d heavy oil throughput capacity Produces high quality, low sulphur synthetic crude oil and diesel fuel, and recovers…
U.S. REFINING STRATEGICALLY Integration LOCATED with our oil sands U.S. business REFINERIES provides balanced differential exposure LIMA, OHIO 179 Mbbls/d capacity (40 Mbbls/d heavy) BORGER, TEXAS (50% INTEREST)…
DOWNSTREAM OPTIMIZATION Improving reliability and margin capture across the integrated value chain Demonstrate U.S. Refining capabilities post Superior rebuild and Toledo acquisition o Advancing initiatives between Toledo and Lima…
APPENDIX
PROGRESS AGAINST OUR TARGETS Note: See Advisory. Targets include start year: 2019 for emissions, water intensity, well reclamation and Indigenous business spend; 2016 for caribou habitat restoration. Based on data received from…
SNAPSHOT OF FEEDSTOCKS & REFINED PRODUCTS Refineries provide diversified feedstock and product slate Refinery feedstock (% of throughput) Refined products (% of throughput) 2% 1% 2% 10% 11% 10% 8% 12% 1% 11% 18% 19% 24% 17% 39% 5%…
DIVERSIFIED MARKETING STRATEGY Utilizing storage, pipeline and marketing infrastructure to optimize margins Global markets 2024 Heavy oil blend vs. processing Bruderheim Rail Terminal and export capacity1 x Oil Sands & Mbbls/d…
R5W5 R25 R20 R15 R10 R5 R1W4 R25 R20 R15W3 T100 T95 Wabiskaw/ McMurray ( T95 SUNRISE Telephone Steepbank Lake T90 T90 Fort McMurray BOREALIS REGION T85 Saskatchewan T85 Alberta T80 McMullen T80…
2024 Corporate guidance - C, before royalties December 13, 2023 UPSTREAM Production Capital investments Operating costs (Mbbls/d or MBOE/d) ( millions) (/bbl or /BOE)(1) Fuel 3.00 - 4.00 Non-fuel 9.00 - 10.00 Oil Sands total 590 -…
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…
Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are…
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