CENOVUS AT A GLANCE Market Summary Ticker symbol TSX, NYSE CVE Shares outstanding 1,829 million Market capitalization 40 billion Operating Statistics 2025 production 825 MBOE/d Upgrading and refining operable capacity 720…
CENOVUSS VALUE PROPOSITION Low cost, long-life Conservative Disciplined Increasing resource base capital structure investment shareholder returns 8.7 billion barrels of Robust balance sheet All discretionary Growing base reserves…
DIFFERENTIATED GROWTH PROPOSITION Peer-leading production and free funds flow growth to drive increased returns Production per share growth1 (2024 2027) Free funds flow per share growth1 (2024 2027) 50% 80% 70% Foster Creek 40%…
2025 BUDGET
2025 BUDGET OVERVIEW Maintaining capital discipline while growing our base business 2025 Guidance ranges Completing final year of a three-year growth Capital Production/ Operating costs1 Turnaround investments throughput expenses…
2025 BUDGET SCENARIOS Generates free funds flow in multiple commodity price scenarios; resilient at the bottom 2025 capital investment and illustrative adjusted funds flow billion 12.0 At US45 WTI, adjusted funds flow covers 2025…
2025 CAPITAL INVESTMENT Disciplined capital investment with targeted investment in high return growth projects 1.4B - 1.8B Total Downstream Sustaining Conventional Gas Downstream capital of Sustaining Conventional Heavy Oil 3.2B…
DISCIPLINED ORGANIC GROWTH High-return investments grow our base business Upstream Production Growth Capital investments MBOE/d billion Sunrise growth Foster Creek optimization Conventional Heavy Oil development 5.0 200 Narrows Lake…
CENOVUSS KEY GROWTH PROJECTS Capital efficient projects to generate significant growth in free funds flow Narrows Lake Tie Foster Creek Sunrise West White Rose Conventional Conventional Gas Back Optimization Optimization Project Heavy…
INCREASING SHAREHOLDER RETURNS Significant capacity to continue ratable dividend growth Sustainably growing the base dividend1 Base dividend capacity Dividend principles Quarterly base billion dividends (/share) 2.5 0.30 Raised the…
CAPITAL ALLOCATION PRIORITIES Committed to balance sheet strength and shareholder returns Capital allocation priorities Safe and reliable operations Maintain 4 billion of net debt. Base & preferred Committed Sustaining capital…
RESILIENT BALANCE SHEET ENABLES FINANCIAL FLEXIBILITY Minimal maturities until 2027 Preferred Shares Investment grade mid-BBB Principal (MM) Reset Date 2,000 Series 1 268 03-31-2026 Series 2 32 03-31-2026 credit ratings Low risk…
BUSINESS OVERVIEW
COMMITTED TO A STRONG SAFETY CULTURE Prioritizing safety and asset integrity above all else Safety model drives continuous improvement and field level empowerment. Commitments included on corporate scorecard. Harmonize practices…
PORTFOLIO OVERVIEW Diverse cash flow streams from multiple jurisdictions Upstream production2 Operable capacity & heavy oil %2 Christina Lake 228 Mbbls/d Lloyd Upgrader & Refinery 108 Mbbls/d 100% Foster Creek 196 Mbbls/d Lima…
CENOVUS HAS THE BEST OIL SANDS ASSETS IN THE INDUSTRY Industry-leading projects that outperform Sustaining Capital of Competitive operating costs of Cenovus has the 7 - 9 10 - 12 lowest SOR per barrel per barrel in industry…
OIL SANDS Best-in-class assets with low-cost structure and long-life reserves CHRISTINA LAKE1 Nameplate capacity of 260 Mbbls/d 228 Mbbls/d production. SUNRISE1 9/bbl operating costs. Nameplate capacity of 60 Mbbls/d Industry…
DISCIPLINED APPROACH TO CONVENTIONAL DEVELOPMENT Strategic long-term portfolio with optionality to grow Conventional land base and districts Short-cycle opportunities that provide ability to adjust to market conditions. Diversifying…
OFFSHORE STRATEGIC VALUE Stable, diversified free cash flow generation Atlantic Asia Pacific Atlantic portfolio sustains exposure to Brent pricing well into Strong free cash flow generation, with limited capital the 2030s.…
CANADIAN REFINING Upgrader and Refinery strategically located in Lloydminster LLOYDMINSTER UPGRADER 78.5 Mbbls/d heavy oil throughput capacity.1 Produces high quality, low sulphur synthetic crude oil and diesel fuel, and recovers…
U.S. REFINING Integration with our oil sands business provides balanced differential exposure LIMA, OHIO 170 Mbbls/d capacity.1 BORGER, TEXAS (50% INTEREST) Hydrocracker/FCC/coker configuration. 75 Mbbls/d capacity (net).1 Access to…
DOWNSTREAM OPPORTUNITY Focused approach to improve reliability, reduce costs and increase profitability Crude Unit Utilization1,2 (%) Increasing crude utilization All refinery units operational. 100% Improvement of 13% Operations…
ADVISORY 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…
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