Cenovus Energy Inc. · TSX:CVE
Cenovus Energy — Merger or Acquisition (October 2026)
13 slides from Cenovus Energy's merger presentation, Oct 5, 2026
Slide 1: Acquisition of Athabasca Oil Corporation
Acquisition of Athabasca Oil Corporation October 5, 2026
Slide 2: Acquisition of Athabasca Oil Corporation
Acquisition of Athabasca Oil Corporation • Adds 45 MBOE/d1, including thermal production proximal to Cenovus’s Christina Lake Clear Strategic assets, expanding the company’s position in a core resource fairway. Fit • Unlocks future tieback optionality for undeveloped resources at May River and Thorn
Slide 3: Transaction overview
Transaction overview Transaction highlights Financial metrics • Purchase price of $12.00 per Athabasca share. • Transaction metrics: • $4.5/BOE 2P and $2.5/BOE 2P+2C • Total consideration will be up to a maximum of ~75% in cash and ~35% in Cenovus shares, subject • ~7x EV/DACF in 20272 to shareholde
Slide 4: Highly complementary to Cenovus’s existing Oil Sands portfolio
Highly complementary to Cenovus’s existing Oil Sands portfolio 2 Cenovus • Platform of scalable high-quality SAGD assets with production of ~40 Hangingstone Athabasca Mbbls/d.1 • High-quality thermal reservoir complementing Cenovus’s existing Oil Sands portfolio. 3 1• Leismer: ~31 Mbbls/d of product
Slide 5: Canada’s premier SAGD operator
Canada’s premier SAGD operator Highest production1 Lowest SOR1 Largest resource base2 SAGD production (Mbbls/d) Steam-to-oil ratio Gross third-party estimated SAGD resource (Bbbls) 1,000 4.0 24 Athabasca Planned growth 20 800 Athabasca Athabasca 3.0 16 Cenovus Cenovus 600 2.0 12 400 8 1.0 200 4 0 0.
Slide 6: Proven track record of profitably optimizing SAGD assets
Proven track record of profitably optimizing SAGD assets Lloydminster Thermals Sunrise Foster Creek and Christina Lake Christina Lake North 2020 production (pre-acquisition) 2024 production 2024 production 2025 production (pre-acquisition) 2024 plan (Investor Day 2021) 2026 plan (Investor Day 2024)
Slide 7: Unlocking additional value across Athabasca’s asset base
Unlocking additional value across Athabasca’s asset base Capturing operating, development and integration benefits through Cenovus’s operating model Improve performance Option to accelerate growth Realize synergies • Reduce SOR by ~20% and • Opportunity to grow thermal • $85 million of annual extend
Slide 8: Cenovus development plan supports sustainably higher production
Cenovus development plan supports sustainably higher production Thermal Production Growth Plans Adding 25 Mbbls/d, Mbbls/d Accelerating Growth by 3 Years 120 Leismer Leismer Debottleneck and Expansion Debottleneck • New 20 Mbbls/d debottleneck and expansion and Expansion 100 Athabasca thermal growth
Slide 9: Consolidates an existing oil-weighted Duvernay asset
Consolidates an existing oil-weighted Duvernay asset Established liquids-rich position with a long Kaybob JV Assets DEC 100% WI (DEC 30% WI) Assets runway for growth Consolidates ownership of Duvernay Energy Corporation (DEC), a pure-play company operating in the Duvernay at Kaybob • Currently owned
Slide 10: Maintaining a strong balance sheet and financial flexibility
Maintaining a strong balance sheet and financial flexibility Structure preserves conservative leverage through the cycle Expected net debt of $5.0 – 5.5B at year-end; <0.5x AFF at strip pricing1,2 ~$5.7B ~$4.3B ~31.7MM ~$5.5B Transaction value Maximum cash consideration2 Shares issued2 Undrawn capac
Slide 11: Advisory
Advisory Forward-looking Information This presentation contains certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and p
Slide 12: Advisory (Cont.)
Advisory (Cont.) The guidance in respect of Cenovus's expectations of future periods in this presentation may be considered to be a financial outlook for the purposes of applicable Canadian securities laws. Such information is based on assumptions about future events, including economic conditions a
Slide 13: Advisory (Cont.)
Advisory (Cont.) References to combined Cenovus and Athabasca production on Slide 4 is derived from 2025 year-end average bitumen production as disclosed in the Athabasca AIF and in Cenovus’s annual information form for the year-ended December 31, 2025. Historical production data related to Cenovus’
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