Cenovus Energy Inc. · TSX:CVE
Cenovus Energy — Investor Presentation (July 2026)
23 slides from Cenovus Energy's investor presentation, July 2026
Slide 1: Corporate Presentation
Corporate Presentation July 2026
Slide 2: Cenovus at a glance
Cenovus at a glance Market Summary Ticker symbol TSX, NYSE | CVE Shares outstanding 1,850 million Market capitalization $72 billion Operating Statistics 2026 production guidance 990 MBOE/d Upgrading and refining operable capacity 473 Mbbls/d 2025 proved plus probable (2P) reserves 9.6 BBOE Financial
Slide 3: Second-quarter 2026 results
Second-quarter 2026 results Second-quarter results Highlights Upstream Production 970 MBOE/d • Upstream production of 970 MBOE/d. • Increase of over 200 MBOE/d from Q2 2025. Downstream Throughput 452 Mbbls/d • Record quarterly Oil Sands production of 786 Cash From Operating Activities $5,636 million
Slide 4: Cenovus's value proposition
Cenovus’s value proposition Low cost, long-life Disciplined Conservative Increasing resource base growth investments capital structure shareholder returns Decades of production Highly efficient growth Robust balance sheet Growing base dividend in from booked reserves investments • <1x Net Debt to tr
Slide 5: Portfolio overview
Portfolio overview Diverse cash flow streams across multiple jurisdictions Upstream production2 Downstream operable capacity & heavy oil %2 Christina Lake 366 MBOE/d Lloydminster Upgrader 78.5 Mbbls/d 100% Foster Creek3 221 MBOE/d Lloydminster Refinery 29.5 Mbbls/d 100% Sunrise 63 MBOE/d Lima Refine
Slide 6: Differentiated value proposition
Differentiated value proposition Highest production growth, highest free funds flow growth and lowest cost structure of the peer group Production per share growth1 (2025 - 2028) Free funds flow per share growth1 (2025 - 2028) 100% >100% 100% Highest production per share growth Highest free funds flo
Slide 7: Growing through disciplined execution
Growing through disciplined execution Executing our growth strategy while materially increasing Adjusted Funds Flow Total upstream production (MBOE/d) 1,000 750 Production growth of over 200 MBOE/d year-over-year 500 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Adjusted Funds Flow per share1 ($ per share
Slide 8: Capital allocation priorities
Capital allocation priorities Commitment to a strong balance sheet, disciplined investment and shareholder returns 1 2 3 4 5 Balance sheet Sustaining capital Base dividend Growth capital Share repurchases • Commitment to • Investments related • Base dividend funded • Focused and • Opportunistic shar
Slide 9: Disciplined and sustainable shareholder returns
Disciplined and sustainable shareholder returns Consistent track record of base dividend growth and opportunistic repurchases $/share Growing quarterly base dividend $0.30 +10% +29% +11% $0.20 +33% Six years of consecutive growth in +200% $0.10 the dividend Annualized growth of ~44% since 2021 $0.00
Slide 10: Updated 2026 guidance
Updated 2026 guidance Strong performance across the business driving 2026 guidance revisions Updated 2026 guidance ranges1 Capital Production/ • 25 MBOE/d increase in upstream Operating costs2 investments throughput ($/bbl or $/BOE) production due to strong performance in ($ million) (MBOE/d or Mbbl
Slide 11: 2026 capital investment
2026 capital investment Disciplined capital program with targeted investment in high return growth projects Turnaround capital ~$350MM Sustaining capital ~$3.5 - 3.6B $1.2B - $1.4B Targeting liquids rich Conventional Growth opportunities West White Rose Offshore Growth drilling Targeted growth Total
Slide 12: Christina Lake North expansion
Christina Lake North expansion Christina Lake area map Christina Lake Growing production at Christina Lake North Christina Lake North Central Processing Facility (formerly MEG’s Christina Lake). • Implementing redevelopment well program starting in 2026, which will grow volumes at low incremental SO
Slide 13: Other Oil Sands growth
Other Oil Sands growth Sunrise optimization continuing through 2028. Mbbls/d Sunrise production profile • Growing production 15 - 20 Mbbls/d from 2024 to 75 2028. • 2026 program includes new pads in high-quality east 60 development area. • Potential future growth opportunities: large resource base c
Slide 14: Conventional growth
Conventional growth Conventional land base and districts Short-cycle assets that provide ability to adjust to market conditions. • Diversifying our funds flow and utilizing Rainbow extensive pipeline network to market product ex-Alberta. Northern Corridor Re-focusing development on high-working- int
Slide 15: West White Rose Project
West White Rose Project Concrete gravity structure installed in Q2 2025 Topsides lifted and set in place in early Q3 2025 First oil expected in Q3 2026 White Rose production profile1 Mbbls/d 50 25 0 2025 2026F 2027F 2028F Net peak production of ~45,000 bbls/d in 2028 15 Note: See Advisory. 1) Pr
Slide 16: Offshore free cash flow inflection
Offshore free cash flow inflection • Growth through 2028 as West White Rose ramps up. • Capital investment decreasing with completion of the West White Rose facilities in 2025. • Asia Pacific offers geographically diverse business tied to high- value, mostly fixed-price contracts. • Recently extende
Slide 17: Path to >1 million BOE per day through in-flight projects
Path to >1 million BOE per day through in-flight projects Total upstream production1 Key growth projects MBOE/d 1,200 Production Project Status additions Narrows Lake Tie Back 20,000 - 30,000 bbls/d Foster Creek >30,000 Optimization bbls/d 600 Sunrise 15,000 - 20,000 In progress Optimization bbl
Slide 18: Midstream and downstream heavy oil coverage
Midstream and downstream heavy oil coverage Mitigating risk of Canadian heavy oil price dislocations via downstream integration and pipeline egress Blended heavy production 1,000 – 1,100 Mbbls/d Egress pipeline coverage Heavy oil egress/conversion Future contracted U.S. Pipeline space >750 Mbbls/d b
Slide 19: Canadian Refining
Canadian Refining • Tightly integrated value chain with direct physical connection to Cenovus’s Lloydminster upstream heavy oil production. • Short-distance condensate loop: diluent extracted from blended heavy crude is sent back to upstream for blending. • Unique upgrader configuration: 100% produc
Slide 20: U.S. Refining
Enbridge Mainline U.S. Refining • Focused and strategic U.S. refining portfolio with physical access to Canadian crude. • Prioritizes heavy conversion capacity and serves large, liquid product sales markets. • Provides egress and conversion capacity to mitigate risk of Canadian heavy oil price dislo
Slide 21: Strong investment grade credit ratings with longer-term maturities
Strong investment grade credit ratings with longer-term maturities Current credit ratings & outlooks S&P Moody’s DBRS Fitch BBB Baa1 BBB (High) BBB Stable Stable Stable Stable U.S. dollar maturities1 Canadian dollar maturities Average debt coupon Average debt tenor $3,000 ~4.6% ~11 years $2,000 $1,0
Slide 22: 2026 guidance pricing & sensitivities
2026 guidance pricing & sensitivities 2026 mid year guidance price assumptions 2026 adjusted funds flow sensitivities (C$MM) Crude oil (WTI) Crude oil & natural gas ($220) US$(1)/bbl US$1/bbl $220 Brent US$/bbl $80.00 WTI US$/bbl $75.00 Exchange rate (US$/C$) ($170) +$0.01 $(0.01) $170 WCS US$/bbl $
Slide 23: Advisory
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 bbl to six Mcf is based on an energy equivalency conversion m