Cenovus Energy Inc. · TSX:CVE
Cenovus Energy — Investor Presentation (February 2025)
30 slides from Cenovus Energy's investor presentation, February 2025
Slide 1: Corporate Presentation February 2025
Corporate Presentation February 2025
Slide 2: Cenovus at a glance
Cenovus at a glance Market Summary Ticker symbol TSX, NYSE | CVE Shares outstanding 1,825 million Market capitalization $41 billion Operating Statistics 2025 production ~825 MBOE/d Upgrading and refining operable capacity 720 Mbbls/d 2024 proved & probable reserves 8.5 BBOE Financial Summary 2024 Ad
Slide 3: Fourth quarter 2024 results
Fourth quarter 2024 results Fourth Quarter Results Fourth Quarter Highlights Upstream Production 816 MBOE/d • Highest-ever quarterly Oil Sands production at 628,500 BOE/d. Downstream Throughput 667 Mbbls/d • Downstream crude utilization of 97% in Canada and 92% in the U.S. Cash From Operating Activi
Slide 4: Cenovus's value proposition
Cenovus’s value proposition Low cost, long-life Conservative Disciplined Increasing resource base capital structure investment shareholder returns 8.5 billion barrels of Robust balance sheet All discretionary Growing base reserves Maintain around $4.0B net investments generate dividend capacity to 2
Slide 5: Differentiated growth proposition
Differentiated growth proposition Peer-leading production and free funds flow growth to drive increased returns Production per share growth1 (2024 – 2027) Free funds flow per share growth1 (2024 – 2027) 50% 80% 70% 40% 60% 50% 30% 40% 20% 30% 20% 10% 10% 0% 0% Cenovus Peer Peer Peer Cenovus Peer Pee
Slide 6: 2025 Budget overview
2025 Budget overview Maintaining capital discipline while growing our base business 2025 Guidance ranges • Completing final year of a three-year growth Capital Production/ Operating costs1 Turnaround investment cycle in 2025. investments throughput ($/bbl or $/BOE) expenses ($ millions) (MBOE/d or M
Slide 7: 2025 Budget scenarios
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 US$45 WTI, adjusted funds flow covers 2025 sustaining capital investment plus the base dividend. $10.0 • Br
Slide 8: 2025 Capital investment
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 Sunrise Growth Foster Creek Optimization Total Capital & Targeted E
Slide 9: Disciplined organic growth
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 $5.0 200 development Narrows Lake tie-back West White Rose Project Options to grow natural gas pro
Slide 10: Cenovus's key growth projects
Cenovus’s key growth projects Capital efficient projects to generate significant growth in free funds flow Note: See Advisory. Narrows Lake Foster Creek Sunrise West White Rose Conventional Conventional Gas Tie Back Optimization Optimization Project Heavy Oil 20,000 – 30,000 >30,000 15,000 – 20,000
Slide 11: Increasing shareholder returns
Increasing shareholder returns Significant capacity to continue ratable dividend growth Sustainably growing the base dividend1 Base dividend capacity Quarterly base dividends ($/share) $ billion 2.5 $0.30 • Raised the annual base dividend by 29% to $0.72 per share starting in Q2 2024. $0.25 2.0 • An
Slide 12: Capital allocation priorities
Capital allocation priorities Committed to balance sheet strength and shareholder returns Safe and reliable operations Base & preferred • Maintain ~$4 billion of net debt. Committed Sustaining capital dividends capital • Fully fund sustaining capital and base Asset retirement dividend at $45 WTI. Ca
Slide 13: Resilient balance sheet enables financial flexibility
Resilient balance sheet enables financial flexibility Minimal maturities until 2027 Preferred Shares Investment grade mid-BBB Principal ($MM) Reset Date $2,000 Series 1 $268 03-31-2026 Series 2 $32 03-31-2026 credit ratings Low risk maturity profile1 Series 5 $200 03-31-2025 Series 7 $150 06-30-2025
Slide 14: Sustainability highlights
14 Sustainability highlights The 2023 Corporate Social Responsibility (CSR) Report does not include information regarding the work Cenovus is doing to improve environmental performance, including actions and plans to address climate change. This is a result of the June 20, 2024 amendments to Canada’
Slide 15: Business overview
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Slide 16: Committed to a strong safety culture
Committed to a strong safety culture Prioritizing safety and asset integrity • Safety behaviours drive continuous improvement and field level empowerment. • Safety metrics included on corporate scorecard. • Compliance to our operations integrity management system protects the safety of our people an
Slide 17: Portfolio overview
Portfolio overview Diverse cash flow streams from multiple jurisdictions Upstream production2 Operable capacity & heavy oil %2 Christina Lake 234 Mbbls/d Lloyd Upgrader & Refinery 108 Mbbls/d 100% Foster Creek 196 Mbbls/d Lima Refinery 170 Mbbls/d 15% Sunrise 50 Mbbls/d Toledo Refinery 151 Mbbls/d 6
Slide 18: Cenovus has the best oil sands assets in the industry
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 Sustaining Capital Operating Costs1 Cenovus in-Situ projects2 8.0 $15 7
Slide 19: Oil sands
Oil sands Best-in-class assets with low-cost structure and long-life reserves Lloydminster Christina Lake Foster Creek Lloydminster Thermals Sunrise Conventional Heavy Oil Nameplate capacity Nameplate capacity Production Nameplate capacity Production 260 Mbbls/d 180 Mbbls/d 112 Mbbls/d 60 Mbbls/d 18
Slide 20: Disciplined approach to conventional development
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 our funds flow and utilizing extensive Rainbow pipeline network
Slide 21: Offshore strategic value
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. requirements. • Generates substantial free cash flow over the five-year p
Slide 22: Canadian refining
Canadian refining Upgrader and refinery strategically located in Lloydminster Lloydminster Upgrader Lloydminster Refinery Commercial fuels business Heavy Oil Throughput Capacity 1 Heavy Oil Throughput Capacity 1 Commercial fuels business includes 78.5 Mbbls/d 29.5 Mbbls/d approximately 155 cardlock,
Slide 23: U.S. refining
U.S. refining Integration with our oil sands business provides balanced differential exposure Lima, Ohio Toledo, Ohio Superior, Wisconsin Borger, Texas Wood River, Illinois Throughput capacity 1 Throughput capacity 1 Throughput capacity 1 Net throughput capacity 1 Net throughput capacity 1 170 Mbbls
Slide 24: Canadian and U.S. Refining
Canadian and U.S. Refining Integration with our oil sands business provides balanced differential exposure Crude Unit Utilization1,2 (%) Increasing crude utilization • All refinery units operational. 100% Improvement of ~13% • Operations excellence organizations established across the network. 90% •
Slide 25: Appendix
Appendix ENERGY
Slide 26: 2025 pricing & sensitivities
2025 pricing & sensitivities 2025 Adjusted Funds Flow Sensitivities (C$MM) Note:2025 See Advisory. Budget Guidance Price Assumptions Chicago 3-2-1 crack spread Oil & Gas ($210) U$(1)/bbl US$1/bbl $210 Brent US$/bbl $74.00 RINs (RVO) WTI US$/bbl $70.00 ($180) US$1/bbl U$(1)/bbl $180 WCS US$/bbl $56.0
Slide 27: 2025 planned maintenance
2025 planned maintenance Production Impact Q1 Q2 Q3 Q4 Annualized Upstream Oil Sands MBOE/d - 30 - 40 5-7 - 10 - 12 Atlantic MBOE/d - - 4-6 - 1-2 Conventional MBOE/d - - - - - Downstream Canadian Refining Mbbls/d - - - - - US Refining Mbbls/d 7 - 10 35 - 45 2-4 6 - 10 13 - 17 Turnaround Expenses Q1
Slide 28: Snapshot of feedstocks & refined products
Snapshot of feedstocks & refined products Refineries provide diversified feedstock and product slate Refinery feedstock (% of crude throughput) Refined products (% of production) 3% 12% 31% 4% 57% 36% 16% 100% 11% 48% 40% 42% Canadian Refining US Refining Canadian Refining US Refining Heavy Light/Me
Slide 29: Commodity price assumptions
Commodity price assumptions US$/bbl unless otherwise stated US$45 WTI Scenario 2024F 2025F 2026F 2027F 2028F US$60 WTI Scenario 2024F 2025F 2026F 2027F 2028F Brent $47.00 $47.00 $47.00 $47.00 $47.00 Brent $65.00 $65.00 $65.00 $65.00 $65.00 WTI $45.00 $45.00 $45.00 $45.00 $45.00 WTI $60.00 $60.00 $60
Slide 30: 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
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