Cenovus Energy Inc. · TSX:CVE
Cenovus Energy — Q3 2025 Earnings Presentation
31 slides from Cenovus Energy's earnings presentation, Oct 31, 2025
Slide 1: Corporate Presentation
Corporate Presentation October 2025
Slide 2: Cenovus at a glance
Cenovus at a glance Market Summary Ticker symbol TSX, NYSE | CVE Shares outstanding 1,766 million Market capitalization $41 billion Operating Statistics 2025 production ~815 MBOE/d Upgrading and refining operable capacity 473 Mbbls/d 2024 proved plus probable (2P) reserves 8.5 BBOE Financial Summary
Slide 3: Third-quarter 2025 results
Third-quarter 2025 results Third-quarter results Highlights • Record upstream production in the third quarter, including record Upstream Production 833 MBOE/d production from the Oil Sands segment. • Record quarterly production at Foster creek bringing forward Downstream Throughput 711 Mbbls/d growt
Slide 4: Cenovus's value proposition
Cenovus’s value proposition Low cost, long-life Conservative Disciplined Increasing resource base capital structure operating model shareholder returns 8.5 billion barrels of Robust balance sheet All discretionary Growing base 2P reserves investments generate Manage towards $4.0B net dividend capaci
Slide 5: World class Oil Sands assets: low cost with decades of reserves
World class Oil Sands assets: low cost with decades of reserves Sustainable value creation over the long term Oil Sands sustaining capital1 of Competitive operating costs1 of Significant thermal bitumen reserves with $7 - $9 $10 - $12 ~35yrs per barrel per barrel reserves life index Combined sustain
Slide 6: The most experienced and highest performing SAGD operator
The most experienced and highest performing SAGD operator Leveraging operating experience and technology to delivery industry-leading results Highest production Most experienced Lowest SOR Production (Mbbls/d) Cumulative operating years Steam to oil ratio 700 20,000 3.0 600 Planned Growth 500 15,000
Slide 7: Cenovus's optimized SAGD development approach
Cenovus’s optimized SAGD development approach Integrated planning from geology through to production to reduce SOR, lower F&D and drive higher value Geological characterization Optimal dev Sequencing Front end well design Operating strategy Late life management 4,000 Oil (bbls/d) Narrows Lake Optimi
Slide 8: Capital efficient Oil Sands growth projects
Capital efficient Oil Sands growth projects Near-term Oil Sands production growth Narrows Lake Tie Back Foster Creek Optimization Sunrise Optimization Conventional Heavy Oil 20,000 – 30,000 bbls/d 2026 >30,000 bbls/d 2027 15,000 – 20,000 bbls/d 2027 >20,000 bbls/d 2028+ peak production peak produc
Slide 9: Proposed acquisition of MEG
Proposed acquisition of MEG Consolidating the highest-quality resource within the Oil Sands Christina Lake Oil Sands Property • Fully contiguous assets in Christina Lake enables Cenovus seamless, integrated development of the region. MEG • Together with Foster Creek, brings together the Narrows Lake
Slide 10: MEG acquisition synergies
MEG acquisition synergies Over $400 million of expected annual synergies identified with implementation plans in place Over $400MM of expected annual synergies1 • ~$120MM annual corporate and commercial synergies $MM achievable in first full year. $400 Corporate and Commercial • ~$80MM G&A: corporat
Slide 11: West White Rose Project
West White Rose Project Continuing to hit key milestones Concrete gravity structure installed in Q2 2025 Topsides lifted and set in place in early Q3 2025 Drilling expected to commence in Q4 2025 First oil expected in Q2 2026 White Rose production profile1 Mbbls/d 60 40 20 0 2026F 2027F 2028F Ne
Slide 12: 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 13: Capital allocation priorities
Capital allocation priorities Committed to balance sheet strength and shareholder returns Safe and reliable operations Base & preferred Committed Sustaining capital dividends • Manage towards ~$4.0 billion of net debt. capital Asset retirement • Fully fund sustaining capital and base dividend Capita
Slide 14: 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 +11% $0.20 +29% +33% Five consecutive years of double-digit +200% $0.10 base dividend per share growth ~55% base dividend compou
Slide 15: Resilient balance sheet enables financial flexibility
Resilient balance sheet enables financial flexibility No maturities until 2027 Preferred Shares Principal ($MM) Reset Date Strong $2,000 Low risk maturity profile1 Series 1 Series 2 $268 $32 03-31-2026 03-31-2026 Investment grade Series 3 $250 Redeemed credit ratings Series 5 $200 Redeemed Series 7
Slide 16: Business overview
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Slide 17: 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 18: Portfolio overview
Portfolio overview Diverse cash flow streams from multiple jurisdictions Upstream production2 Operable capacity & heavy oil %2 Christina Lake 236 Mbbls/d Lloydminster Upgrader 78.5 Mbbls/d 100% Foster Creek 201 Mbbls/d Lloyd Refinery 29.5 Mbbls/d 100% Sunrise 52 Mbbls/d Lima Refinery 170 Mbbls/d 15%
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 Nameplate capacity Nameplate capacity Production 260 Mbbls/d 180 Mbbls/d 107 Mbbls/d 60 Mb
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 Throughput capacity1 Throughput capacity1 Throughput capacity1 170 Mbbls/d 151 Mbbls/d 44 Mbbls/d Heavy oil capacity Heavy oil capacity Heavy oil capacity 25 Mbbl
Slide 24: Canadian and U.S. refining
Canadian and U.S. refining Integration with our Oil Sands business provides balanced differential exposure Increasing crude utilization Crude unit utilization1,2 (%) • Record Canadian Refining rates through nine 100% Improvement of months. ~14% • Targeted reliability improvements made at 90% Lloydmi
Slide 25: Appendix
Appendix ENERGY
Slide 26: 2025 guidance
2025 guidance Capital Production/ Turnaround Operating costs1 investments throughput ($/bbl or $/BOE) expenses ($MM) (MBOE/d or Mbbls/d) ($MM) Oil Sands 2,700 – 2,800 620 – 625 10.75 – 12.75 Conventional 350 – 400 120 – 125 11.00 – 12.00 Atlantic 10 – 15 50.00 – 60.00 Asia Pacific 55 – 60 10.00 – 11
Slide 27: 2025 planned maintenance
2025 planned maintenance Production Impact Q4 Annualized Upstream Oil Sands MBOE/d - 7-9 Offshore MBOE/d - 1-2 Conventional MBOE/d - - Downstream Canadian Refining Mbbls/d - - U.S. Refining Mbbls/d 8 - 12 12 - 14 Turnaround Expenses Q4 Annualized Downstream Canadian Refining $MM - - U.S. Refining $M
Slide 28: Snapshot of feedstocks & refined products
Snapshot of feedstocks & refined products Refineries provide diversified feedstock and product slate Refinery feedstock (% of crude throughput) Refined products (% of production) 3% 10% 10% 4% 31% 33% 47% 16% 100% 11% 53% 40% 42% Canadian Refining U.S. Refining Canadian Refining U.S. Refining Heavy
Slide 29: Commodity price assumptions
Commodity price assumptions US$/bbl unless otherwise stated US$45 WTI Scenario 2025F 2026F 2027F 2028F US$60 WTI Scenario 2025F 2026F 2027F 2028F Brent $47.00 $47.00 $47.00 $47.00 Brent $65.00 $65.00 $65.00 $65.00 WTI $45.00 $45.00 $45.00 $45.00 WTI $60.00 $60.00 $60.00 $60.00 WTI-WCS differential $
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
Slide 31: Advisory
Advisory Specified Financial Measures Advisory Certain financial measures in this presentation do not have a standardized meaning prescribed by IFRS Accounting Standards and, therefore, are Specified Financial Measures. These Specified Financial Measures may not be comparable to similar measures pre