Cenovus Energy Inc. · TSX:CVE
Cenovus Energy — Q1 2025 Earnings Presentation
28 slides from Cenovus Energy's earnings presentation, May 8, 2025
Slide 1: Corporate Presentation May 2025
Corporate Presentation May 2025
Slide 2: Cenovus at a glance
Cenovus at a glance Market Summary Ticker symbol TSX, NYSE | CVE Shares outstanding 1,814 million Market capitalization $30 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 Trailin
Slide 3: First quarter 2025 results
First quarter 2025 results First Quarter Results First Quarter Highlights Upstream Production 819 MBOE/d • Upstream production of 819 MBOE/d, maintaining near- record performance. Downstream Throughput 665 Mbbls/d • Continued momentum in Downstream performance, including record utilization of 104% i
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 investments generate Manage towards $4.0B net dividend capacity to 29
Slide 5: Differentiated growth proposition
Differentiated growth proposition Peer-leading production and free funds flow growth to drive increased returns Production per share growth1 (2024 – 2027) Free funds flow2 per share growth1 (2024 – 2027) 50% 80% 70% 40% 60% 50% 30% 40% 20% 30% 20% 10% 10% 0% 0% Cenovus Peer Peer Peer Cenovus Peer Pe
Slide 6: 2025 budget overview
2025 budget overview Maintaining capital discipline while growing our base business 2025 guidance ranges • Completing final year of a three-year growth Capital Production/ Turnaround investment cycle in 2025. Operating costs1 investments throughput ($/bbl or $/BOE) expenses ($ millions) (MBOE/d or M
Slide 7: 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 8: 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 9: Cenovus's key growth projects
Cenovus’s key growth projects Capital efficient projects to generate significant growth in free funds flow1 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 10: Disciplined and Sustainable Base Dividend Growth
Disciplined and Sustainable Base Dividend Growth Five consecutive years of double-digit base dividend per share growth Quarterly Base Dividends $/share $0.30 • Consistent track record of base dividend $0.25 growth. $0.20 • Announced 11% increase in annual base dividend to $0.80 per share starting in
Slide 11: Capital allocation priorities
Capital allocation priorities Committed to balance sheet strength and shareholder returns Safe and reliable operations Base & preferred • Manage towards ~$4 billion of net debt. Committed Sustaining capital dividends capital • Fully fund sustaining capital and base Asset retirement dividend at $45 W
Slide 12: Resilient balance sheet enables financial flexibility
Resilient balance sheet enables financial flexibility Minimal maturities until 2027 Preferred Shares Investment grade mid-BBB Principal ($MM) Reset Date $2,000 Series 1 $268 03-31-2026 Series 2 $32 03-31-2026 credit ratings Low risk maturity profile1 Series 7 $150 06-30-2025 Average debt tenor $1,00
Slide 13: Business overview
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Slide 14: 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 15: Portfolio overview
Portfolio overview Diverse cash flow streams from multiple jurisdictions Upstream production2 Operable capacity & heavy oil %2 Christina Lake 238 Mbbls/d Lloyd Upgrader & Refinery 108 Mbbls/d 100% Foster Creek 203 Mbbls/d Lima Refinery 170 Mbbls/d 15% Sunrise 52 Mbbls/d Toledo Refinery 151 Mbbls/d 6
Slide 16: 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 costs1 of Cenovus has the $7 - $9 $10 - $12 lowest SOR per barrel per barrel in industry Cenovus in-situ projects2 $14 6.00 Steam to Oil Ratio $12 5.00 $10 4.0
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 capacity1 Throughput capacity1 Throughput capacity1 Net throughput capacity1 Net throughput capacity1 170 Mbbls/d 15
Slide 22: 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 (%) • All refinery units operational. 100% Improvement of • Operations excellence organizations ~13% established across the network. 90% •
Slide 23: Appendix
Appendix ENERGY
Slide 24: 2025 pricing & sensitivities
2025 pricing & sensitivities 2025 Adjusted Funds Flow1 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$1/bbl US$(1)/bbl $180 WCS US$/bbl $56
Slide 25: 2025 planned maintenance
2025 planned maintenance Production Impact Q2 Q3 Q4 Annualized Upstream Oil Sands MBOE/d 30 - 40 5-7 - 10 - 12 Atlantic MBOE/d - 4-6 - 1-2 Conventional MBOE/d - - - - Downstream Canadian Refining Mbbls/d - - - - US Refining Mbbls/d 35 - 45 2-4 6 - 10 13 - 17 Turnaround Expenses Q2 Q3 Q4 Annualized D
Slide 26: Snapshot of feedstocks & refined products
Snapshot of feedstocks & refined products Refineries provide diversified feedstock and product slate Refinery feedstock (% of crude throughput) Refined products (% of production) 3% 12% 31% 4% 57% 36% 16% 100% 11% 48% 40% 42% Canadian Refining U.S. Refining Canadian Refining U.S. Refining Heavy Ligh
Slide 27: Commodity price assumptions
Commodity price assumptions US$/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 28: 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