Cenovus's Diversified & Resilient Business Model

OVERVIEW OF THE UPSTREAM FIVE-YEAR BUSINESS PLAN Maintaining capital discipline, focused on cost reductions and expanding margins Five-year view of upstream production MBOE/d 1,000 900 800 700 600 500 400 300 200 100 0 2024F 2025F 2026F Upstream operating margin² $ billion 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2027F 2028F 2024F 2025F 2026F 2027F 2028F US$60 WTI US$75 WTI US$100 WTI ■Oil Sands¹ Offshore Conventional Note: See Advisory. 1) Includes Conventional Heavy Oil production. 2) Specified financial measure. cenovus ENERGY 26

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