Cenovus's Diversified & Resilient Business Model

DRIVING SUSTAINABLE REDUCTIONS IN OUR COST STRUCTURE Improving business resilience and lowering breakevens G&A and enterprise upgrades¹ $ million 1,000 G&A IT upgrades 800 600 400 200 $/BOE 15.00 13.00 11.00 9.00 7.00 Operating costs per BOE² $/bbl Downstream Upstream 50.00 0 5.00 2024F 2025F 2026F 2027F 2028F 2024F Disciplined execution drives G&A costs down¹ 45.00 40.00 35.00 30.00 25.00 2024 estimated WTI breakeven³ 20.00 2028F CVE Operating costs per BOE decrease ~15% Sustaining capital Dividend Among Canadian large cap peers Lowest breakeven Note: See Advisory. 1) General & administrative (G&A) excludes long-term incentive costs. 2) At US$75 WTI. 3) Based on external analysis provided to Cenovus by CIBC Capital Markets. Peers include IMO, MEG, CNQ and SU. cenovus ENERGY 63

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