Cenovus's Diversified & Resilient Business Model
CENOVUS IS THE INTEGRATED IN SITU LEADER
High-quality resources with decades of development
Portfolio anchored by low sustaining capital projects
Years
35
30
25
20
15
10
5
0
Average of 16 years below US$45 WTI
Christina Lake
Sunrise
Years
35
Significant inventory
30
below US$45 WTI
supply cost
Foster Creek
Lloyd Thermals
Top quartile reserve life¹
2P reserve life of
>30 years
25
25
Cenovus 1P RLI ~ 21 years
20
15
10
5
0
CVE
Peers
Cenovus
Peer average~ 12 years
Years of economic inventory (US$60 WTI)
Years of economic inventory (US$45 WTI)
Note: See Advisory. 1) Proven Reserve Life Index based on BMO Global Oil and Gas Cost study 2023. Peers include APA, AR, ARX, BP, CHK, CHRD, CLR, CNOOC, CNQ, COP, CPG, CTRA, CVX, DVN, EC, ENI, EOG, EQNR, EQT, FANG, HES, IMO, MEG, MRO,
MUR, OVV, OXY, PBR, PEMEX, PetroChina, PEY, PXD, REP, RRC, SHEL, Sinopec, SU, SWN, TOU, TTE, XOM & YPF.
cenovus
ENERGY
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