Cenovus's Diversified & Resilient Business Model
FINANCIAL FRAMEWORK
Strategic and disciplined approach drives value and returns
Financial resilience
Returns-focused
capital allocation
Enhance free
funds flow
Sustainably grow
shareholder returns
Reduce net debt to adjusted
funds flow to
~1.0x @ at US$45 WTI.
Committed to
investment grade credit
ratings of mid-BBB.
Continuously improving
our competitive cost
structure.
Invest in projects that
generate returns at
bottom of the cycle.
Capital reinvestment rate
ensures only best projects
get funding.
Inorganic opportunities
evaluated consistently
within the financial
framework.
Diversified revenues
through asset and
product mix.
Optimize value
through pipelines,
logistics and marketing.
Free funds flow
enhanced at bottom
of the cycle.
Built a sustainable
business
at US$45 WTI.
Dividend sustainable
at US$45 WTI.
Opportunistic
share repurchases
evaluated on mid-cycle
pricing.
cenovus
ENERGY
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