Cenovus's Diversified & Resilient Business Model

DISCIPLINED INVESTMENT AND QUALITY OPERATIONS Decades of operational experience building the foundation for the future Quality operator . Safe and reliable operations Strong stakeholder relations Leading ESG performance • Financial discipline Competitive cost structure Returns-focused capital allocation Capital efficient production growth Integrated assets • Best-in-class SAGD assets Track record of execution • Substantial economic reserves • Culture of innovation cenovus ENERGY cenovus cenovu ENERS EST • Resilient free funds flow Integration enhances margins 25

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