Cenovus's Diversified & Resilient Business Model

LOW COST OF SUPPLY WINS ACROSS THE CYCLE Oil Sands finding and development costs significantly lower than competing plays In situ oil sands F&D costs remain low for years to come¹ US$/bbl 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 Current Oil Sands Permian Eagle Ford 5 years 10 years $/BOE 15.00 10.00 5.00 "Reserve replacement cost is the single-most important driver of supply cost." BMO Capital Markets: Oil & Gas Global Cost Study - August 2023 Upstream operating costs per BOE 0.00 2024F 2025F 2026F 2027F 2028F Note: See Advisory. 1) McDaniel & Associates estimates provided to Cenovus January 2024. Finding and development costs represent total capital per well divided by total recovered barrels. cenovus ENERGY 35

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