Cenovus's Diversified & Resilient Business Model

STRENGTHENING THE CONVENTIONAL BUSINESS Improving cost structure and optimizing exposure to natural gas MBOE/d Conventional production growth 150 100 50 0 2024F 2025F 2026F 2027F 2028F ■Natural Gas NGLS Oil $/BOE 15.00 12.00 9.00 6.00 3.00 0.00 2024F Reducing operating costs 2025F 2026F 2027F 2028F Conventional operating costs per barrel Note: See Advisory. 1) 2023 Annual Information Form. cenovus ENERGY Gas-weighted growth of ~25,000 BOE/d by 2028 Natural gas net processing capacity of ~1.2 Bcf/d¹ to fill Ex-Alberta pipeline access ~220 MMcf/d 39

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