Cenovus's Diversified & Resilient Business Model

Refining throughput • OVERVIEW OF THE DOWNSTREAM FIVE-YEAR PLAN Increasing throughput through improved uptime and reliability Canadian Refining Strategic integration with Lloydminster Thermals and Conventional Heavy Oil businesses. Track record of reliability, with an average of over 90% utilization in 2023. Produces high-value synthetic crude oil, diesel and asphalt. U.S. Refining Mbbls/d 700 600 • Utilization rates improving in 2024: Full availability of capacity at U.S. refineries to capture more margin. Continuous margin improvement throughout the plan from implementing proactive maintenance program and strong operating practices. Note: See Advisory. cenovus ENERGY 500 400 2023 2024F 2025F 2026F 2027F 2028F 40

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