Cenovus's Diversified & Resilient Business Model
U.S. REFINING
Directly integrated and consuming the barrels we produce
U.S. Refining
Illustrative U.S. Refining operating margin¹
Increased portfolio refining capacity by ~130 Mbbls/d
and heavy conversion capacity by ~80 Mbbls/d.
Safely and successfully restarted Toledo and Superior
refineries.
$ billion
3.0
2.0
1.0
Implementation of operations integrity systems
across the network.
0.0
Developed a centralized technical services team.
2024F
2025F
2026F
2027F
2028F
Initiatives contribute to
increase reliability
over the next five years
WTI
(US$/bbl)
Net Chicago 3-2-1 crack
WCS differential
spread² (US$/bbl)
(US$/bbl)
$45
$12.00
$12.50
$60
$14.50
$14.50
$75
$18.00
$18.00
Note: See Advisory. 1) Specified financial measure. 2) Net crack spread based on Chicago 3-2-1 benchmark net of renewable identification numbers (RINS) expense.
cenovus
ENERGY
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