Cenovus's Diversified & Resilient Business Model
RESILIENT BALANCE SHEET ENABLES FINANCIAL FLEXIBILITY
Minimal maturities until 2027
$ million
2024-2032: ~$3.6 billion in maturities
2,250
2,000
Low risk maturity profile¹
1,750
1,500
1,250
1,000
750
500
250
2022
2023
2024
2025
S&P
BBB-
Positive
cenovus
ENERGY
2027
USD bonds
2028
2029
2032
CAD bonds
2037
Current credit ratings & outlooks
Moody's
Baa2
Positive
2039
2032-2052: ~$3.5 billion in maturities
2042
2043
Repurchased bonds
2047
Morningstar DBRS
BBB (High)
Stable
Fitch
BBB
Stable
2052
Note: See Advisory. 1) CAD$ maturities converted to US$ using 0.74 CAD/USD exchange rate. 2) Annual interest expense on short-term and long-term borrowings since Q1 2021.
Reduced annual interest expense²
$330 million
Targeting investment grade
mid-BBB
credit ratings
Average debt tenor
12.5 years
Average debt coupon of
4.46%
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