Cenovus's Diversified & Resilient Business Model
DELIVERING RESULTS
Track record of improving business fundamentals
2017-2020
2021-2022
2023
2024 - 2028
$6.0 billion long-term
debt reduction¹
Significant sustaining capital
and operating cost
reductions
Improved market access for
our Oil Sands production
Strategic divestitures
Husky acquisition and the
integrated model
Strategic divestitures
$3.9 billion in shareholder
returns²
$5.4 billion long-term
debt reduction
Realized over $1.4 billion
in synergies
Toledo acquisition
and startup
Superior startup
$2.8 billion in shareholder
returns²
$1.6 billion long-term
debt reduction
Initiated three-year high-
value growth investment
cycle
100% excess free funds flow
to investors
Maintain net debt at
$4.0 billion
Complete growth
investment cycle
Focus on disciplined
operations and integration
Downstream profitability
Sunrise acquisition
Note: See Advisory. 1) Long-term debt including current portion, as at June 30, 2017. 2) Includes, as applicable, base & preferred dividends, NCIB purchases, variable dividends and payments allocated to the common share warrant obligations.
cenovus
ENERGY
6View entire presentation