Cenovus's Diversified & Resilient Business Model

DISCIPLINED ORGANIC GROWTH High-return investments grow our base business MBOE/d Sunrise optimization 200 Narrows Lake tie-back 150 100 Approximately 150,000 BOE/d of growth in five-year plan Foster Creek optimization West White Rose Project Conventional Heavy Oil development Options to grow natural gas production Conventional CHO Offshore Foster Creek optimization: >30,000 bbls/d Narrows Lake tie-back: 20,000 - 30,000 bbls/d Sunrise optimization: 15,000 - 20,000 bbls/d West White Rose project: 45,000 bbls/d Conventional Heavy Oil: 15,000 - 20,000 bbls/d Conventional: 20,000 - 30,000 BOE/d 50 50 2024F Note: See Advisory. cenovus ENERGY Oil Sands 2025F 2026F 2027F 2028F Oil Sands Offshore Conventional Heavy Oil Conventional 27

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