Cenovus's Diversified & Resilient Business Model
OIL SANDS DELIVERING COMPETITIVE RETURNS
Best-in-class Oil Sands capital efficiency
$ / flowing bbl
14,000
Oil Sands sustaining capital efficiency¹
Capital efficiency today
Sunrise future capital efficiency
12,000
10,000
Weighted average of
8,000
~$7,500 / flowing bbl
2028F
6,000
4,000
2,000
0
Christina Lake
Foster Creek
Lloyd Thermals
Sunrise
Sustaining capital efficiency average of
~$7,500
per flowing barrel
Sustaining capital improvement of
~25%
at Sunrise over five-year plan
Consistently low finding and development costs²
~$8/bbl
Note: See Advisory. 1) Capital efficiency represents sustaining capital divided by peak production. 2) Finding & development costs based on average in-year capital spend divided by average production over the planned period.
cenovus
ENERGY
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