Cenovus's Diversified & Resilient Business Model

COMMODITY PRICE ASSUMPTIONS US$75 WTI scenario US$/bbl unless otherwise stated 2024F 2025F 2026F 2027F 2028F Brent $81.00 $81.00 $81.00 $81.00 $81.00 WTI $75.00 $75.00 $75.00 $75.00 $75.00 WTI-WCS differential $18.00 $18.00 $18.00 $18.00 $18.00 WCS $57.00 $57.00 $57.00 $57.00 $57.00 Chicago 3-2-1 crack spread $22.00 $22.00 $22.00 $22.00 $22.00 RINS $4.00 $4.00 $4.00 $4.00 $4.00 AECO (C$/Mcf) FX (US$/C$) $2.65 $2.65 $2.65 $2.65 $2.65 0.82 0.82 0.82 0.82 0.82 Note: See Advisory. cenovus ENERGY 22 72

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