Cenovus's Diversified & Resilient Business Model

DOWNSTREAM IMPROVEMENTS Methodical and pragmatic approach to improving reliability Toledo 57% 2023 utilization System baselining • Preventative 2024 utilization¹ Focus areas maintenance 85% - 90% Reliability capital Lima 85% Isocracker reliability . Diesel hydrotreater uptime • 89% - 94% Isocracker projects on Coker, Isocracker and Alky units Reliability accelerator . Reliability accelerator program program Integration & optimization Superior 61% FCC start-up challenges Intermediate inventory bottleneck 80%-85% • De-inventory Bad actor program implementation HF Alky Unit operation Reliability & maintenance improvements Lloydminster Upgrader 90% • H-Oil reliability challenges 90%-95% Turnaround initiatives to support reliability ⚫ H-oil pump upgrades Electrical system improvements • Bad actor program implementation Reliability & maintenance management Competency & capability Downstream technical services Lloydminster Refinery 95% 2022 95%² 2021 95% 92% - 97% Note: See Advisory. 1) Reflects the expected utilization in months without turnaround activity. 2) Reflects 2022 Lloydminster Refinery utilization, excluding turnaround impacts. cenovus ENERGY 41

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