Cenovus's Diversified & Resilient Business Model
CENOVUS'S STRATEGIC OBJECTIVES
Integrated portfolio delivers to maximize shareholder value
Top-tier safety
performance and
sustainability
leadership
Safe and reliable
operations
Best-in-class Upstream
and Downstream
assets
Practical approach to
sustainability
Note: See Advisory
cenovus
ENERGY
Cost
leadership
Financial
discipline
Returns-focused
capital allocation
Generate growing
free funds flow
Conservative capital
Low-cost structure
across the portfolio
structure
Operating costs
G&A
Strong balance sheet
Sustaining capital
Disciplined approach
to capital allocation
Disciplined focus on
shareholder returns
Investments aligned to
core strategy
Greater than cost of
capital returns at
bottom of the cycle
prices
Sustainable and
growing base dividend
Increasing return of
excess free funds flow
to shareholders
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