Cenovus's Diversified & Resilient Business Model
APPROACHING BEST-IN-CLASS BALANCE SHEET
Net debt as at December 31, 2023 was $5.1 billion
$ billion
5.0
Net debt trajectory at US$75 WTI¹
2025 D/CF1
4.0
3.0
2.0
1.0
0.0
2023 year-end
Low leverage enables capital flexibility²
aml
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
CVE
-0.1
-0.2
2024
-0.3
Net debt target of
$4.0 billion
grounded at 1.0x net debt to adjusted funds flow at US$45 WTI
Liquidity of
~$8.9 billion³
at December 31, 2023
Note: See Advisory. 1) The amount of time required to reach the company's $4 billion net debt target is uncertain and subject to a number of factors, including commodity prices. 2) Data provided by Morgan Stanley Research
December 11, 2023. Peers include IMO, CVX, CNQ, COP, DVN, HES, APA & SU. 3) Includes Cash & Cash Equivalents, committed credit facilities, uncommitted demand facilities as of December 31, 2023.
cenovus
ENERGY
59View entire presentation