Cenovus's Diversified & Resilient Business Model
STRATEGIC VALUE OF U.S. REFINING IN PADD II
Structural crude advantage enables strong PADD II refining margins
Percent
200%
180%
Upper PADD II margin capture¹
160%
140%
120%
100%
80%
60%
40%
20%
0%
2012
2014
2016
2018
2020
2022
Upper Padd II
Rest of US
•
•
Strategic value
Competitive advantage driven by access to inland.
crude and exposure to U.S. domestic product
market.
Offsets the locational and transport discounts on our
heavy oil.
PADD II focused refining position supported
by historical strength in this market.
Opportunity to improve operational reliability to
realize the full value of our assets.
Note: See Advisory. 1) HSB Soloman Associates, LLC. Upper PADD II represents Refinery Supply Corridor II (RSC II), not including Kansas, Oklahoma and Tennessee.
cenovus
ENERGY
20
20View entire presentation