Cenovus's Diversified & Resilient Business Model

OPTIMIZING THE BASE BUSINESS DRIVES HIGHER RETURNS Generating returns through the cycle Cumulative capital investments of ~$21 billion, ~70% sustaining over the five-year plan Cost structure improves on average in upstream, downstream and G&A Cumulative free funds flow ~$32 billion at US$75 WTI $ million 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Free funds flow through the cycle¹ 0 2024F 2025F Note: See Advisory. 1) Non-GAAP financial measure. Free funds flow in 2023 was $4.5 billion. Cash from operating activities in 2023 was $7.4 billion. cenovus ENERGY 2026F 2027F 2028F US$45 WTI US$60 WTI US$75 WTI US$100 WTI 65

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