Cenovus's Diversified & Resilient Business Model
exploration rights, undertake geological studies, appraisal drilling and project developments; potential requirements
under applicable accounting standards for impairment or reversal of estimated recoverable amounts of some or all
of Cenovus's assets or goodwill from time to time; Cenovus's ability to maintain its relationships with its partners
and to successfully manage and operate its integrated operations and business; reliability of Cenovus's assets
including in order to meet production targets; potential disruption or unexpected technical difficulties in developing
new products and Refining processes; the occurrence of unexpected events resulting in operational interruptions,
including at facilities operated by our partners or third parties, such as blowouts, fires, explosions, railcar incidents
or derailments, aviation incidents, iceberg collisions, gaseous leaks, migration of harmful substances, loss of
containment, releases or spills, including releases or spills from offshore facilities and shipping vessels at terminals
or hubs and as a result of pipeline or other leaks, corrosion, epidemics or pandemics, and catastrophic events,
including, but not limited to, war, adverse sea conditions, extreme weather events, natural disasters, acts of activism,
vandalism and terrorism, and other accidents or hazards that may occur at or during transport to or from commercial
or industrial sites and other accidents or similar events; refining and marketing margins; cost escalations, including
inflationary pressures on operating costs, such as labour, materials, natural gas and other energy sources used in oil
sands processes and downstream operations and increased insurance deductibles or premiums; the cost and
availability of equipment necessary to Cenovus's operations; potential failure of products to achieve or maintain
acceptance in the market; risks associated with the energy industry's and Cenovus's reputation, social license to
operate and litigation related thereto; unexpected cost increases or technical difficulties in operating, constructing
or modifying Refining or refining facilities; unexpected difficulties in producing, transporting or refining bitumen
and/or crude oil into petroleum and chemical products; risks associated with technology and equipment and its
application to Cenovus's business, including potential cyberattacks; geo-political and other risks associated with
Cenovus's international operations; risks associated with climate change and Cenovus's assumptions relating
thereto; the timing and the costs of well and pipeline construction; Cenovus's ability to access markets and to secure
adequate and cost effective product transportation including sufficient pipeline, crude-by-rail, marine or alternate
transportation, including to address any gaps caused by constraints in the pipeline system or storage capacity;
availability of, and Cenovus's ability to attract and retain, critical and diverse talent; possible failure to obtain and
retain qualified leadership and personnel, and equipment in a timely and cost efficient manner; changes in labour
demographics and relationships, including with any unionized workforces; unexpected abandonment and
reclamation costs; changes in the regulatory frameworks, permits and approvals in any of the locations in which
Cenovus operates or to any of the infrastructure upon which it relies; government actions or regulatory initiatives
to curtail energy operations or pursue broader climate change agendas; changes to regulatory approval processes
and land use designations, royalty, tax, environmental, GHG, carbon, climate change and other laws or regulations,
or changes to the interpretation of such laws and regulations, as adopted or proposed, the impact thereof and the
costs associated with compliance; the expected impact and timing of various accounting pronouncements, rule
changes and standards on Cenovus's business, its financial results and the December 31, 2023 audited Consolidated
Financial Statements and accompanying notes; changes in general economic, market and business conditions; the
impact of production agreements among OPEC and non-OPEC members; the political, social and economic
conditions in the jurisdictions in which Cenovus operates or supplies; the status of Cenovus's relationships with the
communities in which it operates, including with Indigenous communities; the occurrence of unexpected events
such as protests, pandemics, war, terrorist threats and the instability resulting therefrom; risks associated with
existing and potential future lawsuits, shareholder proposals and regulatory actions against Cenovus and the
allocation of free cash flow to reducing net debt to between $4B and $9B and the assumptions inherent in Cenovus's
2024 guidance available on cenovus.com and other risks identified under "Risk Management and Risk Factors" and
"Advisory" in Cenovus's Annual MD&A. In addition, there are risks that the effect of actions taken by Cenovus in
implementing its targets, commitments and ambitions for ESG focus areas may have a negative impact on our
existing business, growth plans and future results from operations.
The guidance in respect of Cenovus's expectations of future periods in this presentation may be considered to be a
financial outlook for the purposes of applicable Canadian securities laws. Such information is based on assumptions
about future events, including economic conditions and proposed courses of action, based on management's
assessment of the relevant information currently available, and which may become available in the future. These
projections constitute forward-looking statements and are based on several material factors and assumptions set
out above. Actual results may differ significantly from such projections. See above for a discussion of certain risksView entire presentation