Cenovus's Diversified & Resilient Business Model

OIL SANDS AND CONVENTIONAL HEAVY OIL Long-life, low-cost resources Oil Sands and Thermals • • Low sustaining capital allows us to generate high cash flow through the cycle. Contributed approximately 75% of our total operating margin in 2023. Best-in-class SAGD resource with 30+ years of reserve life. Conventional Heavy Oil • ~2,000 multilateral locations in inventory and the largest land position in the area. Integrated with the Lloydminster complex. Supported by existing operated midstream infrastructure. Short-cycle asset provides optionality to lower costs, accelerate development and grow production >50 Mbbls/d. Note: See Advisory. cenovus ENERGY Foster Creek 13

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