Cenovus's Diversified & Resilient Business Model

ATLANTIC REGION West White Rose Project nearing completion Increasing our exposure to Brent based pricing Mbbls/d 60 40 40 West White Rose Project has achieved 75% completion. Net peak production of ~45,000 bbls/d in 2028. Free cash flow positive in 2026 at US$60 WTI. High-netback, Brent-based pricing. 20 20 0 2024F 2025F 2026F 2027F 2028F Terra Nova White Rose West White Rose $ billion West White Rose Project cash flow profile¹ 1.5 0.8 0.0 -0.8 -1.5 Note: See Advisory. 1) West White Rose Project cash flow profile defined as asset operating margin less capital investments, not including tax at US$75 WTI. West White Rose Project cenovus ENERGY 36

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