Cenovus's Diversified & Resilient Business Model
CANADIAN HEAVY OIL VALUE CHAIN
Tightly integrated Lloydminster complex captures robust margins
Strategic value
Indicative operating margin uplift¹
Extensive land position in the
Lloydminster region
•
Proven value chain provides
US$/bbl
significant margin uplift with minimal
40.00
transport or egress constraints.
35.00
Thermal and Conventional Heavy
30.00
barrels ensure long-term feedstock
supply into the Lloydminster
25.00
complex.
20.00
Strong domestic refined product
market for diesel, asphalt and
15.00
synthetic crude oil.
10.00
Commercial cardlock sells products
5.00
produced at the Lloydminster
complex.
0.00
~150% value
uplift
Lloyd Upgrader
Total
Netback@Hardisty
Lloyd Refinery
1) Incremental value capture through Lloydminster Upgrader & Refinery at US$75 WTI.
cenovus
ENERGY
Midstream pipelines
Lloyd Upgrader and
Refinery
Lloyd Thermals
Conventional Heavy
Oil operations
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