Cenovus's Diversified & Resilient Business Model
factors and heavy crude processing capacity; the ability of Cenovus's refining capacity, dynamic storage, existing
pipeline commitments, crude-by-rail loading capacity and financial hedge transactions to partially mitigate a portion
of Cenovus's WCS crude oil volumes against wider differentials; Cenovus's ability to produce from oil sands facilities
on an unconstrained basis; estimates of quantities of oil, bitumen, natural gas and liquids from properties and other
sources not currently classified as proved; the accuracy of accounting estimates and judgments; Cenovus's ability to
obtain necessary regulatory and partner approvals; the successful, timely and cost effective implementation of
capital projects, development projects or stages thereof; Cenovus's ability to meet current and future obligations;
estimated abandonment and reclamation costs, including associated levies and regulations applicable thereto;
Cenovus's ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; Cenovus's
ability to complete acquisitions and dispositions, including with desired transaction metrics and within expected
timelines; Cenovus's ability to achieve long-term financial resilience through strong sustainability; the accuracy of
climate scenarios and assumptions, including third party data on which Cenovus relies; ability to access and
implement all technology and equipment necessary to achieve expected future results, including in respect of
climate and GHG emissions targets and ambitions and the commercial viability and scalability of emission reduction
strategies and related technology and products; collaboration with the government, Pathways Alliance and other
industry organizations; alignment of realized WCS and WCS prices used to calculate the variable payment to BP
Canada Energy Group ULC (bp Canada); market and business conditions; forecast inflation and other assumptions
inherent in Cenovus's 2024 guidance available on cenovus.com and as set out below; the availability of Indigenous
owned or operated businesses and Cenovus's ability to retain them; and other risks and uncertainties described from
time to time in the filings Cenovus makes with securities regulatory authorities.
2024 guidance dated December 13, 2023, and available on cenovus.com, assumes: Brent prices of US$79.00 per
barrel, WTI prices of US$75.00 per barrel; WCS of US$58.00 per barrel; WTI-WCS differential of US$17.00 per barrel;
AECO natural gas prices of $2.80 per Mcf; Chicago 3-2-1 crack spread of US$21.00 per barrel; and an exchange rate
of $0.73 US$/C$.
The risk factors and uncertainties that could cause Cenovus's actual results to differ materially from the forward-
looking information, include, but are not limited to: Cenovus's ability to realize the anticipated benefits of
acquisitions in a timely manner or at all; unforeseen or underestimated liabilities associated with acquisitions; risks
associated with acquisitions and dispositions; Cenovus's ability to access or implement some or all of the technology
necessary to efficiently and effectively operate its assets and achieve expected future results including in respect of
climate and GHG emissions targets and ambitions and the commercial viability and scalability of emission reduction
strategies and related technology and products; the development and execution of implementing strategies to meet
climate and GHG emissions targets and ambitions; the effect of new significant shareholders; volatility of and other
assumptions regarding commodity prices; the duration of any market downturn; foreign exchange risk, including
related to agreements denominated in foreign currencies; Cenovus's continued liquidity being sufficient to sustain
operations through a prolonged market downturn; WTI-WCS differential will remain largely tied to global supply
factors and heavy crude processing capacity; Cenovus's ability to realize the expected impacts of its capacity to store
within its oil sands reservoirs barrels not yet produced, including possible inability to time production and sales at
later dates when pipeline and/or storage capacity and crude oil differentials have improved; the effectiveness of
Cenovus's risk management program; the accuracy of cost estimates regarding commodity prices, currency and
interest rates; lack of alignment of realized WCS prices and WCS prices used to recalculate the variable payment to
bp Canada; product supply and demand; the accuracy of Cenovus's share price and market capitalization
assumptions; market competition, including from alternative energy sources; risks inherent in Cenovus's marketing
operations, including credit risks, exposure to counterparties and partners, including the ability and willingness of
such parties to satisfy contractual obligations in a timely manner; risks inherent in the operation of Cenovus's crude-
by-rail terminal, including health, safety and environmental risks; Cenovus's ability to maintain desirable ratios of
Net Debt to Adjusted EBITDA, Net Debt to Adjusted Funds Flow and Operating Margins; Cenovus's ability to access
various sources of debt and equity capital, generally, and on acceptable terms; Cenovus's ability to finance growth
and sustaining capital expenditures; changes in credit ratings applicable to Cenovus or any of its securities; changes
to Cenovus's dividend plans; Cenovus's ability to utilize tax losses in the future; the accuracy of Cenovus's reserves,
future production and future net revenue estimates; the accuracy of Cenovus's accounting estimates and
judgements; Cenovus's ability to replace and expand crude oil and natural gas reserves; the costs to acquireView entire presentation