Cenovus's Diversified & Resilient Business Model
PROJECTS COMPETE FOR CAPITAL AT THE BOTTOM OF THE CYCLE
Investing in our business to maximize returns on capital
Project internal rate of return at US$45, $60¹
Project IRR
Growth
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Sustaining
Foster Creek debottleneck
cenovus
ENERGY
Foster Creek Amine Claus
Narrows Lake tie-back
Sunrise optimization
West White Rose Project
Christina Lake sustaining
Foster Creek sustaining
Lloyd Thermal sustaining
Sunrise sustaining
Conventional sustaining
Refining optimization
Adjusted funds flow at US$45 WTI²
$ billion
Downstream
7.0
Refining reliability
Lloyd Refinery debottleneck
6.0
5.0
4.0
3.0
2.0
1.0
0.0
0.0
2024F
2028F
High-return projects grow
adjusted funds flow US$45 WTI
Note: See Advisory. 1) The internal rate of return (IRR) is the discount rate at which the net present value of an investment is zero. The IRR used in evaluation is based on the after-tax free funds flow and reflects projects included
in the five-year plan. 2) Non-GAAP financial measure. 2023 adjusted funds flow was $8.8 billion. 2023 cash from operating activities was $7.4 billion.
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