Cenovus's Diversified & Resilient Business Model

DELIVERING ON OUR COMMITMENTS Continued balance in capital allocation, shareholder returns and investments DISCIPLINED CAPITAL INVESTMENTS GROWING CASH FROM OPERATING ACTIVITIES DRIVING HIGHER SHAREHOLDER RETURNS Growing cash from operating activities¹ Investing in our business $ billion $ billion 6.0 12.0 10.0 8.0 6.0 4.0 2.0 5.0 4.0 3.0 2.0 1.0 0.0 00 0.0 2024F 2025F 2026F 2027F 2028F 2024F 2025F 2026F 2027F 2028F Cash from operating activities Sustaining capital Growth capital Note: See Advisory. 1) At US$75 WTI. 2023 cash from operating activities was $7.4 billion. cenovus ENERGY 64

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