Cenovus's Diversified & Resilient Business Model

CONTINUOUS FOCUS ON REDUCING COSTS Sustainable reductions in our cost structure enhance margin Mbbls/d 800 Industry leading Oil Sands portfolio¹ Oil Sands operating costs per barrel 1,2,3 $/bbl 16.00 $ billion 15.0 700 600 500 400 300 200 100 2024F 14.00 12.00 10.00 8.00 6.00 4.00 2.00 12.0 9.0 6.0 3.0 0.00 0.0 2028F 2024F 2028F Oil Sands operating costs Oil Sands production Note: See Advisory. 1) Includes Conventional Heavy Oil. 2) At US$75 WTI. 3) Specified financial measure. cenovus ENERGY Oil Sands operating margin³ 2024F 2028F US$60 WTI US$75 WTI US$100 WTI 30

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