Cenovus's Diversified & Resilient Business Model

COMMODITY PRICE ASSUMPTIONS US$60 WTI scenario US$/bbl unless otherwise stated 2024F 2025F 2026F 2027F 2028F Brent $65.00 $65.00 $65.00 $65.00 $65.00 WTI $60.00 $60.00 $60.00 $60.00 $60.00 WTI-WCS differential $14.50 $14.50 $14.50 $14.50 $14.50 WCS $45.50 $45.50 $45.50 $45.50 $45.50 Chicago 3-2-1 crack spread $18.50 $18.50 $18.50 $18.50 $18.50 RINS $4.00 $4.00 $4.00 $4.00 $4.00 AECO (C$/Mcf) FX (US$/C$) $2.27 $2.27 $2.27 $2.27 $2.27 0.78 0.78 0.78 0.78 0.78 Note: See Advisory. cenovus ENERGY 71

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