Cenovus's Diversified & Resilient Business Model

COMMODITY PRICE ASSUMPTIONS US$100 WTI scenario US$/bbl unless otherwise stated 2024F 2025F 2026F 2027F 2028F Brent $106.00 $106.00 $106.00 $106.00 $106.00 WTI $100.00 $100.00 $100.00 $100.00 $100.00 WTI-WCS differential $18.00 $18.00 $18.00 $18.00 $18.00 WCS $82.00 $82.00 $82.00 $82.00 $82.00 Chicago 3-2-1 crack spread $29.00 $29.00 $29.00 $29.00 $29.00 RINS $4.00 $4.00 $4.00 $4.00 $4.00 AECO (C$/Mcf) FX (US$/C$) $2.65 $2.65 $2.65 $2.65 $2.65 0.82 0.82 0.82 0.82 0.82 Note: See Advisory. cenovus ENERGY 73

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