Cenovus's Diversified & Resilient Business Model
ASIA PACIFIC OFFERS DIVERSIFICATION
Low capital, strong free funds flow generation
$ billion
4.0
3.0
Asia Pacific cumulative operating margin¹
High-value, stable-
price gas contracts
2.0
1.0
Asia portfolio
Exploring for additional growth.
•
Production not limited by resource constraints.
Exploration well drilling in 2024.
Produced 1 TCF of gas from the Liwan 3-1 field.
0.0
•
Achieved first gas at the MAC field in Indonesia.
2024F
2025F
2026F
2027F
2028F
■US$45 WTI US$100 WTI
MBOE/d
40
30
20
20
10
Five-year production outlook
LLI
2024F
2025F
2026F
2027F
2028F
■China
Indonesia
Note: See Advisory. 1) Non-GAAP financial measure.
cenovus
ENERGY
•
Long-term contracts in place until the late 2030's and 2040.
Asia Pacific revenue of $1.1 billion and operating margin of $1.0
billion in 2023.
Delivers cumulative operating
margin of nearly
$3.0 billion
at bottom of the cycle
In the 5-year plan
Provides stable operating
margin with a netback
over $45
per barrel of oil equivalent
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