Cenovus's Diversified & Resilient Business Model
expected refining and upgrading capacity and production and throughput; capital investments; optionality for ex-
Alberta egress; value optimization and marketing; realizing the full value of our integrated business; supporting long-
term value for Cenovus; safety performance; downstream reliability and profitability; cost leadership; advocating
for our company and industry; executing major projects such as West White Rose, SeaRose ALE, Narrows Lake tie-
back at Christina Lake, and Foster Creek Optimization on time and on budget; delivering first oil from the West White
Rose project in 2026; achieving peak production at West White Rose in 2028; being best in class operators; meeting
targets for our five ESG focus areas; anticipated incremental heavy oil uplift; reserve life; margin uplift; heavy oil
discounts; additional LNG egress; internal rate of return on investments; sustaining capital efficiency in Oil Sands
and at Sunrise; enhancing margins; improvement of Lloydminster Thermals and Sunrise SOR; annual value created
through technology initiatives; drilling of exploration wells; optionality to reduce costs and accelerate development
from short-cycle assets; improvement of cost structure; conventional production growth; gas weighted growth of
~25,000 BOE/d by 2028; operating costs per barrel of production; increased reliability and profitability over the next
five years; improved utilization rates; the full availability of capacity at U.S. refineries to capture more margin; the
impact of turnaround activity on utilization rates; costs savings and margin enhancements; maximizing long term
profitability of our assets; our 2024 capital investment budget; returning incremental value to shareholders through
share buybacks and/or variable dividends in accordance with the capital allocation framework; safety performance;
sustainability and sustainability leadership; targets for ESG focus areas including climate & GHG emissions, water
stewardship, biodiversity, indigenous reconciliation and inclusion and diversity; reduction of scope 1 & 2 GHG
absolute emissions; near, medium and long-term emission reductions targets and methane reduction targets; the
Pathways Alliance foundational project; government support and incentives in emissions reductions projects such
as the Pathways CO2 pipeline and hub and small modular nuclear reactors for oil sands; timing with respect to the
regulatory filings for Cenovus's carbon capture and storage project; resiliency; reduction of Net Debt; maintaining
credit ratings; investment in projects that generate returns at bottom-cycle; diversification of revenues; optimize
value through pipelines, logistics and marketing; enhanced cash flow through projects in heavy oil; low risk maturity
profile; improving business resilience through increasing scale and controlling costs and operating costs per barrel;
optimization of the business through the five-year plan, including cumulative capital investments, reducing
operating, sustaining capital and general and administrative costs and growing dividend capacity.
Developing forward-looking information involves reliance on a number of assumptions and consideration of certain
risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The
factors or assumptions on which the forward-looking information is based include, but are not limited to: forecast
bitumen, crude oil and natural gas, natural gas liquids, condensate and refined products prices, light heavy crude oil
price differentials; Cenovus's ability to realize the anticipated benefits and anticipated cost synergies of acquisitions;
the accuracy of any assessments undertaken in connection with acquisitions; forecast production and crude
throughput volumes and timing thereof; projected capital investment levels, the flexibility of capital spending plans
and associated sources of funding; the absence of significant adverse changes to government policies, legislation
and regulations (including related to climate change), Indigenous relations, interest rates, inflation, foreign exchange
rates, competitive conditions and the supply and demand for bitumen, crude oil and natural gas, natural gas liquids,
condensate and refined products; the political, economic and social stability of jurisdictions in which Cenovus
operates; sustainable reductions in costs structure that will enhance margins; efficient turnaround activity, which
will impact utilization rates; the absence of significant disruption of operations, including as a result of harsh
weather, natural disaster, accident, civil unrest or other similar events; the prevailing climatic conditions in Cenovus's
operating locations; achievement of further cost reductions and sustainability thereof; applicable royalty regimes,
including expected royalty rates; future improvements in availability of product transportation capacity; increase to
Cenovus's share price and market capitalization over the long-term; opportunities to purchase shares for
cancellation at prices acceptable to Cenovus; the sufficiency of cash balances, internally generated cash flows,
existing credit facilities, management of Cenovus's asset portfolio and access to capital and insurance coverage to
pursue and fund future investments, sustainability and development plans and dividends, including any increase
thereto; production from Cenovus's Conventional segment providing an economic hedge for the natural gas required
as a fuel source at both Cenovus's oil sands and refining operations; realization of expected capacity to store within
Cenovus's oil sands reservoirs barrels not yet produced, including that Cenovus will be able to time production and
sales of our inventory at later dates when demand has increased, pipeline and/or storage capacity has improved and
future crude oil differentials have narrowed; the WTI-WCS differential in Alberta remains largely tied to global supplyView entire presentation