Cenovus Energy Inc. · TSX:CVE
Cenovus Energy — Investor Presentation (November 2026)
15 slides from Cenovus Energy's investor presentation, November 2026
Slide 1: Corporate Presentation
Corporate Presentation November 2026
Slide 2: Cenovus at a glance
Cenovus at a glance Market Summary Ticker symbol TSX, NYSE | CVE Shares outstanding 1,817 million Market capitalization $78 billion Operating Statistics 2026 production guidance 990 MBOE/d Upgrading and refining operable capacity 473 Mbbls/d 2025 proved plus probable (2P) reserves 9.6 BBOE Financial
Slide 3: Third-quarter 2026 results
Third-quarter 2026 results Third-quarter results Highlights Upstream Production 1,024 MBOE/d • Upstream production of 1,024 MBOE/d. • Increase of over 50 MBOE/d from Q2 2026. Downstream Throughput 437 Mbbls/d • Record quarterly Oil Sands production of 833 Cash From Operating Activities $5,584 millio
Slide 4: Cenovus's value proposition
Cenovus’s value proposition Low cost, long-life Disciplined Conservative Increasing resource base growth investments capital structure shareholder returns Decades of production Highly efficient growth Robust balance sheet Growing base dividend in from booked reserves investments • <1x Net Debt to tr
Slide 5: Portfolio overview
Portfolio overview Diverse cash flow streams across multiple jurisdictions Upstream production2 Downstream operable capacity & heavy oil %2 Christina Lake 371 MBOE/d Lloydminster Upgrader 78.5 Mbbls/d 100% Foster Creek3 231 MBOE/d Lloydminster Refinery 29.5 Mbbls/d 100% Sunrise 65 MBOE/d Lima Refine
Slide 6: Differentiated value proposition
Differentiated value proposition Highest production growth, highest free funds flow growth and lowest cost structure of the peer group Production per share growth1 (2025 - 2028) Free funds flow per share growth1 (2025 - 2028) 100% >100% 100% Highest production per share growth Highest free funds flo
Slide 7: Growing through disciplined execution
Growing through disciplined execution Executing our growth strategy while materially increasing Adjusted Funds Flow Total upstream production (MBOE/d) 1,100 900 Production growth of ~190 MBOE/d 700 year-over-year 500 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adjusted Funds Flow per share1 ($ per share
Slide 8: Capital allocation priorities
Capital allocation priorities Commitment to a strong balance sheet, disciplined investment and shareholder returns 1 2 3 4 5 Balance sheet Sustaining capital Base dividend Growth capital Share repurchases • Commitment to • Investments related • Base dividend funded • Focused and • Opportunistic shar
Slide 9: Disciplined and sustainable shareholder returns
Disciplined and sustainable shareholder returns Consistent track record of base dividend growth and opportunistic repurchases $/share Growing quarterly base dividend $0.30 +10% +29% +11% $0.20 +33% Six years of consecutive growth in +200% $0.10 the base dividend Annualized growth of ~44% since 2021
Slide 10: 2026 capital investment
2026 capital investment Disciplined capital program with targeted investment in high return growth projects Turnaround capital ~$350MM Sustaining capital ~$3.5 - 3.6B $1.2B - $1.4B Targeting liquids rich Conventional Growth opportunities West White Rose Offshore Growth drilling Total capital Growth
Slide 11: In-flight projects support continued upstream production growth
In-flight projects support continued upstream production growth Total upstream production1 Key growth projects MBOE/d 1,200 Production Project Status additions Narrows Lake Tie Back 20,000 - 30,000 bbls/d ✓ Foster Creek Optimization >30,000 bbls/d ✓ 600 Sunrise Optimization 15,000 - 20,000 bbls/d ✓
Slide 12: Midstream and downstream heavy oil coverage
Midstream and downstream heavy oil coverage Mitigating risk of Canadian heavy oil price dislocations via downstream integration and pipeline egress Blended heavy production 1,000 – 1,100 Mbbls/d Egress pipeline coverage Heavy oil egress/conversion Future contracted U.S. Pipeline space >750 Mbbls/d b
Slide 13: Strong investment grade credit ratings with longer-term maturities
Strong investment grade credit ratings with longer-term maturities Current credit ratings & outlooks S&P Moody’s DBRS Fitch BBB Baa1 BBB (High) BBB Stable Stable Stable Stable U.S. dollar maturities1 Canadian dollar maturities Average debt coupon Average debt tenor $3,000 ~4.6% ~11 years $2,000 $1,0
Slide 14: 2026 guidance pricing & sensitivities
2026 guidance pricing & sensitivities 2026 mid year guidance price assumptions 2026 adjusted funds flow sensitivities (C$MM) Crude oil (WTI) Crude oil & natural gas ($220) US$(1)/bbl US$1/bbl $220 Brent US$/bbl $80.00 WTI US$/bbl $75.00 Exchange rate (US$/C$) ($170) +$0.01 $(0.01) $170 WCS US$/bbl $
Slide 15: Advisory
Advisory Barrels of Oil Equivalent Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six Mcf to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion m
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