Financial Data and Key Metrics Changes - In 2022, earnings increased tenfold from 2021, with annual adjusted funds flow reaching CAD 11 billion, which was utilized to reduce debt by more than half and invest approximately CAD 3.7 billion in the business [19][20] - For Q4 2022, adjusted funds flow was about CAD 2.4 billion, and free funds flow was CAD 1.1 billion, with net debt decreasing by CAD 1 billion to just over CAD 4.3 billion by year-end [20][21] - The company allocated half of Q4 excess free funds flow to shareholder returns, primarily through share buybacks [20] Business Line Data and Key Metrics Changes - Total production averaged over 806,000 BOE per day in Q4, an increase of about 30,000 BOE per day from Q3, with the conventional business contributing approximately CAD 250 million of operating margin [15][19] - The Lima refinery achieved record throughput in 2022, generating about CAD 1.1 billion in operating margin, while the Lloydminster upgrader and refinery delivered nearly CAD 700 million in operating margin [16][19] - Downstream operations faced challenges due to extreme cold weather and unplanned outages, but most assets returned to normal rates by mid-January [17][19] Market Data and Key Metrics Changes - The U.S. manufacturing segment experienced a negative FIFO impact of roughly CAD 180 million in Q4 due to falling commodity prices [18] - The company reported that the fall in commodity prices affected oil sands pricing and margins, with sales volumes being less than production to avoid wider differentials [43] Company Strategy and Development Direction - Cenovus aims to create a low-cost, resilient, integrated energy company that is profitable across the commodity cycle, focusing on maximizing the heavy oil value chain to support cash flow and shareholder returns [9][19] - The company is committed to reducing emissions and has entered into an agreement with the government of Alberta to evaluate a proposed storage hub for its carbon capture project [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving key operating targets despite challenges from extreme weather and operational issues in December [21] - The leadership transition is seen as timely, with the new CEO expected to continue the strategic direction established by the outgoing CEO [35][102] Other Important Information - Cenovus spent about CAD 1 million a day on goods and services from Indigenous-owned businesses, aiming to reach a target of CAD 1.2 billion by the end of 2025 [22] - The company has promoted Rhona DelFrari to Executive VP, recognizing her contributions as Chief Sustainability Officer [117] Q&A Session Summary Question: What are the key priorities for Cenovus in 2023? - Safety remains the top priority, with a focus on integrating new assets to the same safety standards as existing operations [71] Question: How does Cenovus view its capital returns strategy? - The preferred method of returning cash to shareholders is through share buybacks, with a commitment to return value while being mindful of market conditions [79] Question: What is the outlook for WCS differentials in 2023? - The differential is expected to narrow due to improved egress out of Canada and the anticipated impact of the TMX pipeline coming online [82][123] Question: How has the company managed the impacts of the Keystone pipeline outage? - Cenovus ramped up its rail program to mitigate the impacts of the outage, successfully shipping crude by rail during the downtime [73][92] Question: What are the expectations for the performance of the Superior and Toledo refineries? - Both refineries are expected to ramp up to full operations in Q2 2023, with ongoing efforts to restore throughput to normal levels [98][99]

Cenovus Energy Inc. (NYSE:CVE) Q3 2022 Earnings Conference Call November 2, 2022 11:00 AM ET Company Participants Sherry Wendt - Vice President, Investor Relations Alex Pourbaix - President & Chief Executive Officer Keith Chiasson - Executive Vice President Downstream Rhona DelFrari - Chief Sustainability Officer Jeffrey Hart - Executive Vice President & Chief Financial Officer Norrie Ramsay - Executive Vice President Upstream Andrew Dahlin - Executive Vice-President, Corporate & Operations Services Jon McK ...

Cenovus Energy Inc. (NYSE:CVE) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET Company Participants Sherry Wendt - Vice President of Investor Relations Alexander Pourbaix - President and Chief Executive Officer Norrie Ramsay - Executive Vice President of Upstream Keith Chiasson - Executive Vice President of Downstream Jonathan McKenzie - Chief Operating Officer Rhona DelFrari - Chief Sustainability Officer Conference Call Participants Menno Hulshof - TD Securities Greg Pardy - RBC Capital Markets ...

Financial Data and Key Metrics Changes - In Q1 2022, the company generated cash flow from operating activities of CAD 1.4 billion and adjusted funds flow of CAD 2.6 billion, marking the best financial results as a combined entity [10] - Capital spending was CAD 746 million, leading to a free funds flow of over CAD 1.8 billion [10] - Net debt was reduced to CAD 8.4 billion as of March 31, impacted by a build of working capital due to higher crude oil and refined product pricing [10] Business Line Data and Key Metrics Changes - Total upstream production was approximately 800,000 BOE per day, with oil sands production nearly 600,000 barrels per day [11] - Oil sands segment generated CAD 2.2 billion in operating margin in Q1 [14] - Conventional operations produced over 125,000 BOE per day, generating an operating margin of CAD 263 million [15] Market Data and Key Metrics Changes - The company reported strong realized prices for oil sands, supporting an average oil sands netback of over CAD 56 per barrel [14] - In the Atlantic region, unit netbacks exceeded CAD 83 per barrel, reflecting production of 14,000 barrels per day [17] - The U.S. manufacturing segment's refinery utilization increased to 80%, generating CAD 423 million in operating margin [18] Company Strategy and Development Direction - The company has approved a tripling of the base dividend and introduced potential variable dividends alongside a share buyback program [6][7] - A net debt floor of CAD 4 billion has been implemented, targeting 50% of excess free funds flow towards shareholder returns [8] - The company is focused on maintaining capital discipline and has a five-year business plan in place [9] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the future, noting the recovery of commodity prices and the role of the industry in transitioning to a lower carbon economy [23] - The company anticipates stronger momentum in the second half of the year, with full operations expected after planned maintenance [23] - Management highlighted ongoing discussions with the government regarding investment tax credits for carbon capture utilization and storage projects [22] Other Important Information - The company is on track to restart the Superior refinery by the end of the year, with CAD 1.1 billion received in insurance proceeds related to the rebuild [20][50] - The company aims to reduce absolute Scope 1 and 2 emissions by 35% by 2035, with a net-zero ambition by 2050 [22] Q&A Session All Questions and Answers Question: Share buyback program completion and capital return strategy - Management indicated that share buybacks are preferred for returning value to shareholders and will continue if share prices remain attractive [28][29] Question: Capital allocation and growth projects - Management confirmed that capital allocation is rooted in generating returns at bottom-of-cycle pricing and that they are evaluating short-cycle growth projects [31] Question: Updated debt target and M&A considerations - Management clarified that the new debt target of CAD 4 billion allows for optionality in capital allocation and opportunistic buybacks [39][42] Question: Downstream performance and margin outlook - Management noted improved downstream performance and expects robust market conditions in the second half of the year [59] Question: Pathways project and government support - Management emphasized the need for further government support to proceed with large-scale carbon capture projects [70]

cenovus 2021 ANNUAL | --- | --- | --- | --- | --- | |-------|-------|----------|------------------------------------------------------|-------| | | | | | | | | | | At Cenovus, our Purpose is to | | | | | | | | | | | | energize the world to make people's lives better. | | | | | | | | | | | | | | | | | | | | | | | | message from our president & chief executive officer | 4 | | | | | MESSAGE FROM OUR BOARD CHAIR | 6 | | | | | MANAGEMENT'S DISCUSSION AND ANALYSIS | 7 | | | | | CONSOLIDATED FINANCIAL STATEMENTS | ...

Cenovus Energy Inc. (NYSE:CVE) Q4 2021 Earnings Conference Call February 8, 2022 11:00 AM ET Company Participants Sherry Wendt - Vice President of Investor Relations Alex Pourbaix - President and Chief Executive Officer Jonathan McKenzie - Executive Vice President and Chief Operating Officer Keith Chiasson - Executive Vice President, Downstream Jeffrey Hart - Executive Vice President and Chief Financial Officer Norrie Ramsay - Executive Vice President, Upstream Conference Call Participants Greg Pardy - RBC ...

INVESTOR DAY December 2021 cenovus CENOVUS AT A GLANCE TSX, NYSE | CVE 2022E production 800 MBOE/d • Oil Sands 600 Mbbls/d • Conventional 126 MBOE/d • Offshore 70 MBOE/d 660 Mbbls/d Upgrading and refining capacity 8.4 BBOE 2020 proved & probable reserves 30+ years Reserves life index Note: Market capitalization as at December 6, 2021. Values are approximate. Expected production based on December 7, 2021, guidance midpoints. Refining capacity represents net capacity to Cenovus. See Advisory. Market capitaliz ...

Cenovus Energy Inc. (NYSE:CVE) Q3 2021 Results Conference Call November 3, 2021 11:00 AM ET Company Participants Sherry Wendt - Vice President of Investor Relations Alex Pourbaix - President and Chief Executive Officer Jonathan McKenzie - Executive Vice President and Chief Operating Office Jeffrey Hart - Executive Vice President and Chief Financial Officer Norrie Ramsay - Executive Vice President Upstream Rhona DelFrari - Chief Sustainability Officer Keith Chiasson - Executive Vice President Downstream Conf ...

Q3 CORPORATE PRESENTATION November 2021 cenovu CENOVUS AT A GLANCE Market capitalization $29 billion 2021E production 770 MBOE/d • Oil Sands 570 Mbbls/d • Conventional 135 MBOE/d • Offshore 70 MBOE/d 660 Mbbls/d Upgrading and refining capacity 8.4 BBOE 2020 proved & probable reserves TSX, NYSE | CVE Reserves life index 30+ years Market capitalization as at October 28, 2021. Values are approximate. Expected production based on July 28, 2021 guidance midpoints. Refining capacity represents net capacity to Cen ...

Q2 CORPORATE PRESENTATION July 2021 CENOVUS AT A GLANCE Market capitalization $21 billion 2021E production 770 MBOE/d • Oil Sands 570 Mbbls/d • Conventional 135 MBOE/d • Offshore 70 MBOE/d 660 Mbbls/d Upgrading and refining capacity 8.4 BBOE 2020 proved & probable reserves TSX, NYSE | CVE Reserves life index 30+ years Note: Market capitalization as at July 28, 2021. Values are approximate. Expected production based on July 28, 2021 guidance midpoints. Refining capacity represents net capacity to Cenovus. Se ...