Core Viewpoint - Cenovus Energy Inc. is confident in its takeover bid for MEG Energy Corp., despite a recent regulatory inquiry related to a complaint from a former MEG employee holding approximately 4,000 shares [1][2]. Group 1: Takeover Bid Details - 86% of MEG shareholders have voted in favor of the deal or indicated their intention to do so, surpassing the required two-thirds threshold [2]. - The deal, valued at $8.6 billion including assumed debt, is anticipated to close in November [2]. - The acquisition will add 110,000 barrels of daily oilsands production to Cenovus' portfolio, increasing total production to 720,000 barrels of oil equivalent per day (boe/d), with potential growth to 850,000 boe/d by 2028 [5]. Group 2: Competitive Landscape - MEG accepted Cenovus's takeover offer in August after rejecting a hostile bid from Strathcona Resources Ltd., which holds a 14.2% stake in MEG [6]. - Strathcona Resources has since withdrawn from the bidding process and pledged support for Cenovus's offer [6]. Group 3: Financial Performance - Cenovus reported a third-quarter profit of $1.29 billion, an increase from $820 million a year ago, translating to 72 cents per diluted share, up from 42 cents [8]. - Revenue for the quarter was $13.20 billion, down from $13.82 billion in the same quarter last year [9]. - Total upstream production for the quarter was 832,900 boe/d, an increase from 771,300 boe/d in the previous year [9].

Exhibit 99.2 Cenovus Energy Inc. Management's Discussion and Analysis (unaudited) For the Periods Ended September 30, 2025 (Canadian Dollars) MANAGEMENT'S DISCUSSION AND ANALYSIS For the periods ended September 30, 2025 TABLE OF CONTENTS | OVERVIEW OF CENOVUS | 3 | | --- | --- | | QUARTERLY RESULTS OVERVIEW | 4 | | OPERATING AND FINANCIAL RESULTS | 6 | | COMMODITY PRICES UNDERLYING OUR FINANCIAL RESULTS | 11 | | OUTLOOK | 15 | | REPORTABLE SEGMENTS | 17 | | UPSTREAM | 17 | | OIL SANDS | 17 | | CONVENTIONAL ...

Financial Data and Key Metrics Changes - The company generated $3 billion of operating margin and approximately $2.5 billion of adjusted funds flow in the third quarter [11] - Operating margin in the upstream was approximately $2.6 billion, an increase of around $450 million from the second quarter, driven by strong operating performance and higher realized pricing in the oil sands [11] - Net debt at the end of the third quarter was approximately $5.3 billion prior to the receipt of $1.8 billion from the sale of WRB Refining [14] Business Line Data and Key Metrics Changes - Upstream production reached a record high of 833,000 BOE/d, with oil sands assets contributing 643,000 bbl/d [7] - Christina Lake production was 252,000 bbl/d, supported by the ramp-up of volumes from Narrows Lake [7] - Downstream business demonstrated strong performance with an operating margin of $364 million, despite $88 million of inventory holding losses [12] Market Data and Key Metrics Changes - Canadian refining business had a crude throughput of 105,000 barrels per day with a utilization rate of about 98% [10] - U.S. refining delivered record production with crude throughput of 605,000 barrels per day and a utilization rate of 99% [10] - Adjusted market capture for the U.S. refining business was 65% in the quarter, supported by a capture rate of 69% from operated assets [12] Company Strategy and Development Direction - The company is focused on completing the MAG acquisition, which is expected to close in November, and is committed to capturing identified synergies [6] - The sale of WRB Refining allows the company to have full operational control of its downstream business [17] - The company aims to align its strategy and business plans to build on quarter-over-quarter growth and value [17] Management's Comments on Operating Environment and Future Outlook - Management views 2025 as an inflection point where investments in people, assets, and business growth will start to yield results [6] - The company is optimistic about sustaining high production levels in the coming quarters and is focused on cost control and operational efficiency [11][12] - Management expressed confidence in the strength of the balance sheet and the ability to support near-term growth plans [15] Other Important Information - The company completed significant work at the West White Rose project, including subsea connections and turnaround of the Sea Rose FPSO [4] - The company expects to safely ramp up production at Rush Lake prior to the end of the year, subject to regulatory approval [9] - The company plans to return 100% of excess free cash flow to shareholders, primarily through share repurchases [36] Q&A Session Summary Question: Thoughts on asset sale potential in the context of a more levered balance sheet post-MAG deal - Management is comfortable with the level of debt taken on for the MAG transaction and does not see an urgent need for asset sales [22] Question: U.S. downstream setup for Q4 and market capture impact from Wood River Border assets - Management noted that market capture was higher in operated assets and emphasized ongoing focus on improving market capture [26] Question: Flexibility in product slate with the fully operated portfolio - Management highlighted the potential for optimizing product yield across the entire portfolio and accessing premium markets [31] Question: Free cash flow allocation priorities post-MAG transaction - Management plans to return 100% of excess free cash flow to shareholders while balancing deleveraging and shareholder returns [36] Question: Progress on organic growth projects delivering additional volume - Management guided for about 150,000 barrels of growth from various projects, with significant contributions expected from Christina Lake and Foster Creek [50]

Company Overview - Cenovus has approximately 1,766 million shares outstanding and a market capitalization of $41 billion[6] - The company's 2024 proved plus probable (2P) reserves are 8.5 BBOE[7] - The company returned $1.3 billion to shareholders through share buybacks and dividends in Q3 2025[12] - The company repurchased approximately 3% of shares outstanding in the first 9 months of 2025[17] Financial Performance - The company's trailing twelve months Adjusted Funds Flow (AFF) is $7.8 billion[8] - As of September 30, 2025, Cenovus's Net Debt is $5.3 billion and Long-Term Debt is $7.2 billion[8] - The company's annual dividend per share is $0.80, yielding 3.4%[8] - The company's Q3 2025 Adjusted Funds Flow was $2,466 million and Free Funds Flow was $1,312 million[10] Operational Highlights - Upstream production in Q3 2025 reached 833 MBOE/d[10] - Downstream throughput in Q3 2025 was 711 Mbbls/d[10] - The company is targeting production of approximately 950,000 BOE/d by 2028[19]

分组1 - Cenovus Energy reported quarterly earnings of $0.52 per share, exceeding the Zacks Consensus Estimate of $0.40 per share, and showing an increase from $0.31 per share a year ago, resulting in an earnings surprise of +30.00% [1] - The company achieved revenues of $9.58 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.27%, although this represents a decline from year-ago revenues of $10.45 billion [2] - Cenovus has surpassed consensus EPS estimates three times over the last four quarters, while it has topped consensus revenue estimates only once during the same period [2] 分组2 - The stock's immediate price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3] - Cenovus shares have increased by approximately 10.6% since the beginning of the year, compared to a 16% gain in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $0.30 on revenues of $9.39 billion, and for the current fiscal year, it is $1.35 on revenues of $36.53 billion [7] 分组3 - The Zacks Industry Rank for Oil and Gas - Integrated - Canadian is currently in the top 18% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that tracking these revisions can be beneficial for investors [5] - Cenovus currently holds a Zacks Rank 1 (Strong Buy), indicating expectations for the stock to outperform the market in the near future [6]

Core Insights - Cenovus Energy Inc. reported strong financial and operational results for Q3 2025, achieving record production levels in both Upstream and Downstream segments, with significant cash flow generation and shareholder returns [1][3][7]. Financial Summary - The company generated approximately $2.1 billion in cash from operating activities, $2.5 billion in adjusted funds flow, and $1.3 billion in free funds flow [1][16]. - Net earnings increased to $1.3 billion, up from $851 million in the previous quarter, reflecting higher production and sales, increased Downstream utilization, and stronger oil prices [16][17]. - Total revenues for Q3 were $13.2 billion, an increase from $12.3 billion in Q2 2025, with Upstream revenues at $6.7 billion and Downstream revenues at $8.4 billion [7][8]. Production and Throughput - Upstream production reached a record of 832,900 barrels of oil equivalent per day (BOE/d), up from 765,900 BOE/d in Q2 2025 [4][9]. - Downstream crude throughput also set a record at 710,700 barrels per day (bbls/d), compared to 665,800 bbls/d in the previous quarter [13][14]. - The U.S. Refining segment achieved a crude throughput of 605,300 bbls/d, with a utilization rate of 99% [5][14]. Growth Projects - Major growth projects are nearing completion, including the Foster Creek optimization project and the West White Rose project, with first oil expected in Q2 2026 [5][19]. - The Narrows Lake project achieved first oil in mid-July, and new well pads are expected to support continued production growth [18][19]. Shareholder Returns - The company returned $1.3 billion to shareholders in Q3, including $918 million through share repurchases and $356 million in dividends [25][24]. - An amended agreement to acquire MEG Energy Corp. was announced, with a shareholder vote scheduled for November 6, 2025 [20][21]. Sustainability Initiatives - Cenovus expanded its Indigenous Housing Initiative, committing up to $8 million annually to support housing construction in First Nation and Métis communities [21][23].

Core Viewpoint - MEG Energy has postponed a shareholder vote on the proposed takeover by Cenovus due to a regulatory inquiry requiring additional information regarding a transaction involving Strathcona, a rival bidder [1][2]. Group 1: Takeover Details - Cenovus's initial agreement to acquire MEG Energy was valued at US$5.7 billion (C$7.9 billion), including assumed debt [3]. - The bid was later increased to approximately US$6.2 billion (C$8.6 billion), with a revised per-share offer raised from $21.37 to $29.80, offering shareholders a choice between cash or shares in the combined company [4]. Group 2: Strategic Implications - The acquisition aims to consolidate Canada's oil sands sector, enhancing Cenovus's heavy oil portfolio, particularly in the Christina Lake region, and solidifying its position as one of North America's largest integrated oil producers [5].

Core Points - The board of MEG Energy has postponed the shareholder vote regarding the buyout by Cenovus Energy due to a regulatory inquiry that necessitates additional disclosures [1] Company Summary - MEG Energy is a Canadian oil sands company that is currently involved in a buyout process by Cenovus Energy [1] - The decision to adjourn the vote indicates potential complexities in the acquisition process, likely influenced by regulatory scrutiny [1] Industry Summary - The oil sands sector in Canada is experiencing heightened regulatory oversight, which may impact merger and acquisition activities [1] - The situation reflects broader trends in the energy industry where regulatory inquiries can delay significant corporate actions [1]

Core Insights - Cenovus Energy Inc. is a prominent Canadian integrated oil and natural gas company, recognized for its operations in oil sands and petroleum product refining and marketing [1] - The company is set to report its quarterly earnings on October 31, 2025, with Wall Street predicting an earnings per share (EPS) of $0.40 and revenue of approximately $13.46 billion [2] - The upcoming earnings report is critical for Cenovus's stock price, with potential for upward movement if expectations are exceeded, or a decline if key financial metrics are not met [2] Financial Metrics - Cenovus has a price-to-earnings (P/E) ratio of approximately 15.94 and a price-to-sales ratio of about 0.75, indicating competitive valuation [3] - The enterprise value to sales ratio is around 0.89, and the enterprise value to operating cash flow ratio is approximately 6.11, reflecting moderate valuation in terms of cash flow generation [3] - The earnings yield stands at about 6.27%, showcasing the investment return for shareholders [4] Debt and Liquidity - Cenovus maintains a debt-to-equity ratio of approximately 0.36, indicating a balanced debt level relative to equity [4] - A current ratio of about 1.32 suggests a solid liquidity position to meet short-term obligations [4]

Core Insights - Cenovus Energy Inc. (NYSE:CVE) is recognized among the 15 Dividend Growth Stocks with the highest growth rates [1] - The company is a leading Canadian integrated energy firm involved in oil and gas production, transportation, storage, refining, and marketing [2] Production and Operations - Cenovus produces approximately 815,000 barrels of oil equivalent per day, primarily in Canada, with refining operations handling around 720,000 barrels per day, mostly in the U.S. [3] - About 85% of its refining capacity is located in the U.S., and roughly 55% of the crude processed is heavy oil, exposing the company to the price gap between heavy and light crude [3] Financial Performance - The company holds reserves that can sustain production for about a decade, providing a strong foundation for long-term stability [4] - In Q2, production was slightly impacted by planned maintenance and wildfires, but downstream utilization remained solid at 92% [5] - Cenovus generated $2.4 billion in cash from operations, $1.5 billion in adjusted funds flow, and $355 million in free funds flow during the quarter, distributing $368 million in dividends [5] - The company has achieved a five-year dividend growth rate of 42.5%, currently paying a quarterly dividend of C$0.20 per share with a dividend yield of 3.47% as of October 30 [5]