Cenovus announces amendment to agreement with MEG Energy and voting support agreement with Strathcona Resources Ltd.

Core Viewpoint - Cenovus Energy Inc. has announced a second amendment to its agreement to acquire MEG Energy Corp, providing shareholders with new options for their shares [1][2]. Summary by Sections Acquisition Agreement - Each MEG shareholder can choose to receive either $30.00 in cash or 1.255 Cenovus common shares for each MEG common share, with a maximum of $3.8 billion in cash and 159.6 million Cenovus shares available [2]. - The fully pro-rated consideration equates to approximately $15.00 in cash and 0.6275 of a Cenovus common share per MEG share [2][3]. Shareholder Support - Strathcona Resources Ltd. has entered into a voting support agreement with Cenovus, committing to vote its MEG shares in favor of the acquisition [4]. Meeting and Proxy Information - A special meeting for MEG shareholders is scheduled for October 30, 2025, with a proxy submission deadline of October 29, 2025 [5]. Asset Sale - Cenovus announced the sale of certain assets to Strathcona for up to $150 million, including $75 million in cash and contingent consideration based on future commodity prices [6]. - The assets include the Vawn thermal heavy oil asset in Saskatchewan, with production averaging approximately 5,000 barrels per day in 2025 [6].