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CORPORATE PRESENTATION February 2022 - Cenovus Energy

CORPORATE PRESENTATIONA pril 20222 Cenovus AT A GLANCETSX, NYSE | CVE2022E production Oil Sands Conventional Offshore780 MBOE/d580 Mbbls/d126 MBOE/d70 MBOE/dUpgrading and refining capacity660 Mbbls/d2021 proved & probable reserves Reserves life BBOE~29 yearsNote:MarketcapitalizationasatApril2 2, , capitalization$44 billionToledo RefineryLima RefineryWood RiverRefineryBorger RefinerySuperior RefineryAtlantic CanadaLloydminsterThermalLloydminsterUpg rader &RefineryHardisty TerminalChristina LakeFoster CreekSunriseDeep BasinBruderheim TerminalLegendConventionalOil SandsOffshoreRefineriesMidstreamCrude export pipelines3 Note: See Advisory.

Oil Sands • Conventional • Offshore 800 MBOE/d 600 Mbbls/d 126 MBOE/d 70 MBOE/d Upgrading and refining capacity 660 Mbbls/d 2021 proved & probable reserves Reserves life index 8.3 BBOE ~29 years Note: Market capitalization as at February 1, 2022. Values are approximate. Expected production based on December 7, 2021 guidance midpoints.

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