Cenovus Energy provides corporate update - Seite 4

ADVISORY

Basis of Presentation – Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS).

Barrels of Oil Equivalent – Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (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 method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

Forward-looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995, about our current expectations, estimates and projections about the future, based on certain assumptions made by us in light of our experience and perception of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information as actual results may differ materially from those expressed or implied.

Forward-looking information in this document is identified by words such as “achieve”, “anticipate”, “commitment”, “committed”, “confident”, “continue”, “enable”, “enhance”, “ensure”, “expect”, “focus”, “forecast”, “guidance”, “maintain”, “plan”, “position”, “proceed”, “protect”, “resilience”, “respond”, “sustain”, “weather”, “will” or similar expressions and includes suggestions of future outcomes, including statements about: reducing planned 2020 capital spending, operating costs and G&A costs; temporary suspension of the quarterly dividend; ample liquidity and runway to sustain operations through a prolonged market downturn; capital expenditures being sufficient to ensure ongoing safe and reliable operations and adherence to regulatory commitments and sufficient to enable Cenovus to proceed with necessary maintenance; updated production ranges announced March 9, 2020 can still be achieved with the additional capital expenditure reductions; maintaining forecast per barrel oil sands operating costs based on identified additional oil sands operating cost efficiencies; per barrel sustaining costs in the short and longer term; the impact of compensation decisions and the focus on shareholder alignment; proactive steps to protect the health and safety of staff and the continuity of our business in response to the COVID-19 pandemic; and all statements related to Cenovus’s revised Guidance dated April 1, 2020.