Cenovus Acquiring Outstanding 50% Interest in Toledo Refinery from bp, Will Assume Operatorship - Seite 2

Forward‐looking information in this document is identified by words such as “expect”, “opportunity”, “potential”, “strategy” and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: the timing for closing the Toledo Refinery transaction; integrating Cenovus's heavy oil production and refining capabilities; margin capture; feedstock and refined product sales; throughput and refining capacity; synergies of the transaction; and impacts of the completed turnaround.

Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this document are based include, but are not limited to: closing of the Toledo transaction in a timely manner; commodity prices, inflation and supply chain constraints; Cenovus’s ability to deliver safe and reliable operations and capture margin throughout the value chain; and other assumptions inherent in Cenovus’s 2022 guidance available on cenovus.com.

Additional information risks, assumptions, uncertainties and other factors that could cause actual results to differ from the anticipated results are provided in Cenovus’s Management Discussion and Analysis (MD&A) for the periods ended December 31, 2021 and June 30, 2022, as well as in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR at sedar.com, on EDGAR at sec.gov and Cenovus’s website at cenovus.com). Cenovus undertakes no obligation to update or revise any forward-looking information except as required by law.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.