Cenovus Energy : Supplemental Information (Q4 2024 Supplemental Information)

Cenovus Energy Inc.

Interim Supplemental Information (unaudited)

For the Periods Ended December 31, 2024

(Canadian Dollars)

SUPPLEMENTAL INFORMATION (unaudited)

Financial Statistics

($ millions, except per share amounts)		Three Months Ended			Twelve Months Ended
Revenues	Dec. 31,	Sep. 30,	Jun. 30,	Mar. 31,	Dec. 31,		Dec. 31,	Dec. 31,
2024	2024	2024	2024	2023	2024	2023
Upstream
Oil Sands	6,217	6,286	6,739	5,931	5,636	25,173	23,133
Conventional	761	698	669	855	779	2,983	3,161
Offshore	348	346	448	331	480	1,473	1,518
Total Upstream Revenue	7,326	7,330	7,856	7,117	6,895		29,629	27,812
Downstream
Canadian Refining	1,263	1,580	1,135	1,332	1,557	5,310	6,233
U.S. Refining (1)	6,574	7,218	7,615	6,901	6,847	28,308	26,393
Total Downstream Revenue (1)	7,837	8,798	8,750	8,233	8,404		33,618	32,626
Corporate and Eliminations	(2,350)	(2,309)	(2,024)	(2,287)	(2,165)		(8,970)	(8,234)
Total Revenues (1)	12,813	13,819	14,582	13,063	13,134		54,277	52,204
Operating Margin
Upstream
Oil Sands	2,340	2,467	2,748	2,236	1,962	9,791	8,169
Conventional	88	12	42	149	123	291	583
Offshore	242	252	299	246	370	1,039	1,118
Total Upstream Operating Margin (2)	2,670	2,731	3,089	2,631	2,455		11,121	9,870
Downstream
Canadian Refining	47	60	(255)	68	126	(80)	675
U.S. Refining	(443)	(383)	102	492	(430)	(232)	477
Total Downstream Operating Margin (2)	(396)	(323)	(153)	560	(304)		(312)	1,152
Total Operating Margin (3)	2,274	2,408	2,936	3,191	2,151	10,809	11,022
Cash From (Used in) Operating Activities and Adjusted Funds Flow
Cash From (Used in) Operating Activities	2,029	2,474	2,807	1,925	2,946	9,235	7,388
Deduct (Add Back):
Settlement of Decommissioning Liabilities	(64)	(74)	(48)	(48)	(65)	(234)	(222)
Net Change in Non-Cash Working Capital	492	588	494	(269)	949	1,305	(1,193)
Adjusted Funds Flow (3)	1,601	1,960	2,361	2,242	2,062		8,164	8,803
Per Share - Basic (3)	0.88	1.06	1.27	1.20	1.10	4.41	4.64
Per Share - Diluted (3)	0.87	1.05	1.26	1.19	1.08	4.38	4.54
Net Earnings (Loss)
Net Earnings (Loss)	146	820	1,000	1,176	743	3,142	4,109
Per Share - Basic	0.08	0.44	0.53	0.62	0.39	1.68	2.15
Per Share - Diluted	0.07	0.42	0.53	0.62	0.32		1.67	2.09

Capital Investment

Upstream
Oil Sands	773	681	613	647	618
Conventional	121	106	68	126	129
Offshore
Atlantic	312	341	266	158	161
Asia Pacific	24	14	29	1	3
Total Offshore	336	355	295	159	164
Total Upstream Capital Investment	1,230	1,142	976	932	911
Downstream
Canadian Refining	63	44	70	31	46
U.S. Refining	168	153	100	67	167
Total Downstream Capital Investment	231	197	170	98	213
Corporate	17	7	9	6	46
Total Capital Investment	1,478	1,346	1,155	1,036	1,170

2,714 2,382

421 452

1,077 635

68 7

1,145 642

4,280 3,476

1. 145

1. 602

1. 747

1. 75

5,015 4,298

1. Comparative periods reflect certain revisions. See the Prior Period Revisions Section located in our 2024 annual Management's Discussion and Analysis ("annual 2024 MD&A") for further details.
2. Specified financial measure. See the Specified Financial Measures Advisory of this Supplemental.
3. Non-GAAPfinancial measure or contains a non-GAAP financial measure. See the Specified Financial Measures Advisory of this Supplemental.

Cenovus Energy Inc. - Q4 2024 Interim Supplemental Information

1

SUPPLEMENTAL INFORMATION (unaudited)

Financial Statistics

		Three Months Ended			Twelve Months Ended
Financial Metrics	Dec. 31,	Sep. 30,	Jun. 30,	Mar. 31,	Dec. 31,	Dec. 31,	Dec. 31,
2024	2024	2024	2024	2023	2024	2023
Free Funds Flow (1)	123	614	1,206	1,206	892	3,149	4,505
Excess Free Funds Flow (1)	(416)	146	735	832	471	1,297	2,466
Long-Term Debt, Including Current Portion	7,534	7,199	7,275	7,227	7,108	7,534	7,108
Total Debt	7,707	7,300	7,412	7,227	7,287	7,707	7,287
Net Debt	4,614	4,196	4,258	4,827	5,060	4,614	5,060
Net Debt to Adjusted Funds Flow (2) (times)	0.6	0.5	0.4	0.5	0.6	0.6	0.6
Net Debt to Adjusted EBITDA (2) (times)	0.5	0.4	0.4	0.4	0.5	0.5	0.5
Income Tax and Exchange Rates
Effective Tax Rate on Net Earnings (Loss) (percent)						22.8	18.5
Foreign Exchange Rates
US$ per C$1 - Average	0.715	0.733	0.731	0.741	0.734	0.730	0.741
US$ per C$1 - Period End	0.695	0.741	0.731	0.738	0.756	0.695	0.756
RMB per C$1 - Average	5.142	5.255	5.293	5.330	5.304	5.255	5.247
Common Share Information
Commons Shares Outstanding (millions)
Period End	1,825	1,829	1,857	1,865	1,872	1,825	1,872
Weighted Average - Basic	1,826	1,848	1,859	1,868	1,879	1,850	1,895
Weighted Average - Diluted	1,839	1,863	1,874	1,878	1,907	1,863	1,940
Base Dividend ($ per share)	0.180	0.180	0.180	0.140	0.140	0.680	0.525
Variable Dividend ($ per share)	-	-	0.135	-	-	0.135	-
Closing Price
Toronto Stock Exchange (C$ per share)	21.79	22.62	26.88	27.08	22.08	21.79	22.08
New York Stock Exchange (US$ per share)	15.15	16.73	19.66	19.99	16.65	15.15	16.65
Total Share Volume Traded (millions)	1,061	1,120	1,210	1,322	1,193	4,713	4,421
Selected Average Benchmark Prices
(Average US$/bbl, unless otherwise indicated)
Crude Oil Prices
Dated Brent	74.69	80.18	84.94	83.24	84.05	80.76	82.62
West Texas Intermediate ("WTI")	70.27	75.09	80.57	76.96	78.32	75.72	77.62
Differential Dated Brent - WTI	4.42	5.09	4.37	6.28	5.73	5.04	5.00
Western Canadian Select ("WCS") at Hardisty	57.71	61.54	66.96	57.65	56.43	60.97	58.97
Differential WTI - WCS at Hardisty	12.56	13.55	13.61	19.31	21.89	14.75	18.65
WCS at Nederland	65.69	68.51	74.69	69.89	71.59	69.69	69.74
Differential WTI - WCS at Nederland	4.58	6.58	5.88	7.07	6.73	6.03	7.88
Condensate (C5 at Edmonton)	70.66	71.19	77.14	72.78	76.24	72.94	76.61
Differential Condensate - WTI Premium/(Discount)	0.39	(3.90)	(3.43)	(4.18)	(2.08)	(2.78)	(1.01)
Differential Condensate - WCS at Hardisty Premium/(Discount)	12.95	9.65	10.18	15.13	19.81	11.97	17.64
Synthetic at Edmonton	71.11	76.41	83.32	69.42	78.64	75.07	79.61
Differential Synthetic - WTI Premium/(Discount)	0.84	1.32	2.75	(7.54)	0.32	(0.65)	1.99
Refined Product Prices
Chicago Regular Unleaded Gasoline	78.95	92.29	99.09	89.48	83.72	89.95	97.86
Chicago Ultra-low Sulphur Diesel	89.28	96.55	99.80	104.27	107.24	97.47	109.70
Refining Benchmarks
Chicago 3-2-1 Crack Spread (3)	12.12	18.62	18.76	17.45	13.24	16.74	24.19
Group 3 3-2-1 Crack Spread (3)	12.66	18.95	18.13	17.50	18.55	16.81	29.66
Renewable Identification Numbers ("RINs")	4.02	3.89	3.39	3.68	4.77	3.74	7.04
Upgrading Differential (4) (C$/bbl)	18.64	20.26	22.28	15.65	29.97	19.21	27.55
Natural Gas Prices
AECO (5) (C$/Mcf)	1.48	0.69	1.18	2.50	2.30	1.46	2.64
NYMEX (6) (US$/Mcf)	2.79	2.16	1.89	2.24	2.88		2.27	2.74

1. Non-GAAPfinancial measure. See the Specified Financial Measures Advisory of this Supplemental.
2. Calculated on a trailing twelve-month basis.
3. The average 3-2-1 crack spread is an indicator of the Refining Margin and is valued on a last in, first out accounting basis. The market crack spreads do not precisely mirror the configuration and product output of our refineries, or the location we sell product; however, they are used as a general market indicator.
4. The upgrading differential is the difference between synthetic crude oil at Edmonton and Lloydminster Blend crude oil at Hardisty. The upgrading differential does not precisely mirror the configuration and the product output of our refineries; however, it is used as a general market indicator.
5. Alberta Energy Company ("AECO") 5A natural gas daily index.
6. New York Mercantile Exchange ("NYMEX") natural gas monthly index.

Cenovus Energy Inc. - Q4 2024 Interim Supplemental Information

2

SUPPLEMENTAL INFORMATION (unaudited)

Operating Statistics - Upstream

		Three Months Ended			Twelve Months Ended
Upstream Production Volumes (1)	Dec. 31,	Sep. 30,	Jun. 30,	Mar. 31,	Dec. 31,	Dec. 31,	Dec. 31,
2024	2024	2024	2024	2023	2024	2023
Crude Oil and Natural Gas Liquids (Mbbls/d)
Oil Sands Bitumen
Foster Creek	195.2	198.0	195.0	196.0	198.8	196.0	186.3
Christina Lake	251.4	211.8	237.1	236.5	239.6	234.2	237.4
Sunrise	53.1	50.4	46.1	48.8	50.1	49.6	48.9
Lloydminster Thermal	108.9	109.4	113.5	114.1	106.6	111.5	104.1
Lloydminster Conventional Heavy Oil	18.0	16.3	18.1	17.9	17.5	17.6	16.7
Total Oil Sands Production	626.6	585.9	609.8	613.3	612.6		608.9	593.4
Conventional
Light Crude Oil	4.8	4.6	5.1	5.3	6.1	4.9	5.9
Natural Gas Liquids (2)	19.7	21.1	21.4	22.0	22.8	21.0	21.7
Total Conventional Production	24.5	25.7	26.5	27.3	28.9		25.9	27.6
Offshore Natural Gas Liquids
Asia Pacific - China	9.1	8.8	9.8	9.5	9.5	9.3	8.8
Asia Pacific - Indonesia	2.9	1.1	1.8	0.9	1.9	1.7	2.0
Offshore Light Crude Oil
Atlantic	7.5	9.0	8.4	7.2	9.7	8.0	8.2
Total Offshore Production	19.5	18.9	20.0	17.6	21.1		19.0	19.0
Total Liquids Production	670.6	630.5	656.3	658.2	662.6		653.8	640.0
Conventional Natural Gas (MMcf/d)
Oil Sands	11.8	10.4	10.5	11.9	12.3	11.1	11.9
Conventional	560.5	554.8	579.4	560.5	569.6	563.8	554.1
Offshore
Asia Pacific - China	200.8	190.2	202.5	204.7	207.8	199.5	190.6
Asia Pacific - Indonesia	100.2	89.2	74.8	78.7	86.6	85.8	76.0
Total Conventional Natural Gas Production	873.3	844.6	867.2	855.8	876.3		860.2	832.6
Total Upstream Production (MBOE/d) (3)	816.0	771.3	800.8	800.9	808.6		797.2	778.7
Effective Royalty Rates (4) (percent)
Oil Sands
Foster Creek	24.2	25.9	21.1	24.9	31.7	24.0	25.1
Christina Lake	30.2	27.7	25.9	25.0	28.5	27.3	29.5
Sunrise	5.8	7.0	7.3	3.8	10.6	6.1	6.8
Lloydminster (5)	14.3	14.3	11.2	6.8	11.7	11.7	9.5
Conventional	8.4	10.7	12.4	9.9	10.8	10.3	10.8
Offshore
Asia Pacific - China	7.8	7.8	7.7	7.6	8.7	7.7	6.9
Asia Pacific - Indonesia	24.1	11.7	16.8	7.7	19.9	16.1	23.2
Atlantic	1.0	1.0	(0.6)	4.5	2.6		0.7	3.7

1. Before royalties.
2. Natural gas liquids include condensate volumes.
3. 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 to 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.
4. Effective royalty rates are equal to royalty expense divided by product revenue, net of transportation expenses, excluding realized (gain) loss on risk management.
5. Composed of the Lloydminster thermal and Lloydminster conventional heavy oil assets.

Cenovus Energy Inc. - Q4 2024 Interim Supplemental Information

3

SUPPLEMENTAL INFORMATION (unaudited)

Operating Statistics - Upstream

		Three Months Ended			Twelve Months Ended
Oil Sands - Netbacks (1)	Dec. 31,	Sep. 30,	Jun. 30,	Mar. 31,	Dec. 31,	Dec. 31,	Dec. 31,
2024	2024	2024	2024	2023	2024	2023
Foster Creek
Bitumen ($/bbl)
Sales Price	85.87	84.72	90.89	76.80	74.06	84.49	78.18
Royalties	16.73	18.63	16.08	16.61	19.89	17.03	16.61
Transportation and Blending	16.61	12.90	14.69	10.25	11.33	13.57	11.98
Operating	9.60	9.01	10.06	10.81	9.82	9.87	11.44
Netback	42.93	44.18	50.06	39.13	33.02		44.02	38.15
Christina Lake
Bitumen ($/bbl)
Sales Price	72.86	79.54	84.93	66.90	65.95	75.74	68.38
Royalties	20.14	19.91	20.17	15.40	16.67	18.86	18.19
Transportation and Blending	6.08	7.63	7.16	5.40	7.36	6.53	6.69
Operating	8.25	9.33	8.49	8.51	7.59	8.63	8.52
Netback	38.39	42.67	49.11	37.59	34.33		41.72	34.98
Sunrise
Bitumen ($/bbl)
Sales Price	79.30	83.02	94.47	88.36	76.55	86.07	75.23
Royalties	3.86	4.72	5.53	2.62	6.81	4.26	4.28
Transportation and Blending	12.32	15.36	18.71	18.51	12.41	16.07	12.47
Operating	14.84	12.97	13.17	17.02	13.92	14.36	17.02
Netback	48.28	49.97	57.06	50.21	43.41		51.38	41.46
Lloydminster (2)
Bitumen and Heavy Crude Oil ($/bbl)
Sales Price	75.16	80.67	89.90	72.71	69.11	79.65	73.69
Royalties	10.15	11.23	9.42	4.58	7.59	8.84	6.53
Transportation and Blending	3.71	3.63	4.55	3.89	3.42	3.95	3.51
Operating	17.32	16.91	17.81	18.05	18.05	17.52	20.32
Netback	43.98	48.90	58.12	46.19	40.05		49.34	43.33
Total Oil Sands ($/BOE) (3)
Sales Price	77.83	81.77	88.76	72.79	70.00	80.20	73.02
Royalties	15.64	16.26	15.21	12.60	15.03	14.92	14.20
Transportation and Blending	9.31	9.18	9.98	7.54	8.24	9.00	8.18
Operating	11.10	11.17	11.47	11.86	10.96	11.40	12.54
Netback	41.78	45.16	52.10	40.79	35.77		44.88	38.10
Conventional - Netbacks (1)
Total Conventional ($/BOE) (3)
Sales Price	25.18	20.42	22.20	32.92	29.09	25.18	31.76
Royalties	1.34	1.38	2.02	2.16	2.34	1.73	2.56
Transportation and Blending	4.83	5.15	5.25	4.67	4.71	4.98	4.16
Operating	10.91	12.77	11.25	13.05	12.32	11.99	13.02
Netback	8.10	1.12	3.68	13.04	9.72		6.48	12.02

1. Contains a non-GAAP financial measure. See the Specified Financial Measures Advisory of this Supplemental.
2. Composed of the Lloydminster thermal and Lloydminster conventional heavy oil assets.
3. See footnote 3 on page 3 of this Supplemental for BOE definition.

Cenovus Energy Inc. - Q4 2024 Interim Supplemental Information

4

SUPPLEMENTAL INFORMATION (unaudited)

Operating Statistics - Upstream

		Three Months Ended			Twelve Months Ended
Offshore - Netbacks (1)	Dec. 31,	Sep. 30,	Jun. 30,	Mar. 31,	Dec. 31,	Dec. 31,	Dec. 31,
2024	2024	2024	2024	2023	2024	2023
China
Natural Gas Liquids ($/bbl)
Sales Price	90.91	96.60	99.65	95.20	109.31	95.64	98.11
Royalties	14.28	14.50	13.78	13.30	18.59	13.95	11.13
Operating	8.77	8.14	7.24	6.27	7.23	7.58	7.38
Conventional Natural Gas ($/Mcf)
Sales Price	12.92	12.68	12.59	12.46	13.04	12.66	12.95
Royalties	0.68	0.67	0.67	0.66	0.71	0.67	0.70
Operating	1.46	1.37	1.21	1.05	1.21	1.27	1.26
Asia Pacific - China Total ($/BOE) (2)
Sales Price	80.39	80.52	80.95	79.21	84.94	80.26	82.14
Royalties	6.28	6.31	6.20	6.00	7.36	6.19	5.68
Operating	8.77	8.20	7.24	6.28	7.26	7.61	7.51
Netback	65.34	66.01	67.51	66.93	70.32		66.46	68.95
Indonesia
Natural Gas Liquids ($/bbl)
Sales Price	101.42	111.68	117.32	107.19	124.02	108.19	106.87
Royalties	52.25	53.07	56.89	47.48	64.60	52.99	56.84
Operating	10.69	10.83	8.49	9.21	10.87	9.93	11.17
Conventional Natural Gas ($/Mcf)
Sales Price	8.97	8.60	8.67	8.21	8.64	8.63	8.60
Royalties	1.35	0.49	0.54	0.17	0.83	0.68	1.16
Operating	1.87	1.83	1.64	2.01	1.81	1.84	1.78
Asia Pacific - Indonesia Total ($/BOE) (2)
Sales Price	60.88	55.93	60.43	53.05	60.32	57.82	59.16
Royalties	14.66	6.54	10.17	4.10	11.99	9.32	13.75
Operating	11.16	10.95	9.68	11.86	10.86	10.93	10.76
Netback	35.06	38.44	40.58	37.09	37.47		37.57	34.65
Total Asia Pacific (3)
Natural Gas Liquids ($/bbl)
Sales Price	93.47	98.35	102.45	96.25	111.78	97.59	99.73
Royalties	23.51	18.97	20.62	16.32	26.35	20.02	19.61
Operating	9.24	8.45	7.44	6.53	7.84	7.95	8.08
Conventional Natural Gas ($/Mcf)
Sales Price	11.60	11.37	11.53	11.28	11.75	11.45	11.71
Royalties	0.91	0.61	0.63	0.53	0.75	0.67	0.83
Operating	1.60	1.52	1.32	1.31	1.39	1.44	1.41
Asia Pacific - Total ($/BOE) (2)
Sales Price	74.23	73.55	75.87	72.84	78.28	74.13	76.04
Royalties	8.93	6.37	7.18	5.54	8.61	7.05	7.83
Operating	9.53	8.98	7.84	7.64	8.23	8.52	8.37
Netback	55.77	58.20	60.85	59.66	61.44		58.56	59.84
Atlantic
Light Crude Oil ($/bbl)
Sales Price	102.78	106.56	112.74	114.07	121.88	109.58	113.74
Royalties	1.00	1.03	(0.72)	5.09	3.16	0.72	4.24
Transportation and Blending	4.27	3.00	5.60	(2.14)	5.10	3.81	4.44
Operating	114.23	88.40	79.03	158.70	51.41	97.70	67.93
Netback	(16.72)	14.13	28.83	(47.58)	62.21		7.35	37.13

1. Contains a non-GAAP financial measure. See the Specified Financial Measures Advisory of this Supplemental.
2. See footnote 3 on page 3 of this Supplemental for BOE definition.
3. Reported sales volumes and associated per-unit values reflect Cenovus's 40 percent interest in Husky-CNOOC Madura Ltd. ("HCML"). The HCML joint venture is accounted for using the equity method in the interim Consolidated Financial Statements.

Cenovus Energy Inc. - Q4 2024 Interim Supplemental Information

5

SUPPLEMENTAL INFORMATION (unaudited)

Operating Statistics - Downstream

		Three Months Ended			Twelve Months Ended
	Dec. 31,	Sep. 30,	Jun. 30,	Mar. 31,	Dec. 31,		Dec. 31,	Dec. 31,
Canadian Refining	2024	2024	2024	2024	2023	2024	2023
Operable Capacity (1) (Mbbls/d)	108.0	108.0	108.0	108.0	108.0	108.0	108.0
Total Processed Inputs (2) (Mbbls/d)	112.1	106.4	58.9	108.8	105.1	96.6	107.1
Crude Oil Unit Throughput (Mbbls/d)	104.4	99.4	53.8	104.1	100.3	90.5	100.7
Crude Unit Utilization (1) (percent)	97	92	50	96	93	84	93
Total Refined Product Production (Mbbls/d)
Synthetic Crude Oil	48.8	47.3	20.7	47.1	46.4	41.0	47.6
Asphalt	16.8	16.5	14.0	15.6	14.9	15.7	15.4
Diesel	13.4	11.8	5.2	12.9	13.2	10.8	12.9
Other	35.6	32.5	19.7	35.2	33.4	30.8	33.3
Total Refined Product Production (Mbbls/d)	114.6	108.1	59.6	110.8	107.9		98.3	109.2
Ethanol (Mbbls/d)	3.8	5.5	4.4	5.4	5.4	4.8	5.0
Total Production (Mbbls/d)	118.4	113.6	64.0	116.2	113.3		103.1	114.2
Refining Margin (3) (4) ($/bbl)	16.95	20.63	25.21	22.68	26.48	20.82	30.13
Operating Expenses - Upgrading and Refining (5)	131	143	377	147	138	798	524
Operating Expenses - Excluding Turnaround Costs	127	119	166	132	135	544	520
Operating Expenses - Turnaround Costs	4	24	211	15	3	254	4
Per-Unit Operating Expenses (5) (6) ($/bbl)	12.65	14.63	70.44	14.83	14.32	22.56	13.40
Per-Unit Operating Expenses - Excluding Turnaround Costs (6)	12.26	12.22	30.92	13.36	14.06	15.38	13.29
Per-Unit Operating Expenses - Turnaround Costs (6)	0.39	2.41	39.52	1.47	0.26	7.18	0.11

U.S. Refining (7)

Operable Capacity (1) (Mbbls/d)	612.3	612.3	612.3	612.3	612.3
Total Processed Inputs (2) (Mbbls/d)	588.4	568.0	594.0	575.0	500.6
Crude Oil Unit Throughput (Mbbls/d)	562.3	543.5	568.9	551.1	478.8
Heavy Crude Oil	218.7	215.7	219.4	224.7	216.3
Light/Medium Crude Oil	343.6	327.8	349.5	326.4	262.5
Crude Unit Utilization (1) (8) (percent)	92	89	93	90	78
Total Refined Product Production (Mbbls/d)
Gasoline	301.8	259.7	278.3	281.9	269.6
Distillates (9)	216.2	205.3	216.3	200.1	172.2
Asphalt	29.1	29.6	26.2	26.1	21.5
Other	57.1	77.0	74.7	77.8	50.8
Total Refined Product Production (Mbbls/d)	604.2	571.6	595.5	585.9	514.1
Refining Margin (3) (4) ($/bbl)	5.14	6.97	14.69	21.08	4.82
Weighted Average Crack Spread, Net of RINs (10) (US$/bbl)	8.20	14.79	15.25	13.78	9.50
Weighted Average Crack Spread, Net of RINs (10) (C$/bbl)	11.47	20.18	20.86	18.59	12.94
Market Capture (4) (8) (11) (percent)	45	35	70	113	37
Operating Expenses (5)	718	751	684	610	658
Operating Expenses - Excluding Turnaround Costs	590	666	626	576	615
Operating Expenses - Turnaround Costs	128	85	58	34	43
Per-Unit Operating Expenses (5) (6) ($/bbl)	13.26	14.37	12.66	11.65	14.29
Per-Unit Operating Expenses - Excluding Turnaround Costs (6)	10.89	12.74	11.58	11.01	13.35
Per-Unit Operating Expenses - Turnaround Costs (6)	2.37	1.63	1.08	0.64	0.94

612.3 612.3

581.4 479.7

556.4 459.7

219.6 173.9

336.8 285.8

91 78

280.5 231.2

209.1 167.0

28.3 19.8

72.1 67.0

590.0 485.0

11.93 17.36

13.01 18.15

17.82 24.49

67 71

2,763 2,562

2,457 2,454

306 108

12.99 14.63

11.55 14.01

1.44 0.62

1. Operable capacity is the capacity based on crude oil throughput (or "throughput") barrels per calendar day. It is the amount of input that a distillation facility can process under usual operating conditions. We previously reported crude oil name plate capacity. Crude unit utilization is calculated as crude oil unit throughput divided by operable capacity.
2. Total processed inputs include crude oil and other feedstocks. Blending is excluded.
3. The definition of Refining Margin is gross margin divided by total processed Inputs.
4. Contains a non-GAAP financial measure. See the Specified Financial Measures Advisory of this Supplemental.
5. Inclusive of turnaround costs. In the Canadian Refining segment, operating expenses represent expenses associated with the Lloydminster Upgrader, the Lloydminster Refinery and the commercial fuels business.
6. Specified financial measure. Per-unit metrics are calculated on total processed inputs. See the Specified Financial Measures Advisory of this Supplemental.
7. Reflects Cenovus's 50 percent interest in Wood River and Borger refinery operations.
8. The Superior Refinery's operable capacity is included in the metrics effective April 1, 2023. The Toledo Refinery includes a weighted average operable capacity in the metrics, as full ownership of the Toledo Refinery was acquired on February 28, 2023.
9. Includes diesel and jet fuel.
10. Weighted average crack spread, net of RINs is calculated as Cenovus's operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs. Average foreign exchange rates in the period are used to convert to Canadian dollars.
11. The definition of Market Capture is Refining Margin divided by the weighted average crack spread, net of RINs, expressed as a percentage.

Cenovus Energy Inc. - Q4 2024 Interim Supplemental Information

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SUPPLEMENTAL INFORMATION (unaudited)

Advisory

Specified Financial Measures

Certain financial measures, including non-GAAP financial measures, in this document do not have a standardized meaning prescribed by International Financial Reporting Standards, as issued by the International Accounting Standards Board, and are considered specified financial measures. These specified financial measures may not be comparable to similar measures presented by other issuers. Commencing June 30, 2024, certain metrics were revised for our downstream operations. Refer to the Specified Financial Measures Advisory of our annual 2024 MD&A, as well as our September 30, 2024, and June 30, 2024, Management's Discussion and Analysis ("MD&A") for definitions and, when required, reconciliations of certain financial measures and non-GAAP disclosures including Refining Margin, Market Capture, per-unit operating expenses, per-unit operating expenses - excluding turnaround costs and per-unit operating expenses - turnaround costs. For all other specified financial measures, see the Specified Financial Measures Advisory located in our annual 2024 MD&A for the year ended December 31, 2024, and our MD&A for the periods ended September 30, 2024, June 30, 2024 and March 31, 2024 (available on SEDAR+ at sedarplus.ca) for information incorporated by reference about these specified financial measures.

Cenovus Energy Inc. - Q4 2024 Interim Supplemental Information

7