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Legal notice

Information contained in this Cenovus Energy Inc. website is for information purposes only. The website and the information (including changes to the terms herein) may be changed or updated from time to time without notice. In consideration for using Cenovus Energy Inc.'s website, the visitor agrees to hold Cenovus Energy Inc. and its affiliates and subsidiaries, and their respective directors, officers, employees and agents harmless against any claims for damages or costs or any loss of any kind arising out of the access to or use of this website or any information contained in or obtained through this website. As visitors access this website on a server in Alberta, Canada, the information contained in this website is deemed to be provided in Alberta and is subject to Alberta law and the laws of Canada applicable therein. If you access this website from outside of Canada, you do so at your own risk and are responsible for compliance with local, national or international laws including, without limitation, securities laws and import and export laws.

Disclaimer of Warranties

In addition to the above disclaimers of warranties, Cenovus Energy Inc. hereby expressly disclaims any liability for errors or omissions in the information contained in this website. Information contained in this website does not constitute a solicitation or an offering of securities in any jurisdiction. Information that may be or previously disclosed under corporate securities legislation of Canadian, U.S. or other jurisdictions applicable to Cenovus Energy Inc., e.g. Annual Report, Quarterly Reports, Annual Information Forms or news releases, is not intended in any way to be qualified, amended, modified or supplemented by information available in, through or on this Cenovus Energy Inc. website. Although Cenovus Energy Inc. believes this information to be correct at the time it is posted, Cenovus Energy Inc. does not warrant the accuracy, completeness or currency of this information at all times. All information contained in this website is provided on an as-is and as-available basis without any representations, warranties or endorsements whatsoever.

No warranty of any kind, implied, expressed or statutory, warranty of merchantability and non-infringement of intellectual property rights, third-party rights, title, fitness for any particular purpose or freedom from computer viruses or other contaminating or destructive properties is given in conjunction with the information contained in this website.

Oil and Gas Information

Barrels of Oil Equivalent 

Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six 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 website may contain 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 we believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct.

Forward-looking information contained on this website is identified by words such as “aim”, “anticipate”, “believe”, “can”, “capacity”, “commit”, “commitment”, “committed”, “confident”, “continue”, “could”, “estimate", “expect”, “focus”, “forecast”, “forward”, “future”, “guide”, “implication”, “intend”, “line of sight”, “may”, “on track”, “outlook”, “plan”, “poised”, “position”, “potential”, “priority”, “project”, “pursue”, “should”, “strategy”, “target”, “upside”, “visibility”, “vision”, “will”, “would” or similar expressions and includes suggestions of future outcomes, including statements about: strategy, priorities and related milestones; schedules and plans; anticipated benefits of the Husky transaction, including achieving corporate, operating and capital allocation synergies and efficiencies; growth in shareholder returns; maintaining investment grade credit ratings; safety and safety culture; actions taken in response to COVID-19 in our workplaces; statements and expectations relating to our most recently disclosed budget; maximizing shareholder value; maximizing the value per barrel of production; maintaining liquidity; delivering a stable cash flow through price cycles and commodity price volatility and preserving a strong and resilient balance sheet; expected production and throughput levels; becoming a global energy supplier of choice by advancing clean technology and reducing emissions intensity; ESG focus areas, ambitions and targets; reducing net equity-based absolute scope 1 and 2 GHG emissions; resilience to carbon pricing; long-term ambition to achieve net zero GHG emissions from our operations by 2050; valuating disciplined investments in our portfolio against dividends, share repurchases and managing to optimal debt level while maintaining or improving investment grade status; operating and financial results, including sales prices, costs and cash flows; capital expenditures and investments, including the amount, timing and funding sources thereof; underlying cost structures; all statements with respect to our most recently disclosed guidance; funding our capital investment and near-term cash requirements through cash from operating activities and prudent use of our balance sheet capacity; focus on mid-term strategies to broaden market access for our crude oil production; preserving financial resilience; future impact of regulatory measures, including carbon pricing; forecast commodity prices, differentials and trends and expected impact; exchange and interest rates; potential impacts of various risks, including those related to commodity prices and climate change; the potential effectiveness of our risk management strategies; new accounting standards, the timing for the adoption thereof, and anticipated impact on the Consolidated Financial Statements; the immateriality of the effects of any liabilities that may arise out of legal claims associated with the normal course of our operations; status of White Rose field and West White Rose project; the availability and repayment of our credit facilities; working with the Oil Sands Pathways to Net Zero to reduce total oil sands GHG emissions by 2050; helping Canada meet its climate goals, Paris Agreement commitments and 2050 net zero aspirations; the Oil Sands Pathways to Net Zero projects and plans, including a CCUS trunkline and hub near Cold Lake; reducing methane emissions; and expected impacts of the contingent payment to ConocoPhillips.

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 our forward-looking information is based include, but are not limited to: forecast oil and natural gas, and other byproduct prices and differentials; our ability to successfully integrate the business of Husky and realize the benefits and anticipated cost synergies associated with the Husky transaction; our ability to adapt to and partially mitigate the impact of crude oil and refined product price changes and differentials; achieving Net Debt and Net Debt to Adjusted EBITDA targets;  capital investment levels, the flexibility of capital spending plans and associated sources of funding; the absence of significant adverse changes to legislation and regulations; interest rates, foreign exchange rates, competitive conditions; the political, economic and social stability of jurisdictions in which Cenovus operates; the absence of significant disruption of operations, including as a result of harsh weather, natural disaster, accident, civil unrest or other similar events; the prevailing climatic conditions impacting Cenovus's operating locations; achievement of cost reductions and sustainability thereof; applicable royalty regimes, including expected royalty rates; future improvements in availability of product transportation capacity; increase to our share price and market capitalization over the long term; cash flows, cash balances on hand and access to credit and demand facilities being sufficient to fund capital investments and shareholder distributions; realization of expected capacity to store within our oil sands reservoirs barrels not yet produced, including that we will be able to time production and sales of our inventory at later dates when demand has increased, pipeline and/or storage capacity has improved and crude oil differentials have narrowed; the WTI-WCS differential in Alberta remains largely tied to the extent to which supply stays within export capacity, the completion of the Trans Mountain Expansion project, and the level of crude-by-rail activity; the ability of our refining capacity, dynamic storage, existing pipeline commitments and financial hedge transactions to partially mitigate a portion of our WCS crude oil volumes against wider differentials; our ability to take steps to partially mitigate against wider WTI and WCS price differentials; estimates of quantities of oil, bitumen, natural gas and liquids from properties and other sources not currently classified as proved; the accuracy of accounting estimates and judgments; our ability to obtain necessary regulatory and partner approvals; the successful, timely and cost effective implementation of capital projects or stages thereof; our ability to generate sufficient cash flow to meet our current and future obligations; the sufficiency of existing cash balances, internally generated cash flows, existing credit facilities, management of the Corporation’s asset portfolio and access to capital markets to fund future development costs and dividends, including any increase thereto; estimated abandonment and reclamation costs, including associated levies and regulations applicable thereto; our ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; our ability to access sufficient capital to pursue our development plans; our ability to complete asset sales, including with desired transaction metrics and within the timelines we expect; the stability of general domestic and global economic, market and business conditions; forecast inflation and other assumptions inherent in Cenovus’s most recently disclosed guidance available on cenovus.com; our future results relative to the most recently disclosed guidance based on current production volumes and operating expenses; expected impacts of, and calculation of, the contingent payment to ConocoPhillips; our ability to access and implement all technology and equipment necessary to achieve expected future results and that such results are realized; our ability to implement capital projects or stages thereof in a successful and timely manner; and other assumptions, risks and uncertainties described from time to time in the filings we make with securities regulatory authorities including the assumptions inherent in Cenovus’s most recently disclosed guidance available on cenovus.com.

The risk factors and uncertainties that could cause our actual results to differ materially from the forward-looking information, include, but are not limited to: the effect of the COVID-19 pandemic on our business, including any related restrictions, containment, and treatment measures taken by varying levels of government in the jurisdictions in which we operate; the success of our new COVID-19 workplace policies and the return of our people to our workplace; our ability to successfully integrate the business of Husky and achieve the benefits and anticipated cost synergies anticipated with the Husky acquisition in a timely manner or at all; unforeseen or undisclosed liabilities associated with the Husky acquisition; the inaccuracy of any assessments undertaken in connection with the Husky acquisition and any resulting pro forma information; the inaccuracy of any information provided by Husky; our ability to access or implement some or all of the technology necessary to efficiently and effectively operate our assets and achieve expected future results; the effect of new significant shareholders; volatility of and other assumptions regarding commodity prices; foreign exchange risk; a prolonged market downturn; changes in commodity price differentials; the effectiveness of our risk management program; the accuracy of cost estimates regarding commodity prices, currency and interest rates; lack of alignment of realized WCS prices and WCS prices used to calculate the contingent payment to ConocoPhillips; product supply and demand; the accuracy of our share price and market capitalization assumptions; market competition, including from alternative energy sources; risks inherent in our marketing operations, including credit risks, exposure to counterparties and partners, including the ability and willingness of such parties to satisfy contractual obligations in a timely manner; risks inherent in the operation of our crude-by-rail terminal, including health, safety and environmental risks; our ability to maintain desirable ratios of Net Debt to Adjusted EBITDA as well as Net Debt to Capitalization; our ability to access various sources of debt and equity capital, generally, and on terms acceptable to us; our ability to fund or finance growth, sustaining capital expenditures and shareholder distributions; changes in credit ratings applicable to us or any of our securities; changes to our dividend plans; our ability to utilize tax losses in the future; the accuracy of our reserves, future production and future net revenue estimates; the accuracy of our accounting estimates and judgments; our ability to replace and expand oil and gas reserves; the costs to acquire exploration rights, undertake geological studies, appraisal drilling and project developments; potential requirements under applicable accounting standards for impairment or reversal of estimated recoverable amounts of some or all of our assets or goodwill from time to time; our ability to maintain our relationships with our partners and to successfully manage and operate our integrated operations and business; reliability of our assets including in order to meet production targets; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; the occurrence of unexpected events resulting in operational interruptions, including blowouts, fires, explosions, railcar incidents or derailments, aviation incidents, gaseous leaks, migration of harmful substances, loss of containment, releases or spills, including releases or spills from offshore facilities and shipping vessels at terminals or hubs and as a result of pipeline or other leaks, corrosion, epidemics or pandemics, and catastrophic events, including, but not limited to, war, extreme weather events, natural disasters, iceberg incidents, acts of vandalism and terrorism, and other accidents or hazards that may occur at or during transport to or from commercial or industrial sites and other accidents or similar events; refining and marketing margins; cost escalations, including inflationary pressures on operating costs, such as labour, materials, natural gas and other energy sources used in oil sands processes and increased insurance deductibles or premiums; the cost and availability of equipment necessary to our operations; potential failure of products to achieve or maintain acceptance in the market; risks associated with the energy industry’s and Cenovus’s reputation, social license to operate and litigation related thereto; unexpected cost increases or technical difficulties in operating, constructing or modifying manufacturing or refining facilities; unexpected difficulties in producing, transporting or refining bitumen and/or crude oil into petroleum and chemical products; risks associated with technology and equipment and its application to our business, including potential cyberattacks; geo-political and other risks associated with our international operations; risks associated with climate change and our assumptions relating thereto; the timing and the costs of well and pipeline construction; our ability to access markets and to secure adequate and cost effective product transportation including sufficient pipeline, crude-by-rail, marine or alternate transportation, including to address any gaps caused by constraints in the pipeline system or storage capacity; availability of, and our ability to attract and retain, critical talent; possible failure to obtain and retain qualified leadership and personnel, and equipment in a timely and cost efficient manner; changes in labour demographics and relationships, including with any unionized workforces; unexpected abandonment and reclamation costs; changes in the regulatory frameworks, permits and approvals in any of the locations in which we operate or to any of the infrastructure upon which we rely; government actions or regulatory initiatives to curtail energy operations or pursue broader climate change agendas; changes to regulatory approval processes and land-use designations, royalty, tax, environmental, greenhouse gas, carbon, climate change and other laws or regulations, or changes to the interpretation of such laws and regulations, as adopted or proposed, the impact thereof and the costs associated with compliance; the expected impact and timing of various accounting pronouncements, rule changes and standards on our business, our financial results and our Consolidated Financial Statements; changes in general economic, market and business conditions; the impact of production agreements among OPEC and non-OPEC members; the political, social and economic conditions in the jurisdictions in which we operate or supply; the status of our relationships with the communities in which we operate, including with Indigenous communities; the occurrence of unexpected events such as protests, pandemics, war, terrorist threats and the instability resulting therefrom; risks that the effect of actions taken by us in implementing targets, commitments and ambitions for ESG focus areas may have a negative impact on our existing business, growth plans and future results from operations; and risks associated with existing and potential future lawsuits, shareholder proposals and regulatory actions against us.

Readers are cautioned that the foregoing lists are not exhaustive and are made as at a given date. Events or circumstances could cause our actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information. For a full discussion of our material risk factors, see Risk Management and Risk Factors in our most recently filed MD&A, and the risk factors described in other documents Cenovus files from time to time with securities regulatory authorities in Canada, available on SEDAR at sedar.com, and with the U.S. Securities and Exchange Commission on EDGAR at sec.gov, and on the Corporation’s website at cenovus.com. Additional information concerning Husky’s business and assets as of December 30, 2020 may be found in the Husky Annual Information Form and Husky MD&A, each of which is filed and available on SEDAR under Husky's profile at sedar.com.

Cenovus Disclosure Policies

Certain crude oil and natural gas liquids ("NGLs") volumes that have been converted to millions of cubic feet equivalent ("MMcfe") or thousands of cubic feet equivalent ("Mcfe") on the basis of one barrel ("bbl") to six thousand cubic feet ("Mcf"). Also, certain natural gas volumes have been converted to barrels of oil equivalent ("BOE"), thousands of BOE ("MBOE") or millions of BOE ("MMBOE") on the same basis. MMcfe, Mcfe, BOE, MBOE and MMBOE 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 necessarily represent value equivalency at the well head.

Certain crude oil and natural gas liquids ("NGLs") volumes that have been converted to millions of cubic feet equivalent ("MMcfe") or thousands of cubic feet equivalent ("Mcfe") on the basis of one barrel ("bbl") to six thousand cubic feet ("Mcf"). Also, certain natural gas volumes have been converted to barrels of oil equivalent ("BOE"), thousands of BOE ("MBOE") or millions of BOE ("MMBOE") on the same basis. MMcfe, Mcfe, BOE, MBOE and MMBOE 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 necessarily represent value equivalency at the well head.

Cenovus uses the terms resource play and estimated ultimate recovery, total petroleum initially-in-place, natural gas-in-place, crude oil-in-place, natural bitumen-in-place. Resource play is a term used by Cenovus to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section, which when compared to a conventional play, typically has a lower geological and/or commercial development risk and lower average decline rate. Total petroleum initially-in-place ("PIIP") is defined by the Society of Petroleum Engineers - Petroleum Resources Management System ("SPE-PRMS") as that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production plus those estimated quantities in accumulations yet to be discovered (equivalent to "total resources"). Natural gas-in-place ("NGIP"), crude oil-in-place ("COIP") and natural bitumen-in-place ("NBIP") are defined in the same manner, with the substitution of "natural gas", "crude oil" and "natural bitumen" where appropriate for the word "petroleum". As used by Cenovus, estimated ultimate recovery ("EUR") has the meaning set out jointly by the Society of Petroleum Engineers and World Petroleum Congress in the year 2000, being those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from an accumulation, plus those quantities already produced therefrom.

In this website, Cenovus has provided information with respect to certain of its Key Resource Plays and emerging opportunities which is "analogous information" as defined in NI 51-101. This analogous information includes estimates of PIIP, NGIP, COIP or NBIP and/or EUR, all as defined in the Canadian Oil & Gas Evaluation Handbook ("COGEH") or by the SPE-PRMS, and/or production type curves. This analogous information is presented on a basin, sub-basin or area basis utilizing data derived from Cenovus's internal sources, as well as from a variety of publicly available information sources which are predominantly independent in nature. Some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with COGEH. Regardless, estimates by engineering and geo-technical practitioners may vary and the differences may be significant. Cenovus believes that the provision of this analogous information is relevant to Cenovus's oil and gas activities, given its acreage position and operations (either ongoing or planned) in the areas in question.

A recovery project cannot be defined for stated volumes of discovered natural bitumen initially-in-place, natural gas initially-in-place or crude oil initially-in-place at this time. There is no certainty that it will be commercially viable to produce any portion of these resources.

Exclusion of Liability

In no event shall Cenovus Energy Inc. be liable for any damages, including without limitation, direct or indirect, special, incidental or consequential damages, loss of profits, opportunities or information arising in connection with the Cenovus Energy Inc. website or with any linked website even if Cenovus Energy Inc. is made aware of the possibility of such damages, losses, claims or expenses.

Trademark and Copyright

All material and information found on or made available through this website is protected under the copyright, trademark and other intellectual property laws of Canada and applicable jurisdictions.

Except as expressly provided on this website, Cenovus prohibits the copying, redistribution, replication, transmission, or other exploitation of any material or information on this website without its express written permission.

Links to Third-Party Sites

This website contains links to third-party sites. These links have been provided solely as a convenience for users of this website and do not constitute an endorsement by Cenovus Energy Inc. of the content of such third-party sites. Links to this website may also be provided from other sites either known or unknown to Cenovus Energy Inc.. Access to any other website linked to or from this website is at your own risk. Cenovus Energy Inc. has not reviewed and is not responsible for the content of any third-party sites linked to or from this website and does not make any representations regarding the privacy practices, content or accuracy of materials on such third-party sites.

Collection of information

Cenovus collects anonymous information about a visitor's actions while they view this site. No personally identifiable information (for example, name, IP address or phone number) is collected from any visitor without your consent. This browsing information is collected via server log files, via session cookies, which are small amounts of data written to your browser (which expire once you close your web browser) and via persistent cookies (which stay on your computer until you delete them) in order to deliver a better website experience for you. Cookies are stored on your computer’s or mobile device’s hard drive so that certain information about your visit and web-browsing preferences will be recognized upon a return visit, to allow Cenovus to analyze patterns of activity while visiting our website, and to detect security fraud and abuse.

Talk to Us

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References to Cenovus

For convenience, references in this website to "Cenovus", the "Company", "us", "we" and similar references, may, where applicable, refer only to or include any relevant direct and indirect subsidiary corporations and partnerships of Cenovus Energy Inc. and the assets, activities and initiatives thereof.

Contractor sections

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