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Cenovus delivers $1 billion of adjusted funds flow in Q1

Company continues to deleverage its balance sheet

Calgary, Alberta (April 24, 2019) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered strong operating and financial performance in the first quarter of 2019, generating more than $1 billion of adjusted funds flow, $731 million of free funds flow and cash from operating activities of $436 million. The company’s excellent financial results were driven by strong operating performance, a significant narrowing of light-heavy oil price differentials in early 2019 and Cenovus’s low-cost structure and continued commitment to capital discipline. Over the first four months of this year, the company further reduced its total debt outstanding by repurchasing US$515 million of unsecured notes at a discount. Cenovus managed its first-quarter oil sands production to comply with the Government of Alberta’s mandatory curtailment program, producing approximately 343,000 barrels per day (bbls/d). The company completed construction of the Christina Lake phase G expansion project ahead of schedule and 25% under budget.

Cenovus’s Christina Lake project

Cenovus’s Christina Lake project in northern Alberta uses steam-assisted gravity drainage (SAGD) technology to produce oil. The process involves drilling into the reservoir and injecting steam at a low pressure to soften the oil so it can be pumped to the surface.

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Steam generators at Cenovus’s Foster Creek project in northern Alberta.

Steam generators at Cenovus’s Foster Creek project in northern Alberta. The project uses a process called steam-assisted gravity drainage (SAGD) to produce oil, which involves drilling into the reservoir and injecting steam at a low pressure to soften the oil so it can be pumped to the surface.

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Cenovus’s Wolf Lake Natural Gas Plant in the Deep Basin in west central Alberta.

Cenovus’s Wolf Lake Natural Gas Plant in the Deep Basin in west central Alberta.

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