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Cenovus announces cash tender offers for certain outstanding notes

Tender offers demonstrate commitment to continued debt reduction

Calgary, Alberta (June 4, 2019) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today that it has commenced cash tender offers (the “Tender Offers”) for up to US$500 million aggregate principal amount (the “Maximum Amount”) of its 4.450% Notes due 2042, 5.200% Notes due 2043, 3.000% Notes due 2022, 4.250% Notes due 2027, 5.250% Notes due 2037, 5.400% Notes due 2047 and 3.800% Notes due 2023 (collectively, the “Notes”). The Tender Offers are being made upon the terms and subject to the conditions set forth in the Offer to Purchase dated June 4, 2019 (as amended or supplemented from time to time, the “Offer to Purchase”) and related Letter of Transmittal (the “Letter of Transmittal”). The Tender Offers are open to all registered holders (individually, a “Holder” and collectively, the “Holders”) of the Notes.

The Tender Offers support Cenovus’s continued focus on deleveraging its balance sheet. Debt reduction continues to be a top priority for Cenovus in 2019 after funding its sustaining capital requirements and maintaining its current dividend level. As a result of the company’s recent strong operating and financial performance, Cenovus plans to use internally generated cash for these Tender Offers.