, delayed by 20 minutes

Cenovus generates $1.8 billion in adjusted funds flow in Q2 2021

Delivers free funds flow of $1.3 billion

Calgary, Alberta (July 29, 2021) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) continues to demonstrate the strengths of the company’s integrated portfolio in its second quarter results, generating cash from operating activities of $1.4 billion, adjusted funds flow of $1.8 billion and free funds flow of $1.3 billion, supporting a reduction in net debt of nearly $1 billion since March 31, 2021. Total production of nearly 770,000 barrels of oil equivalent per day (BOE/d) despite planned turnarounds at several assets, and strong realized commodity prices in the upstream business along with continued recovery of demand for U.S. downstream products drove Cenovus’s strong financial performance, which the company expects will continue through the rest of the year.

“Our results underscore the earnings power of the combined company as we further integrate and deliver on our expanded asset base,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “We posted a strong second quarter and expect to accelerate deleveraging in the second half of this year.”

Lloyd Upgrader

The Lloydminster Upgrader in Lloydminster, Saskatchewan produces synthetic crude oil, diluent and ultra-low sulphur diesel. The synthetic crude is used in the production of gasoline and diesel fuels in refineries in Canada and the U.S.

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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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The Rush Lake Thermal Project in Saskatchewan is located east of Lloydminster.

The Rush Lake Thermal Project in Saskatchewan is located east of Lloydminster.

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