Cenovus Energy Inc. (CVE): Business Model Canvas

In der dynamischen Landschaft der Energieerzeugung entwickelt sich Cenovus Energy Inc. (CVE) zu einem strategischen Kraftpaket, das ein ausgeklügeltes Geschäftsmodell nutzt, das technologische Innovation, Umweltbewusstsein und eine robuste Marktpositionierung vereint. Durch die nahtlose Integration fortschrittlicher Ölsandgewinnung, nachhaltiger Praktiken und diversifizierter Energielösungen hat Cenovus die traditionellen Paradigmen des Energiegeschäfts verändert und ein überzeugendes Narrativ von Effizienz, Zuverlässigkeit und zukunftsorientierter Unternehmensstrategie geschaffen, das verspricht, unser Verständnis moderner Energieunternehmen neu zu gestalten.

Cenovus Energy Inc. (CVE) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Husky Energy

Cenovus Energy hat seine Fusion mit Husky Energy am 9. März 2021 abgeschlossen All-Stock-Transaktion im Wert von 23,6 Milliarden US-Dollar. Durch den Zusammenschluss entstand eines der größten integrierten Energieunternehmen Kanadas mit:

• Geschätzte Gesamtproduktion von 755.000 Barrel Öläquivalent pro Tag
• Gesamtvermögen von rund 33 Milliarden US-Dollar
• Nachgewiesene und wahrscheinliche Reserven von 1,7 Milliarden Barrel Öläquivalent

Joint-Venture-Partnerschaften bei der Entwicklung von Ölsanden

Partnerschaft	Standort	Eigentumsprozentsatz	Produktionskapazität
Foster Creek Christina Lake Partnerschaft	Alberta, Kanada	100 % Cenovus	310.000 Barrel pro Tag
FCCL-Partnerschaft	Alberta, Kanada	Cenovus 50 %, ConocoPhillips 50 %	172.000 Barrel pro Tag

Technologie- und Innovationskooperationen

Cenovus unterhält strategische Technologiepartnerschaften mit:

• Schlumberger für digitale Ölfeldtechnologien
• Baker Hughes für fortschrittliche Bohrtechnologien
• Canadian Natural Resources Limited für die Forschung zur Kohlenstoffabscheidung

Engagement indigener Gemeinschaften

Indigene Partnerschaft	Art der Vereinbarung	Ökonomischer Wert
Cold Lake First Nations	Impact Benefit-Vereinbarung	Jährlicher wirtschaftlicher Nutzen von 12,5 Millionen US-Dollar
Mikisew Cree First Nation	Langfristige Kooperationsvereinbarung	8,3 Millionen US-Dollar an Gemeinschaftsinvestitionen

Cenovus Energy Inc. (CVE) – Geschäftsmodell: Hauptaktivitäten

Exploration und Produktion von Rohöl und Erdgas

Cenovus Energy produzierte im dritten Quartal 2023 181.500 Barrel Öläquivalent pro Tag. Die Gesamtproduktionsaufschlüsselung umfasst:

Produktionstyp	Volumen (Barrel pro Tag)
Rohöl	118,200
Erdgasflüssigkeiten	32,700
Erdgas	30,600

Ölsandgewinnung und -verarbeitung

Cenovus betreibt große Ölsandanlagen mit den folgenden Produktionskapazitäten:

• Foster Creek-Anlage: 194.000 Barrel pro Tag
• Aktivposten von Christina Lake: 180.000 Barrel pro Tag
• Gesamtkapazität der Ölsandproduktion: 374.000 Barrel pro Tag

Raffinierung und Veredelung von Erdölprodukten

Raffineriekapazität und Betrieb:

Standort der Raffinerie	Verarbeitungskapazität
Wood River Raffinerie	306.000 Barrel pro Tag
Borger-Raffinerie	146.000 Barrel pro Tag

Initiativen zur Reduzierung der CO2-Emissionen und zur Nachhaltigkeit

CO2-Reduktionsziele und Investitionen:

• Ziel: Reduzierung der Treibhausgasemissionsintensität um 35 % bis 2035
• Investition in die Kohlenstoffabscheidung 2022: 616 Millionen US-Dollar
• Aktuelle Kohlenstoffabscheidungskapazität: 2,5 Millionen Tonnen pro Jahr

Anlagenoptimierung und betriebliche Effizienz

Kennzahlen zur betrieblichen Effizienz:

Effizienzmetrik	Wert
Betriebskosten	8,50 $ pro Barrel-Äquivalent
Kapitaleffizienz	25 $ pro Barrel-Äquivalent
Betrieb von Netback	35,78 $ pro Barrel

Cenovus Energy Inc. (CVE) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Ölsandreserven in Alberta

Ab 2023 hält Cenovus Energy 1,5 Milliarden Barrel nachgewiesene Ölreserven in Alberta, Kanada. Zu den wichtigsten Ölsandanlagen des Unternehmens gehören:

Asset	Standort	Reserven (Fässer)
Foster Creek	Alberta	525 Millionen
Christina Lake	Alberta	450 Millionen
Narrows Lake	Alberta	225 Millionen

Erweiterte Extraktions- und Verarbeitungsinfrastruktur

Cenovus betreibt eine anspruchsvolle Infrastruktur mit folgenden Spezifikationen:

• Gesamtproduktionskapazität von 400.000 Barrel pro Tag
• Einsatz der SAGD-Technologie (Steam-Assisted Gravity Drainage).
• Integrierte Aufrüstungsanlagen mit einer Verarbeitungskapazität von 155.000 Barrel pro Tag

Qualifizierte technische und operative Arbeitskräfte

Ab 2023 beschäftigt Cenovus Energy 5.300 Vollzeitmitarbeiter, mit Spezialkenntnissen in:

• Erdöltechnik
• Geologische Wissenschaften
• Umweltmanagement
• Fortschrittliche technologische Operationen

Erhebliches Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahl	Wert 2023
Gesamtvermögen	43,2 Milliarden US-Dollar
Jährliche Kapitalausgaben	2,8 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	1,6 Milliarden US-Dollar

Technologische Expertise in der Energieerzeugung

Zu den wichtigsten technologischen Fähigkeiten gehören:

• Technologie zur Kohlenstoffabscheidung und -speicherung
• Fortschrittliche Techniken zur Reservoirsimulation
• Proprietäre Methoden zur verbesserten Ölrückgewinnung
• Initiativen zur digitalen Transformation in Exploration und Produktion

Cenovus Energy Inc. (CVE) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente Energieversorgung

Cenovus Energy produzierte im dritten Quartal 2023 521.700 Barrel Öläquivalent pro Tag. Gesamtproduktionsaufschlüsselung:

Produkttyp	Tägliches Produktionsvolumen
Rohöl	349.100 Barrel
Erdgas	172.600 Barrel Äquivalent

Engagement für ökologische Nachhaltigkeit

Ziele zur Reduzierung der CO2-Emissionen:

• Ziel ist es, die Intensität der Treibhausgasemissionen bis 2035 um 35 % zu reduzieren
• Im Jahr 2022 wurden 82 Millionen US-Dollar in kohlenstoffarme Technologien investiert
• Aktuelle Kohlenstoffabscheidungskapazität: 3 Millionen Tonnen pro Jahr

Wettbewerbsfähige Preise auf den Öl- und Gasmärkten

Finanzielle Leistungsindikatoren:

Metrisch	Wert 2023
Betriebskosten	9,50 $ pro Barrel
Realisierter Preis (WTI)	81,30 $ pro Barrel

Diversifiziertes Energieportfolio

Vermögensverteilung:

• Ölsande: 65 % der Produktion
• Konventionelles Rohöl: 22 % der Produktion
• Erdgas: 13 % der Produktion

Konzentrieren Sie sich auf die Reduzierung des CO2-Fußabdrucks

Kennzahlen zur Emissionsreduzierung:

Emissionskategorie	Band 2022	Reduktionsziel
Scope-1-Emissionen	15,2 Millionen Tonnen CO2e	Reduzierung um 30 % bis 2035
Scope-2-Emissionen	3,8 Millionen Tonnen CO2e	Reduzierung um 40 % bis 2035

Cenovus Energy Inc. (CVE) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit industriellen und gewerblichen Energieverbrauchern

Cenovus Energy Inc. hat langfristige Lieferverträge mit mehreren Industriekunden abgeschlossen. Ab 2023 berichtete das Unternehmen:

Vertragstyp	Anzahl der Verträge	Jährlicher Wert
Industrielle Energieversorgung	37 aktive Verträge	1,2 Milliarden US-Dollar
Kommerzielle Energieverträge	52 langfristige Verträge	780 Millionen Dollar

Digitale Kundenbindungsplattformen

Cenovus hat in digitale Engagement-Strategien mit den folgenden Kennzahlen investiert:

• Nutzer des Online-Kundenportals: 64.500
• Downloads mobiler Apps: 42.300
• Digitales Transaktionsvolumen: 456 Millionen US-Dollar

Transparente Kommunikation über Umweltpraktiken

Nachhaltigkeitsberichterstattung	Metriken
Jährliche ESG-Berichte veröffentlicht	3 umfassende Berichte
Verpflichtungen zur CO2-Reduktion offengelegt	85 % Transparenzgrad

Maßgeschneiderte Energielösungen

Aufschlüsselung der Marktsegmente für Energielösungen:

• Industriesektor: 47 % der kundenspezifischen Lösungen
• Kommerzielles Segment: 33 % der kundenspezifischen Lösungen
• Energielösungen für Privathaushalte: 20 % kundenspezifische Lösungen

Zuverlässigkeit und Nachhaltigkeitsreputation

Reputationsmetrik	Punktzahl/Bewertung
Kundenzufriedenheitsindex	8.6/10
Zuverlässigkeitsleistung	99,2 % Verfügbarkeit
Nachhaltigkeitsbewertung	AA (MSCI ESG-Rating)

Cenovus Energy Inc. (CVE) – Geschäftsmodell: Kanäle

Direktvertrieb an Industrie- und Gewerbekunden

Cenovus Energy generiert Direktverkäufe durch:

• Verkauf von Erdölprodukten an Industriekunden
• Erdgas-Großhandelsverträge
• Langfristige Energielieferverträge

Kundensegment	Jährliches Verkaufsvolumen	Durchschnittlicher Vertragswert
Industriekunden	485.000 Barrel/Tag	78,3 Millionen US-Dollar
Gewerbliche Energiekunden	215.000 Barrel/Tag	42,6 Millionen US-Dollar

Online-Handels- und Energiebeschaffungsplattformen

Zu den digitalen Plattformen gehören:

• CVE digitales Handelsportal
• Echtzeit-Schnittstelle zur Rohstoffpreisgestaltung
• Elektronische Beschaffungssysteme

Kennzahlen für digitale Plattformen	Daten für 2024
Online-Transaktionsvolumen	12,4 Milliarden US-Dollar
Benutzer digitaler Plattformen	2.873 registrierte Konten

Energiegroßhandelsmärkte

Wichtige Großhandelsmarktkanäle:

• Nordamerikanische Energiebörsen
• Internationale Rohstoffhandelsplattformen
• Interaktionen auf dem Terminmarkt

Großhandelsmarktsegment	Jährliches Handelsvolumen	Marktanteil
Nordamerikanische Märkte	1,2 Millionen Barrel/Tag	7.3%
Internationale Märkte	350.000 Barrel/Tag	2.1%

Strategische Vertriebsnetzwerke

Zu den Vertriebskanälen gehören:

• Pipeline-Infrastruktur
• Schienenverkehr
• Speditionsnetzwerke

Verteilungsmethode	Jährliche Kapazität	Kosteneffizienz
Pipeline-Verteilung	640.000 Barrel/Tag	4,20 $/Barrel
Schienenverkehr	285.000 Barrel/Tag	6,75 $/Barrel

Digitale Kommunikations- und Marketingkanäle

Digitale Engagement-Plattformen:

• Unternehmenswebsite
• Social-Media-Kanäle
• Digitale Plattformen für Investor Relations

Digitaler Kanal	Follower/Engagement	Jährliche Ausgaben für digitales Marketing
LinkedIn	127.500 Follower	1,2 Millionen US-Dollar
Twitter	85.300 Follower	$780,000

Cenovus Energy Inc. (CVE) – Geschäftsmodell: Kundensegmente

Industrielle Energieverbraucher

Cenovus Energy beliefert große industrielle Energieverbraucher mit Folgendem profile:

Segmentmerkmale	Details
Jährlicher Energieverbrauch	500.000 bis 5 Millionen GJ pro Jahr
Typische Branchen	Fertigung, Bergbau, Schwerverarbeitung
Geografische Konzentration	Alberta, British Columbia, Saskatchewan

Kommerzielle Unternehmen

Aufteilung der kommerziellen Segmente:

• Einzelhandelsbetriebe
• Bürokomplexe
• Kleine bis mittlere Unternehmen
• Jährlicher Energiebedarf: 50.000 bis 250.000 GJ

Erdölraffinerien

Besonderheiten des Erdölraffinerie-Kundensegments:

Raffinerietyp	Jährlicher Rohölbedarf
Große Raffinerien	100.000 bis 300.000 Barrel pro Tag
Mittlere Raffinerien	50.000 bis 100.000 Barrel pro Tag

Transport- und Logistikunternehmen

Kundenmerkmale im Transportsektor:

• Schienenverkehrsnetze
• Speditionen
• Seetransportunternehmen
• Jährlicher Kraftstoffverbrauch: 5 bis 50 Millionen Liter

Internationale Energiemärkte

Details zum internationalen Marktsegment:

Region	Volumen exportieren	Primärprodukte
Asien-Pazifik	150.000 Barrel pro Tag	Rohöl, Bitumen
Vereinigte Staaten	250.000 Barrel pro Tag	Schweres Rohöl, synthetisches Rohöl

Cenovus Energy Inc. (CVE) – Geschäftsmodell: Kostenstruktur

Explorations- und Produktionskosten

Im Geschäftsjahr 2023 beliefen sich die Explorations- und Produktionskosten von Cenovus Energy auf insgesamt 3,86 Milliarden US-Dollar. Die Aufschlüsselung dieser Ausgaben umfasst:

Ausgabenkategorie	Betrag (USD)
Upstream-Kapitalausgaben	2,4 Milliarden US-Dollar
Bohr- und Fertigstellungskosten	1,1 Milliarden US-Dollar
Seismische Erkundung	360 Millionen Dollar

Infrastruktur- und Anlagenwartung

Cenovus Energy stellte im Jahr 2023 1,2 Milliarden US-Dollar für die Infrastruktur- und Anlagenwartung bereit, darunter:

• Modernisierung und Sanierung von Anlagen
• Wartung der Pipeline
• Geräteaustausch

Forschungs- und Entwicklungsinvestitionen

Das Unternehmen investierte 187 Millionen Dollar in Forschung und Entwicklung im Jahr 2023 mit den Schwerpunkten:

• Technologien zur Kohlenstoffabscheidung
• Verbesserte Ölrückgewinnungstechniken
• Initiativen zur digitalen Transformation

Umweltkonformität und Nachhaltigkeitskosten

Der Umwelt-Compliance-Aufwand für das Jahr 2023 belief sich auf 456 Millionen US-Dollar, darunter:

Compliance-Bereich	Kosten (USD)
Emissionsreduzierung	215 Millionen Dollar
Wassermanagement	132 Millionen Dollar
Sanierungsprojekte	109 Millionen Dollar

Personal- und Betriebsaufwand

Die Personal- und Betriebsgemeinkosten für Cenovus Energy betrugen im Jahr 2023 742 Millionen Dollar, bestehend aus:

• Mitarbeitergehälter: 512 Millionen US-Dollar
• Leistungen und Rentenbeiträge: 147 Millionen US-Dollar
• Schulung und Entwicklung: 83 Millionen US-Dollar

Cenovus Energy Inc. (CVE) – Geschäftsmodell: Einnahmequellen

Rohölverkäufe

Rohölproduktion 2023: 755.700 Barrel pro Tag

Ölprodukt	Jahresumsatz	Preis pro Barrel
Westkanadische Auswahl	3,2 Milliarden US-Dollar	$68.50
Konventionelles leichtes Rohöl	1,8 Milliarden US-Dollar	$82.30

Einnahmen aus der Erdgasproduktion

Erdgasproduktion 2023: 472 Millionen Kubikfuß pro Tag

Gastyp	Jahresumsatz	Preis pro MMBtu
Alberta AECO Hub	540 Millionen Dollar	$2.85
British Columbia Gas	380 Millionen Dollar	$3.12

Verkauf von raffinierten Erdölprodukten

Raffinierte Produktproduktion 2023: 464.000 Barrel pro Tag

• Benzinumsatz: 2,7 Milliarden US-Dollar
• Umsatz mit Dieselkraftstoff: 1,9 Milliarden US-Dollar
• Einnahmen aus Kerosin: 680 Millionen US-Dollar

Handel mit Emissionsgutschriften

2023 CO2-Gutschriftstransaktionen

Kreditart	Lautstärke	Gesamtwert
Verifizierte Kohlenstoffeinheiten	2,3 Millionen Credits	92 Millionen Dollar
Emissionsminderungsgutschriften	1,7 Millionen Credits	68 Millionen Dollar

Nachgelagerter Energiemarkthandel

Handelserlöse 2023

• Terminkontrakte: 620 Millionen US-Dollar
• Optionshandel: 340 Millionen US-Dollar
• Derivative Instrumente: 210 Millionen US-Dollar

Cenovus Energy Inc. (CVE) - Canvas Business Model: Value Propositions

Integrated Value Capture: Cenovus Energy Inc. captures margin across the full value chain, which helps manage price volatility. The integrated structure is evident in the downstream performance metrics. For instance, in the third quarter of 2025, the Downstream crude throughput utilization reached 99%. In the first quarter of 2025, the U.S. Refining segment reported an adjusted market capture of 62%. The 2025 corporate guidance projects total downstream crude throughput in the range of 650,000-685,000 bbls/d.

The capture of margin across the chain is supported by the scale of operations, which is detailed below:

Metric	2025 Guidance (Midpoint/Range)	Latest Reported Data (Q3 2025)
Upstream Production	825,000 BOE/d (Range: 805k-845k BOE/d)	833 MBOE/d
Downstream Crude Throughput	667,500 bbls/d (Range: 650k-685k bbls/d)	711 Mbbls/d
U.S. Refining Operable Capacity	Not explicitly stated for 2025 guidance	473 Mbbls/d (Total Operable Capacity)

Reliable Supply: Cenovus Energy Inc. delivers a secure source of crude oil, natural gas, and refined products to North American and international markets through its production and processing capabilities. The company is executing on growth projects to secure future supply. For example, first oil from the Narrows Lake project was achieved in July 2025, with expected incremental rates of 20,000 bbls/d - 30,000 bbls/d by year-end 2025. The West White Rose project is also advancing, with first oil expected in the second quarter of 2026, targeting net peak production of approximately 45,000 bbls/d in 2028.

The company's production base is supported by significant reserves, evaluated effective December 31, 2024, as follows:

• Proved plus probable (2P) reserves: 8.5 BBOE.
• Reserves life index for SAGD producers is noted as having approximately 35 years.

Shareholder Returns: Cenovus Energy Inc. has a clear commitment to returning capital, targeting the return of approximately 100% of Excess Free Funds Flow (EFFF) to shareholders over time, once the net debt target is achieved. The net debt target is managed toward approximately $4.0 billion. The company has a track record of growing shareholder returns, including five consecutive years of double-digit base dividend growth. The Board approved an 11% increase in the quarterly base dividend to $0.20 per common share for an annualized rate of $0.80 per share beginning in the second quarter of 2025. In the first nine months of 2025, the company repurchased approximately 3% of shares outstanding. In the second quarter of 2025 alone, Cenovus Energy Inc. returned $819 million to shareholders through dividends and share buybacks.

Low-Cost Production: Maintaining a low-cost structure is a core value proposition, particularly in the oil sands segment. For 2025, oil sands non-fuel operating costs are targeted to be in the range of $8.50/bbl to $9.50/bbl, held flat compared with 2024. Furthermore, the combined oil sands operating and sustaining capital costs are guided to be < $21/bbl.

Cost control extends to the downstream segment as well, with U.S. Refining operating expenses (excluding turnaround costs) guided between $10.00/bbl and $12.00/bbl for 2025, representing a 7% decrease from 2024.

Decarbonization Leadership: Cenovus Energy Inc. is collaborating on a large-scale Carbon Capture and Storage (CCS) network through the Pathways Alliance. This foundational CCS project aims to reduce oil sands emissions by 22 million tonnes per year by 2030. The company's most ambitious goal is to achieve 'net zero' greenhouse gas emissions by 2050.

Key elements of the decarbonization strategy include:

• Pathways Alliance foundational CCS project targeting a reduction of 22 million tonnes of CO2 annually by 2030.
• The 2050 net zero goal is considered aspirational and relies on advances in technologies like CCS.
• The company has met its 2030 target for water intensity reduction in oil sands operations.

Cenovus Energy Inc. (CVE) - Canvas Business Model: Customer Relationships

You're looking at how Cenovus Energy Inc. manages its relationships across its diverse stakeholder groups, which is critical for an integrated energy company of this scale. It's not just about selling barrels; it's about managing capital markets, government relations, and a vast supply chain.

Dedicated B2B Account Management

Cenovus Energy Inc. engages its commercial and industrial customers through direct, long-term contractual arrangements, especially for its refined products and wholesale volumes. While the exact count of these major commercial contracts isn't public, the company highlights specific areas where these relationships are formalized, such as the Atlantic region long-term service contracts. These relationships are governed by standard terms and conditions unless superseded by a specific contract or purchase order.

The process for engaging new business partners is structured, requiring prospective suppliers to complete a submission form for evaluation based on compliance, capabilities, experience, and quality alignment. This structured approach helps ensure value alignment from the start.

Investor Relations

Maintaining strong relationships with institutional and retail shareholders is central to Cenovus Energy Inc.'s capital allocation strategy. The company emphasizes a proactive communication strategy tied directly to its capital return framework. As of October 30, 2025, Cenovus Energy Inc. held a market capitalization of $41 billion.

The commitment to shareholders is quantified through direct returns and balance sheet management. For instance, in the second quarter of 2025, the company returned $819 million to shareholders via common and preferred share buybacks and dividends. The company has achieved a compound annual growth rate of approximately 55% for its base dividend since 2021, and it retired approximately 220 million shares since 2021.

Share repurchase activity in 2025 shows continued execution of this strategy. As of October 31, 2025, Cenovus Energy Inc. had repurchased 82,563,942 common shares under its prior Normal Course Issuer Bid (NCIB) at a weighted-average price of $21.58 per share. The Board approved a renewal of the NCIB on November 7, 2025, authorizing the purchase of up to 120,250,990 common shares for the subsequent 12-month period, representing 10% of the public float as of October 31, 2025. The annual dividend per share was reported at $0.80/share (a 3.4% yield) as of late October 2025.

Here's a snapshot of the financial discipline underpinning these relationships as of the latest reported period:

Metric	Value (As of Late 2025)	Date/Period
Market Capitalization	$41 billion	October 30, 2025
Common Shares Outstanding	1,745,535,223	October 31, 2025
Net Debt	$5.255 billion	September 30, 2025
Net Debt to TTM AFF Ratio	0.7x	September 30, 2025
Total Shareholder Returns (Q2 2025)	$819 million	Q2 2025
Shares Repurchased (YTD 2025)	~3% of shares outstanding	First 9 months of 2025

The company's capital allocation priority is to manage net debt toward ~$4.0 billion, fully fund sustaining capital and the base dividend at US$45 WTI, and return approximately 100% of Excess Free Funds Flow (EFFF) to shareholders once the net debt target is achieved.

Regulatory Engagement

Cenovus Energy Inc. maintains continuous engagement with governments on energy, climate, and Indigenous policy, recognizing that regulatory stability is key to long-term value. A concrete example of this engagement resulting in a successful outcome was the receipt of key regulatory approvals for the acquisition of MEG Energy Corp. As of October 8, 2025, Cenovus confirmed approvals from the Canadian Competition Bureau and the United States Federal Trade Commission for the transaction.

The Board and its committees actively monitor Canadian and U.S. regulatory developments concerning corporate governance and disclosure to ensure compliance and protect shareholder interests. The company also expects its service providers and suppliers to uphold its corporate values and practices.

Supplier Prequalification

Cenovus Energy Inc. uses a formal, structured process for prospective suppliers to ensure compliance and value alignment. This process involves submitting information via a prospective supplier submission form, which the Supply Chain Management team evaluates against current business requirements. The evaluation focuses on:

• Capabilities and experience.
• Quality assurance.
• Alignment with values, including environmental and safety standards.

The company explicitly encourages participation from designated groups, including Indigenous suppliers, viewing these relationships as instrumental to success and strengthening local economies in operating areas. The process is clear: only suppliers of interest will be contacted after evaluation.

For current suppliers, relationships are managed through adherence to Cenovus Energy Inc.'s Supplier Code of Business Conduct and specific HSE schedules. Furthermore, for capital projects, a dedicated Capital Projects workspace enables sharing of engineering requirements, specifications, and Approved Manufacturers List information with external engineering and procurement service providers.

Finance: draft 13-week cash view by Friday.

Cenovus Energy Inc. (CVE) - Canvas Business Model: Channels

You're looking at how Cenovus Energy Inc. gets its product from the wellhead and refinery to the customer, which is a complex dance of pipes, ships, and trucks. Honestly, the sheer scale of their movement in late 2025 is what stands out, especially after the WRB sale closed on September 30, 2025.

Pipeline Networks

Major pipeline networks move the bulk of the crude oil and refined products. The integrated system saw record throughput in the third quarter of 2025. Canadian Refining operated at a 98% utilization rate in Q3 2025, processing 105,400 bbls/d of crude. Meanwhile, the U.S. Refining assets hit a 99% utilization rate, processing 605,300 bbls/d of crude in that same quarter. This compares to a total downstream crude throughput of 710,700 bbls/d for the entire third quarter of 2025. For context, the first quarter of 2025 saw total throughput at 665,400 bbls/d.

Here's a quick look at the throughput performance across the refining segments:

Refining Segment	Q3 2025 Throughput (bbls/d)	Q3 2025 Utilization Rate
Canadian Refining	105,400	98%
U.S. Refining	605,300	99%
Total Downstream Throughput	710,700	99%

The company had initially guided for 2025 Canadian refining throughput between 100,000 and 105,000 bbls/d. After the WRB disposition, the revised 2025 guidance for U.S. Downstream throughput settled between 510,000 bbls/d to 515,000 bbls/d.

Marine Transport

Marine transport is key for the offshore Atlantic Canada production and international sales channels. Production from the Atlantic region was 11,300 bbls/d in the third quarter of 2025, down from 12,500 bbls/d in the second quarter of 2025. The West White Rose project is a big focus here; drilling is expected to start in the fourth quarter of 2025, with first oil targeted for the second quarter of 2026. On the Great Lakes, the Duluth Marine Terminal, fueled by the Superior Refinery, services lakers that can take between 30,000 and 100,000 gallons (113,562 to 378,541 litres) during a single fueling transfer.

Crude-by-Rail

Cenovus Energy uses the Bruderheim crude-by-rail terminal as a flexible channel when pipeline capacity tightens. While specific 2025 loading volumes aren't public in these reports, this channel historically provided access to higher-priced markets like the U.S. Gulf Coast. In late 2020, the company was loading nearly 28,000 b/d of its own crude for rail transport in December. The strategic value remains in mitigating pipeline congestion, even if the volume fluctuates based on differentials.

Wholesale & Commercial Sales

This channel focuses on moving refined products directly to bulk buyers. The Toledo, Ohio refinery supports this through local logistics. A staff report to the Toledo-Lucas County Port Authority indicated that Cenovus expects to move up to 45 million gallons annually of products like gasoline, diesel, and jet fuel through a newly connected terminal facility. This movement supports the refined product sales that feed into the Downstream revenue stream.

Trading & Marketing

Global marketing operations optimize the sale of crude and refined products. A major structural change to this channel occurred on September 30, 2025, when Cenovus closed the sale of its 50% interest in WRB Refining LP (WRB), receiving cash proceeds of $1.8 billion, net of adjustments, on October 1. This shifts the marketing focus away from that partnership. The U.S. Refining Adjusted Market Capture, a key metric for marketing performance, stood at 65% in the third quarter of 2025.

• The company returned $1.3 billion to common shareholders in Q3 2025 through purchases and dividends.
• The base dividend was increased by 11% to $0.80 per share annually, effective in the second quarter of 2025.

Cenovus Energy Inc. (CVE) - Canvas Business Model: Customer Segments

You're looking at the core groups that provide the capital and take the product from Cenovus Energy Inc. as of late 2025. The company's integrated model means these segments are deeply intertwined, but we can break down the scale of interaction.

For the Global Refiners & Marketers, who buy crude oil, and the Commercial & Industrial End-Users, who purchase refined products like diesel and jet fuel, the sheer scale of Cenovus Energy Inc.'s operations is the key metric. The company reported record Upstream production of 832,900 barrels of oil equivalent per day (BOE/d) in the third quarter of 2025. This production feeds their significant refining capacity, which is crucial for supplying the downstream customers.

Here's a look at the throughput volumes that directly relate to the supply chain for these customers:

Customer Type / Segment	Metric	Volume / Rate	Period	Citation
Global Refiners & Marketers (Crude Sales)	Total Upstream Production (Record)	832,900 BOE/d	Q3 2025
Commercial & Industrial End-Users (Refined Products)	Total Downstream Crude Throughput	710,700 bbls/d (99% Utilization)	Q3 2025
Commercial & Industrial End-Users (Refined Products)	U.S. Refining Crude Throughput	605,300 bbls/d (99% Utilization)	Q3 2025
Global Refiners & Marketers (Crude Sales)	Asia Pacific Production Volumes	51,900 BOE/d	Q3 2025
Commercial & Industrial End-Users (Refined Products)	Canadian Refining Throughput	112,400 bbls/d (104% Utilization)	Q2 2025

The Institutional & Retail Investors are the capital providers, supporting the entire enterprise, which posted total revenues of approximately $40.04 billion USD for the trailing twelve months ending September 30, 2025. Their direct return mechanism is the dividend, which the Board supports through robust cash generation; the company generated $2.1 billion CAD in cash from operating activities in Q3 2025 alone. The commitment to these shareholders is concrete:

• The declared quarterly base dividend is $0.20 per common share, payable on December 31, 2025.
• The annual base dividend rate, beginning in Q2 2025, is $0.80 per share.
• For the third quarter of 2025, the company returned $1.3 billion to common shareholders through dividends and share purchases.

For Indigenous Communities, the relationship is framed around economic inclusion and partnership, moving beyond simple consultation. Cenovus Energy Inc. has made substantial financial commitments to these stakeholders in its operating areas. This isn't just a policy; it's a practice.

• Since 2010, the company has invested almost $6 billion doing business with local Indigenous companies.
• Procurement spend with Indigenous-owned businesses reached $845 million in 2024 alone.
• The Indigenous Housing Initiative has seen Cenovus Energy Inc. spend over $50 million to fund the construction of 161 homes across six First Nations and Métis communities near its oil sands operations.
• In a major strategic move, Cenovus Energy Inc. is discussing a joint bid with Indigenous groups for a C$2 billion equity stake in MEG Energy Corp.

You should note that the company's total capital investment for 2025 is projected to be between $4.6 billion and $5.0 billion, with a focused allocation toward growth projects, which underpins the long-term value proposition for all customer groups. Finance: draft 13-week cash view by Friday.

Cenovus Energy Inc. (CVE) - Canvas Business Model: Cost Structure

You're looking at the core expenditures Cenovus Energy Inc. is planning for 2025. This is where the capital goes to keep the lights on and drive future production.

Capital Expenditure (Capex) is set at a planned total between $4.6 billion and $5.0 billion for 2025. This budget has a clear split between keeping current assets running and funding future growth. About $3.2 billion of this is heavily weighted toward sustaining capital to maintain base production and ensure safe, reliable operations. The remaining portion, an additional $1.4 billion to $1.8 billion, is directed towards advancing upstream growth projects.

The cost structure also shows tight control over day-to-day running expenses, which is key for maintaining shareholder returns.

Cost Category	Segment/Metric	2025 Guidance Range (C$)
Operating Costs (Non-Fuel)	Oil Sands (per barrel)	$8.50 to $9.50/bbl
Operating Costs	Conventional (per BOE)	$11.00 to $12.00/BOE
Operating Costs	U.S. Refining (per barrel, excl. turnaround)	$10.00/bbl to $12.00/bbl
General & Administrative (G&A)	Total Forecast (excluding stock-based comp)	$625 million to $675 million
Capital Investment	Total Planned Capex	$4.6 billion to $5.0 billion
Capital Investment	Sustaining Capital	Approximately $3.2 billion

Transportation & Blending costs are significant for moving heavy crude and refined products through pipelines and rail. While a total cost isn't explicitly provided in the guidance summary, Cenovus Energy is targeting commercial synergies of approximately ~$30MM related to Transportation optimization, storage & blending.

For Carbon Reduction Investment, direct funding for the Pathways Alliance CCS project isn't itemized in the main guidance figures, but cost management in other areas shows a focus on efficiency. For instance, IT systems upgrade costs for 2025 are recalibrated to be approximately $50 million, down from an original plan of almost $250 million.

You can see the breakdown of upstream capital allocation, which drives many of these costs:

• Oil Sands Assets Investment: $2.7 billion to $2.8 billion
• Conventional Assets Investment: $350 million to $400 million
• Offshore Segment Capital Spending: $0.9 billion to $1.0 billion

Finance: draft 13-week cash view by Friday.

Cenovus Energy Inc. (CVE) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Cenovus Energy Inc. as of late 2025. This is where the money actually comes from, broken down by the main business segments.

The revenue streams are fundamentally tied to Cenovus Energy Inc.'s integrated model, which covers everything from getting the oil and gas out of the ground to selling the final refined products at the pump or to industrial users. This structure helps manage volatility, but the numbers still swing with global commodity prices.

Here's a look at the key components driving revenue, focusing on the most recent quarterly data available from Q3 2025, and the trailing twelve month performance.

Upstream Crude Oil & Natural Gas Sales is the foundation, representing revenue from the sale of raw hydrocarbons, including bitumen, heavy oil, light oil, and natural gas extracted from Cenovus Energy Inc.'s assets. This segment is highly sensitive to benchmark pricing like WTI and WCS differentials.

Downstream Refined Product Sales captures the value-add from processing crude oil into marketable products. This includes gasoline, diesel, jet fuel, and asphalt, which often provides a margin buffer when upstream prices are volatile.

The company also generates income through optimization efforts:

• Marketing & Trading Activities: Income generated from optimizing the sale and transportation of hydrocarbons.

To give you a clearer picture of the scale, let's map out the recent quarterly performance alongside the required Trailing Twelve Month (TTM) figure.

Revenue Stream Component	Q3 2025 Amount (CAD)	TTM as of Sep 30, 2025 (USD)
Upstream Crude Oil & Natural Gas Sales	C$6.7 billion	N/A
Downstream Refined Product Sales	C$8.4 billion	N/A
Total Reported Q3 2025 Revenue	C$13.2 billion	N/A
Total Trailing Twelve Month (TTM) Revenue	N/A	$40.04 billion USD

You can see the downstream segment brought in more revenue in Q3 2025 than the upstream segment, which is a key indicator of the integrated strategy at work. The total revenue for the last twelve months ending September 30, 2025, stood at approximately $40.04 billion USD.

For context on the underlying production driving these sales, Cenovus Energy Inc. achieved record Upstream production of 832,900 barrels of oil equivalent per day (BOE/d) in Q3 2025, with record Downstream crude throughput of 710,700 barrels per day (bbls/d). This operational strength underpins the revenue generation.

Finance: draft 13-week cash view by Friday.