Cenovus Energy Inc. (CVE): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la production d'énergie, Cenovus Energy Inc. (CVE) apparaît comme une puissance stratégique, tirant parti d'un modèle commercial sophistiqué qui mélange l'innovation technologique, la conscience environnementale et le positionnement robuste du marché. En intégrant de manière transparente l'extraction avancée des sables à l'huile, des pratiques durables et des solutions énergétiques diversifiées, Cenovus a transformé les paradigmes traditionnels des entreprises énergétiques, créant un récit convaincant d'efficacité, de fiabilité et de stratégie d'entreprise avant-gardiste qui promet de remodeler la façon dont nous comprenons les entreprises énergétiques modernes.

Cenovus Energy Inc. (CVE) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec l'énergie husky

Cenovus Energy a terminé sa fusion avec Husky Energy le 9 mars 2021, dans un Transaction All-Stock de 23,6 milliards de dollars. L'entité combinée a créé l'une des plus grandes sociétés d'énergie intégrées du Canada avec:

• Production totale estimée de 755 000 barils de pétrole équivalent par jour
• Actif total d'environ 33 milliards de dollars
• Des réserves éprouvées et probables de 1,7 milliard de barils d'équivalent pétrolière

Partenariats de coentreprise dans le développement des sables bitumineux

Partenariat	Emplacement	Pourcentage de propriété	Capacité de production
Foster Creek Christina Lake Partnership	Alberta, Canada	100% Cenovus	310 000 barils par jour
Partenariat FCCL	Alberta, Canada	Cenovus 50%, conocophillips 50%	172 000 barils par jour

Collaborations technologiques et innovantes

Cenovus maintient des partenariats technologiques stratégiques avec:

• Schlumberger pour les technologies de champ pétrolifères numériques
• Baker Hughes pour les technologies de forage avancées
• Ressources naturelles canadiennes limitées pour la recherche de capture de carbone

Engagement des communautés autochtones

Partenariat indigène	Type d'accord	Valeur économique
Premières nations du lac froid	Accord de prestations d'impact	12,5 millions de dollars d'avantages économiques annuels
Première nation Mikisew Cree	Contrat de collaboration à long terme	8,3 millions de dollars d'investissements communautaires

Cenovus Energy Inc. (CVE) - Modèle d'entreprise: activités clés

Exploration et production de pétrole brut et de gaz naturel

Cenovus Energy a produit 181 500 barils par jour de pétrole équivalent au troisième trimestre 2023. La panne de production totale comprend:

Type de production	Volume (barils par jour)
Huile brute	118,200
Liquides au gaz naturel	32,700
Gaz naturel	30,600

Extraction et traitement des sables d'huile

Cenovus exploite les principaux actifs de sable pétrolier avec les capacités de production suivantes:

• Actif de Foster Creek: 194 000 barils par jour
• Asset de lac Christina: 180 000 barils par jour
• Capacité totale de production de sables bitumineux: 374 000 barils par jour

Affiner et améliorer les produits pétroliers

Capacité et opérations de raffinage:

Emplacement de la raffinerie	Capacité de traitement
Raffinerie de la rivière Wood	306 000 barils par jour
Raffinerie Borger	146 000 barils par jour

Initiatives de réduction et de durabilité des émissions de carbone

Cibles et investissements de réduction du carbone:

• Cible: 35% de réduction d'intensité des émissions de gaz à effet de serre d'ici 2035
• 2022 Investissement de capture de carbone: 616 millions de dollars
• Capacité actuelle de capture du carbone: 2,5 millions de tonnes par an

Optimisation des actifs et efficacité opérationnelle

Métriques d'efficacité opérationnelle:

Métrique d'efficacité	Valeur
Coûts d'exploitation	8,50 $ par baril équivalent
Efficacité du capital	25 $ par baril équivalent
Netback en fonctionnement	35,78 $ par baril

Cenovus Energy Inc. (CVE) - Modèle d'entreprise: Ressources clés

De vastes réserves de sables d'huile en Alberta

En 2023, Cenovus Energy tient 1,5 milliard de barils de réserves de pétrole prouvées en Alberta, Canada. Les principaux actifs des sables bitumineux de l'entreprise comprennent:

Asset	Emplacement	Réserves (barils)
Foster Creek	Alberta	525 millions
Lac Christina	Alberta	450 millions
Lac Narrows	Alberta	225 millions

Infrastructure d'extraction et de traitement avancée

Cenovus exploite une infrastructure sophistiquée avec les spécifications suivantes:

• Capacité de production totale de 400 000 barils par jour
• Déploiement de la technologie de drainage de gravité à la vapeur (SAGD)
• Installations de mise à niveau intégrées avec 155 000 barils par jour de traitement

Main-d'œuvre technique et opérationnelle qualifiée

En 2023, Cenovus Energy utilise 5 300 employés à temps plein, avec des compétences spécialisées dans:

• Génie du pétrole
• Sciences géologiques
• Gestion environnementale
• Opérations technologiques avancées

Capacités de capital financier et d'investissement importantes importantes

Métrique financière	Valeur 2023
Actif total	43,2 milliards de dollars
Dépenses en capital annuelles	2,8 milliards de dollars
Equivalents en espèces et en espèces	1,6 milliard de dollars

Expertise technologique en production d'énergie

Les capacités technologiques clés comprennent:

• Technologie de capture et de stockage du carbone
• Techniques de simulation de réservoir avancé
• Méthodes de récupération de pétrole améliorées propriétaires
• Initiatives de transformation numérique dans l'exploration et la production

Cenovus Energy Inc. (CVE) - Modèle d'entreprise: propositions de valeur

Approvisionnement énergétique fiable et efficace

Cenovus Energy a produit 521 700 barils d'huile équivalent par jour au troisième trimestre 2023. Répartition totale de la production:

Type de produit	Volume de production quotidien
Huile brute	349 100 barils
Gaz naturel	172 600 barils équivalents

Engagement envers la durabilité environnementale

Cibles de réduction des émissions de carbone:

• Viser à réduire l'intensité des émissions de gaz à effet de serre de 35% d'ici 2035
• A investi 82 millions de dollars dans les technologies à faible teneur en carbone en 2022
• Capacité actuelle de capture du carbone: 3 millions de tonnes par an

Prix ​​compétitifs sur les marchés pétroliers et gaziers

Indicateurs de performance financière:

Métrique	Valeur 2023
Coûts d'exploitation	9,50 $ le baril
Prix ​​réalisé (WTI)	81,30 $ par baril

Portfolio d'énergie diversifié

Distribution des actifs:

• Sands à l'huile: 65% de la production
• Brut conventionnel: 22% de la production
• Gaz naturel: 13% de la production

Concentrez-vous sur la réduction de l'empreinte carbone

Métriques de réduction des émissions:

Catégorie d'émissions	Volume 2022	Cible de réduction
Émissions de la portée 1	15,2 millions de tonnes CO2E	Réduction de 30% d'ici 2035
Émissions de la portée 2	3,8 millions de tonnes CO2E	40% de réduction d'ici 2035

Cenovus Energy Inc. (CVE) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les consommateurs d'énergie industrielle et commerciale

Cenovus Energy Inc. a établi des accords d'approvisionnement à long terme avec plusieurs clients industriels. En 2023, la société a rapporté:

Type de contrat	Nombre de contrats	Valeur annuelle
Approvisionnement en énergie industrielle	37 contrats actifs	1,2 milliard de dollars
Accords d'énergie commerciale	52 contrats à long terme	780 millions de dollars

Plates-formes de fiançailles clients numériques

Cenovus a investi dans des stratégies d'engagement numérique avec les mesures suivantes:

• Utilisateurs du portail client en ligne: 64 500
• Téléchargements d'applications mobiles: 42 300
• Volume de transaction numérique: 456 millions de dollars

Communication transparente sur les pratiques environnementales

Reporting de durabilité	Métrique
Rapports ESG annuels publiés	3 rapports complets
Engagements de réduction du carbone divulgués	Niveau de transparence de 85%

Solutions énergétiques personnalisées

Branche des solutions énergétiques du segment de marché:

• Secteur industriel: 47% des solutions personnalisées
• Segment commercial: 33% des solutions personnalisées
• Solutions d'énergie résidentielle: 20% des solutions personnalisées

Réputation de fiabilité et de durabilité

Métrique de la réputation	Score / note
Indice de satisfaction client	8.6/10
Performance de fiabilité	99,2% de disponibilité
Cote de durabilité	AA (cote MSCI ESG)

Cenovus Energy Inc. (CVE) - Modèle d'entreprise: canaux

Ventes directes aux clients industriels et commerciaux

Cenovus Energy génère des ventes directes à travers:

• Ventes de produits pétroliers aux clients industriels
• Accords en gros de gaz naturel
• Contrats d'approvisionnement énergétique à long terme

Segment de clientèle	Volume des ventes annuelles	Valeur du contrat moyen
Clients industriels	485 000 barils / jour	78,3 millions de dollars
Clients de l'énergie commerciale	215 000 barils / jour	42,6 millions de dollars

Plateformes de trading en ligne et d'approvisionnement en énergie

Les plates-formes numériques comprennent:

• Portail de trading numérique CVE
• Interface de tarification des produits de base en temps réel
• Systèmes d'approvisionnement électronique

Métriques de plate-forme numérique	2024 données
Volume de transaction en ligne	12,4 milliards de dollars
Utilisateurs de plate-forme numérique	2 873 comptes enregistrés

Marchés énergétiques en gros

Chancs de marché en gros clés:

• Échanges d'énergie nord-américains
• Plateformes internationales de trading de matières premières
• Interactions du marché à terme

Segment de marché en gros	Volume de trading annuel	Part de marché
Marchés nord-américains	1,2 million de barils / jour	7.3%
Marchés internationaux	350 000 barils / jour	2.1%

Réseaux de distribution stratégique

Les canaux de distribution comprennent:

• Infrastructure de pipeline
• Transport ferroviaire
• Réseaux de camionnage

Méthode de distribution	Capacité annuelle	Rentabilité
Répartition des pipelines	640 000 barils / jour	4,20 $ / baril
Transport ferroviaire	285 000 barils / jour	6,75 $ / baril

Canaux de communication numérique et marketing

Plates-formes de fiançailles numériques:

• Site Web de l'entreprise
• Canaux de médias sociaux
• Relations des investisseurs Plateformes numériques

Canal numérique	Abonnés / engagement	Dépenses annuelles sur le marketing numérique
Liendin	127 500 abonnés	1,2 million de dollars
Gazouillement	85 300 abonnés	$780,000

Cenovus Energy Inc. (CVE) - Modèle d'entreprise: segments de clientèle

Consommateurs d'énergie industrielle

Cenovus Energy sert les consommateurs d'énergie industrielle à grande échelle avec les éléments suivants profile:

Caractéristiques du segment	Détails
Consommation d'énergie annuelle	500 000 à 5 millions de GJ par an
Industries typiques	Fabrication, exploitation minière, traitement lourd
Concentration géographique	Alberta, Colombie-Britannique, Saskatchewan

Entreprises commerciales

Répartition des segments commerciaux:

• Établissements de vente au détail
• Complexes de bureaux
• Petites et moyennes entreprises
• Demande d'énergie annuelle: 50 000 à 250 000 GJ

Raffineries de pétrole

Spécificiaires du segment des clients de la raffinerie de pétrole:

Type de raffinerie	Exigence annuelle du pétrole brut
Grandes raffineries	100 000 à 300 000 barils par jour
Raffineries moyennes	50 000 à 100 000 barils par jour

Sociétés de transport et de logistique

Caractéristiques du client du secteur des transports:

• Réseaux de transport ferroviaire
• Entreprise de camionnage
• Entreprises de transport marin
• Consommation de carburant annuelle: 5 à 50 millions de litres

Marchés énergétiques internationaux

Détails du segment du marché international:

Région	Volume d'exportation	Produits primaires
Asie-Pacifique	150 000 barils par jour	Huile brute, bitume
États-Unis	250 000 barils par jour	Brut lourd, brut synthétique

Cenovus Energy Inc. (CVE) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de production

Au cours de l'exercice 2023, les frais d'exploration et de production de Cenovus Energy ont totalisé 3,86 milliards de dollars. La répartition de ces dépenses comprend:

Catégorie de dépenses	Montant (USD)
Dépenses en capital en amont	2,4 milliards de dollars
Forage et frais d'achèvement	1,1 milliard de dollars
Exploration sismique	360 millions de dollars

Infrastructure et maintenance des actifs

L'énergie de Cenovus a alloué 1,2 milliard de dollars pour la maintenance des infrastructures et des actifs en 2023, qui comprenait:

• Mises à niveau et rénovation des installations
• Maintenance des pipelines
• Remplacement de l'équipement

Investissements de recherche et développement

L'entreprise a investi 187 millions de dollars Dans la recherche et le développement en 2023, en se concentrant sur:

• Technologies de capture de carbone
• Techniques de récupération d'huile améliorées
• Initiatives de transformation numérique

Coûts de conformité environnementale et de durabilité

Les dépenses de conformité environnementale pour 2023 sont équipées de 456 millions de dollars, qui comprenait:

Zone de conformité	Coût (USD)
Réduction des émissions	215 millions de dollars
Gestion de l'eau	132 millions de dollars
Projets de correction	109 millions de dollars

Effectif et frais généraux opérationnels

La main-d'œuvre et les frais généraux opérationnels pour l'énergie de Cenovus en 2023 étaient 742 millions de dollars, comprenant:

• Salaires des employés: 512 millions de dollars
• Avantages et contributions à la pension: 147 millions de dollars
• Formation et développement: 83 millions de dollars

Cenovus Energy Inc. (CVE) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut

2023 Production de pétrole brut: 755 700 barils par jour

Produit pétrolier	Revenus annuels	Prix ​​par baril
Sélection canadienne occidentale	3,2 milliards de dollars	$68.50
Brut léger conventionnel	1,8 milliard de dollars	$82.30

Revenus de production de gaz naturel

2023 Production de gaz naturel: 472 millions de pieds cubes par jour

Type de gaz	Revenus annuels	Prix ​​par MMBTU
ALBERTA AECO HUB	540 millions de dollars	$2.85
Gas de la Colombie-Britannique	380 millions de dollars	$3.12

Ventes de produits de pétrole raffinés

2023 Sortie du produit raffiné: 464 000 barils par jour

• Revenus d'essence: 2,7 milliards de dollars
• Revenus de carburant diesel: 1,9 milliard de dollars
• Revenus de carburant à jet: 680 millions de dollars

Trading de crédit en carbone

2023 Transactions de crédit en carbone

Type de crédit	Volume	Valeur totale
Unités de carbone vérifiées	2,3 millions de crédits	92 millions de dollars
Crédits de réduction des émissions	1,7 million de crédits	68 millions de dollars

Trading du marché de l'énergie en aval

2023 Revenus commerciaux

• Contrats à terme: 620 millions de dollars
• Trading d'options: 340 millions de dollars
• Instruments dérivés: 210 millions de dollars

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.