Cenovus Energy Inc. (CVE): Business Model Canvas [Dec-2025 Updated]

You're digging into Cenovus Energy Inc.'s actual engine room, trying to see past the stock ticker to where the real value is made, right? Honestly, as an analyst who spent a decade mapping these giants, I can tell you their model hinges on that tight integration: running their oil sands production, targeting $\mathbf{805,000}$ to $\mathbf{845,000}$ BOE/d in 2025, right into their own refineries running at $\mathbf{90\%}$ to $\mathbf{95\%}$ utilization. That structure is designed to capture margin and keep non-fuel operating costs competitive at $\mathbf{\$8.50}$ to $\mathbf{\$9.50}$ per barrel, all while promising $\mathbf{100\%}$ of Excess Free Funds Flow back to you, the shareholder. It's a complex dance of commodity exposure, massive capital allocation-like the Pathways CCS work-and disciplined execution. Here's the quick math on how they plan to pull it off, laid out in the nine blocks below.

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

You're mapping out Cenovus Energy Inc.'s strategic alliances, which are critical for both operational scale and meeting ambitious decarbonization goals. Honestly, these partnerships dictate a lot about their near-term risk profile, especially around capital deployment for large projects.

Pathways Alliance: Collaboration on Carbon Capture and Storage (CCS)

Cenovus Energy Inc. is collaborating with five major oil sands peers-Suncor Energy, Imperial Oil, MEG Energy, Canadian Natural Resources, and ConocoPhillips Canada-under the Pathways Alliance banner. This group represents about 95% of the province's oil sands production.

The core of this partnership is the proposed $16.5 billion (C$16.5bn) Carbon Capture and Storage (CCS) network. This massive undertaking involves a 400-kilometre main transportation pipeline, with over 250 kilometres of connecting lines, designed to transport captured CO₂ to an underground storage hub near Cold Lake. The Phase 1 project aims to store 10 million to 12 million tonnes of CO₂ per year and could reduce oil sands emissions by about 25% by 2030. Construction is targeted to begin as early as the fourth quarter of 2025, with operations potentially starting in 2029 or 2030.

The economic framework for this project is heavily reliant on government support. Cenovus Energy Inc. notes that the current combined federal and provincial incentives-a federal tax credit covering up to 50% of capital costs and an Alberta 12% grant program-total 62%. However, the industry has stated that a 75% level of support is necessary for a final investment decision. The federal carbon price is expected to reach $170 per tonne by 2030.

Husky Midstream Limited Partnership (HMLP)

Cenovus Energy Inc. jointly owns and operates pipeline gathering systems and terminals through its equity-accounted investment in Husky Midstream Limited Partnership (HMLP). Cenovus Energy Inc. holds a 35% equity interest in HMLP, making it a significant partner alongside CK Infrastructure Holdings Limited (16.25%) and Power Assets Holdings Limited (48.75%). Cenovus Energy Inc. acts as the operator for this entity.

Here are some key operational statistics for HMLP as of late 2025:

Government Entities

Working with Canadian federal and provincial governments is essential for regulatory approvals and securing the fiscal support needed for the Pathways CCS project. Cenovus Energy Inc. has specific internal targets related to emissions reduction, which are influenced by government policy and regulatory frameworks.

Key targets and policy context include:

• Target to reduce absolute scope one and two GHG emissions by 35% by year-end 2035, based on a 2019 baseline.
• Methane milestone: Aiming for an 80% reduction in absolute methane emissions from upstream operations by year-end 2028, from a 2019 baseline.
• Federal government proposed tax credits covering up to 50% of eligible upstream carbon capture equipment capital costs.
• Alberta government offers a 12% grant program for CCS projects.

Evok Innovations

Cenovus Energy Inc. is a co-founder of Evok Innovations, an investment partnership focused on accelerating cleantech development. The inaugural fund, launched in 2016, was a $100 million CAD fund, with Cenovus Energy Inc. and Suncor Energy each committing up to $50 million over 10 years. Cenovus Energy Inc. continues to participate as a returning limited partner in Evok's second fund, which also attracted new investors like Export Development Canada (EDC), Royal Bank of Canada (RBC), and The Toronto-Dominion Bank (TD). To date, Evok's portfolio companies have raised more than $500 million CAD to scale their technologies.

Indigenous Communities

Partnerships with Indigenous Communities are foundational to Cenovus Energy Inc.'s business practice, focusing on economic inclusion and self-sustainability. The company has ambitious targets for procurement with Indigenous businesses.

Financial and social investment data related to these partnerships includes:

• Cumulative spending with Indigenous-owned businesses since 2010 is almost $6 billion.
• Spending with Indigenous businesses in 2024 alone was $845 million.
• Reconciliation spending target: Achieve a minimum of $1.2 billion in spending with Indigenous businesses between 2019 and year-end 2025.
• Cumulative spending from 2019-2024 reached $2.57 billion.
• The Indigenous Housing Initiative has funded 161 homes to date, with over $50 million spent across six First Nations and Métis communities near oil sands operations.
• Social investments for Indigenous reconciliation initiatives totaled $14.8 million in 2024.

Furthermore, as of August 2025, Cenovus Energy Inc. was in advanced discussions with a coalition of Indigenous groups for a joint bid on MEG Energy, proposing an Indigenous equity stake of C$2 billion ($1.45 billion USD).

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

You're looking at the core actions Cenovus Energy Inc. takes to run its business, focusing on the numbers guiding 2025 operations. Honestly, it's a lot about moving barrels from the ground to the pump efficiently.

Upstream Production: Extracting Resources

The main activity here is getting crude oil and natural gas out of the ground, primarily from the oil sands. Cenovus Energy Inc. is targeting a total upstream production range of 805,000 to 845,000 BOE/d for 2025. This is supported by specific targets across its asset base.

The breakdown of this upstream focus involves several key operational areas:

• Operating oil sands assets like Foster Creek and Christina Lake.
• Achieving a target oil sands production of 615,000 to 635,000 bbls/d.
• Conventional Heavy Oil targeting 125,000 BOE/d to 135,000 BOE/d.
• Offshore production expected between 65,000 BOE/d to 75,000 BOE/d.

For context, Q2 2025 actual upstream production was reported at 765,900 BOE/d, reflecting turnaround activity and short-term impacts from wildfires at Christina Lake. Oil sands non-fuel operating expenses per barrel are being held flat for 2025, guided between $8.50 and $9.50.

Downstream Refining: Processing and Marketing

Cenovus Energy Inc. processes the crude it produces, along with purchased crude, into refined products. The target for downstream crude unit utilization in 2025 is set between 90% to 95%. This translates to a total downstream crude throughput goal of 650,000 barrels per day (bbls/d) to 685,000 bbls/d.

Here's how the refining throughput is segmented:

To be fair, Q2 2025 saw actual total downstream crude throughput of 665,800 bbls/d, achieving an overall utilization rate of 92%.

Major Project Development: Future Growth

Advancing major capital projects is a critical activity to secure future production growth, which is planned to reach approximately 950,000 BOE/d by 2028. Cenovus Energy Inc. hit key milestones in 2025 for several large developments.

• Narrows Lake: Achieved first oil in July 2025, with production expected to ramp up to peak incremental rates of 20,000 bbls/d - 30,000 bbls/d by year-end.
• West White Rose: The concrete gravity structure (CGS) was installed on the seabed in June, and topsides were placed in mid-July; drilling is expected by year-end, with first oil targeted for Q2 2026.
• Foster Creek Optimization: Four new boilers came online in July, adding approximately 80,000 bbls/d of steam capacity; first oil from this optimization is expected in early 2026.

Carbon Management: Decarbonization Efforts

Cenovus Energy Inc. is actively engaged in developing and advancing Carbon Capture, Utilization, and Storage (CCUS) technologies. This is primarily done through its participation in the Pathways Alliance, focusing on collective industry efforts to achieve net-zero emissions.

Capital Allocation: Funding the Business

Disciplined management of capital is central to the business model, supporting shareholder returns. The 2025 capital budget is set between $4.6 billion to $5.0 billion.

The allocation splits capital spending like this:

• Sustaining Capital: Approximately $3.2 billion.
• Growth Capital: An additional $1.4 billion to $1.8 billion directed to upstream growth projects.

The financial framework dictates maintaining net debt near $4.0 billion while returning 100% of excess free funds flow (EFFF) to shareholders over time. The company also declared a quarterly base dividend of $0.20 per common share for the second quarter of 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Cenovus Energy Inc. relies on to run its integrated business. These aren't just line items; they are the physical and financial engines of the company right now.

Oil & Gas Reserves and Production Capacity

Cenovus Energy Inc. holds significant resource bases across its operations. The actual output in late 2025 reflects the ramp-up from major projects.

For the third quarter ending September 30, 2025, total upstream production hit a record of 832,900 barrels of oil equivalent per day (BOE/d). The company's full-year 2025 upstream production guidance, though revised, was set between 805,000 and 825,000 boepd. The Oil Sands segment guidance for 2025 was specifically between 615,000 bbls/d and 635,000 bbls/d. Also, the Narrows Lake oil sands facility was expected to contribute 130,000 barrels of oil per day.

Integrated Infrastructure: Refining and Upgrading

The downstream assets-refineries and upgrading complexes-are crucial for processing raw materials into higher-value products. Cenovus Energy Inc. operates facilities in Canada and the U.S., including the Lima and Toledo refineries, and the Lloydminster Upgrading and Asphalt Refining Complex.

Downstream operations showed strong utilization in Q3 2025, with crude throughput reaching 710,700 barrels per day (bbls/d), representing an overall utilization rate of 99%. The 2025 forecast for crude throughput was set between 650,000 bbls/d and 685,000 bbls/d, with refinery utilization expected to be between 90% and 95%.

Here's a look at the key operational metrics as of late 2025:

Midstream Assets

Cenovus Energy Inc. maintains critical transport logistics through its midstream assets. This includes an equity interest in a pipeline and terminal network, which is vital for moving crude oil and refined products to market. The company also has operations in the Asia Pacific region.

• Operations include upgrading, refining, and marketing in Canada and the United States.
• The West White Rose project is progressing, with first oil expected in the first half of 2026.
• Peak net production of approximately 45,000 bbls/d is anticipated from West White Rose in 2028.

Financial Capital

The balance sheet strength underpins all operations and growth plans. You need to watch the debt reduction progress against the stated target.

As of September 30, 2025, Cenovus Energy Inc.'s Total Assets stood at $53,573 million. The company's Net Debt was $5,255 million as of that same date, while Long-Term Debt, including the current portion, was $7,156 million. The firm continues to steward toward a long-term Net Debt target near $4.0 billion.

Intellectual Property

Proprietary technology is a key resource, particularly in the challenging oil sands environment. Cenovus Energy Inc. utilizes advanced recovery methods to maintain cost efficiency and production levels. This includes proprietary thermal oil recovery technologies, such as Steam-Assisted Gravity Drainage (SAGD). The company is also progressing projects like the Foster Creek Optimization Project.

Oil sands non-fuel operating expenses per barrel for 2025 were guided to be between $8.50 and $9.50.

Finance: review the impact of the Q3 2025 capital investment of $1,154 million on the Q4 2025 Net Debt projection by next Tuesday.

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:

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:

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:

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:

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.

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.

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.