Cenovus Energy Inc. (CVE): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da produção de energia, a Cenovus Energy Inc. (CVE) surge como uma potência estratégica, alavancando um sofisticado modelo de negócios que combina a inovação tecnológica, a consciência ambiental e o posicionamento robusto do mercado. Ao integrar perfeitamente a extração avançada de areias petrolíferas, práticas sustentáveis ​​e soluções de energia diversificadas, a Cenovus transformou os paradigmas de negócios de energia tradicionais, criando uma narrativa convincente de eficiência, confiabilidade e estratégia corporativa que promete remodelar como entendemos as empresas modernas de energia.

Cenovus Energy Inc. (CVE) - Modelo de negócios: Parcerias -chave

Aliança estratégica com energia husky

A Cenovus Energy concluiu sua fusão com a Husky Energy em 9 de março de 2021, em um US $ 23,6 bilhões de transação de All-Stock. A entidade combinada criou uma das maiores empresas de energia integrada do Canadá com:

• Produção total estimada de 755.000 barris de petróleo equivalente por dia
• Total de ativos de aproximadamente US $ 33 bilhões
• Reservas comprovadas e prováveis ​​de 1,7 bilhão de barris de petróleo equivalente

Parcerias de joint venture em desenvolvimento de areias petrolíferas

Parceria	Localização	Porcentagem de propriedade	Capacidade de produção
Foster Creek Christina Lake Partnership	Alberta, Canadá	100% cenovus	310.000 barris por dia
Parceria da FCCL	Alberta, Canadá	Cenovus 50%, ConocoPhillips 50%	172.000 barris por dia

Colaborações de tecnologia e inovação

Cenovus mantém parcerias de tecnologia estratégica com:

• Schlumberger para tecnologias digitais de campo petrolífero
• Baker Hughes para tecnologias avançadas de perfuração
• RECURSOS NATURAIS CANADENSES LIMITED para pesquisa de captura de carbono

Engajamento das comunidades indígenas

Parceria indígena	Tipo de acordo	Valor econômico
Cold Lake First Nations	Contrato de benefício de impacto	US $ 12,5 milhões de benefícios econômicos anuais
Mikisew Cree First Nation	Contrato de colaboração de longo prazo	US $ 8,3 milhões em investimentos comunitários

Cenovus Energy Inc. (CVE) - Modelo de negócios: Atividades -chave

Petróleo bruto e exploração e produção de gás natural

A Cenovus Energy produziu 181.500 barris por dia de petróleo equivalente no terceiro trimestre de 2023. A quebra total da produção inclui:

Tipo de produção	Volume (barris por dia)
Petróleo bruto	118,200
Líquidos de gás natural	32,700
Gás natural	30,600

Extração e processamento de areias petrolíferas

A Cenovus opera os principais ativos de areias petrolíferas com os seguintes recursos de produção:

• Foster Creek Asset: 194.000 barris por dia
• Christina Lake Asset: 180.000 barris por dia
• Capacidade total de produção de areias petrolíferas: 374.000 barris por dia

Refinar e atualizar produtos petrolíferos

Capacidade e operações de refino:

Localização da refinaria	Capacidade de processamento
Refinaria de Wood River	306.000 barris por dia
Refinaria de Borger	146.000 barris por dia

Iniciativas de redução e sustentabilidade emissões de carbono

Metas e investimentos de redução de carbono:

• Alvo: 35% de redução de intensidade de emissões de gases de efeito estufa até 2035
• 2022 Investimento de captura de carbono: US $ 616 milhões
• Capacidade atual de captura de carbono: 2,5 milhões de toneladas por ano

Otimização de ativos e eficiência operacional

Métricas de eficiência operacional:

Métrica de eficiência	Valor
Custos operacionais	US $ 8,50 por barril equivalente
Eficiência de capital	US $ 25 por barril equivalente
Netback operacional	US $ 35,78 por barril

Cenovus Energy Inc. (CVE) - Modelo de negócios: Recursos -chave

Reservas extensas de areias petrolíferas em Alberta

A partir de 2023, a Cenovus Energy detém 1,5 bilhão de barris de reservas de petróleo comprovadas Em Alberta, Canadá. Os principais ativos da Sands Oil Sands da empresa incluem:

Asset	Localização	Reservas (barris)
Foster Creek	Alberta	525 milhões
Lago Christina	Alberta	450 milhões
Lago Narrows	Alberta	225 milhões

Infraestrutura avançada de extração e processamento

A Cenovus opera infraestrutura sofisticada com as seguintes especificações:

• Capacidade total de produção de 400.000 barris por dia
• Drenagem de gravidade assistida por vapor (SAGD) implantação de tecnologia
• Instalações de atualização integradas com 155.000 barris por dia de processamento

Força de trabalho técnica e operacional qualificada

A partir de 2023, a Cenovus Energy emprega 5.300 funcionários em período integral, com habilidades especializadas em:

• Engenharia de Petróleo
• Ciências geológicas
• Gestão ambiental
• Operações tecnológicas avançadas

Capital financeiro significativo e capacidades de investimento

Métrica financeira	2023 valor
Total de ativos	US $ 43,2 bilhões
Gastos anuais de capital	US $ 2,8 bilhões
Caixa e equivalentes de dinheiro	US $ 1,6 bilhão

Experiência tecnológica na produção de energia

Os principais recursos tecnológicos incluem:

• Tecnologia de captura e armazenamento de carbono
• Técnicas avançadas de simulação de reservatório
• Métodos de recuperação aprimorada de petróleo
• Iniciativas de transformação digital em exploração e produção

Cenovus Energy Inc. (CVE) - Modelo de Negócios: Proposições de Valor

Fornecimento de energia confiável e eficiente

A Cenovus Energy produziu 521.700 barris de petróleo equivalente por dia no terceiro trimestre de 2023. Redução total da produção:

Tipo de produto	Volume diário de produção
Petróleo bruto	349.100 barris
Gás natural	172.600 barris equivalentes

Compromisso com a sustentabilidade ambiental

Metas de redução de emissões de carbono:

• Procure reduzir a intensidade das emissões de gases de efeito estufa em 35% até 2035
• Investiu US $ 82 milhões em tecnologias de baixo carbono em 2022
• Capacidade atual de captura de carbono: 3 milhões de toneladas por ano

Preços competitivos em mercados de petróleo e gás

Indicadores de desempenho financeiro:

Métrica	2023 valor
Custos operacionais	US $ 9,50 por barril
Preço realizado (WTI)	US $ 81,30 por barril

Portfólio de energia diversificado

Distribuição de ativos:

• Areias oleosas: 65% da produção
• Petróleo convencional: 22% da produção
• Gás natural: 13% da produção

Concentre -se na redução da pegada de carbono

Métricas de redução de emissões:

Categoria de emissões	2022 Volume	Alvo de redução
Escopo 1 emissões	15,2 milhões de toneladas CO2E	Redução de 30% até 2035
Escopo 2 emissões	3,8 milhões de toneladas CO2E	Redução de 40% até 2035

Cenovus Energy Inc. (CVE) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com consumidores de energia industrial e comercial

A Cenovus Energy Inc. estabeleceu acordos de fornecimento de longo prazo com vários clientes industriais. A partir de 2023, a empresa informou:

Tipo de contrato	Número de contratos	Valor anual
Fornecimento de energia industrial	37 contratos ativos	US $ 1,2 bilhão
Acordos de energia comercial	52 contratos de longo prazo	US $ 780 milhões

Plataformas de engajamento de clientes digitais

Cenovus investiu em estratégias de engajamento digital com as seguintes métricas:

• Usuários de portal de clientes on -line: 64.500
• Downloads de aplicativos móveis: 42.300
• Volume de transação digital: US $ 456 milhões

Comunicação transparente sobre práticas ambientais

Relatórios de sustentabilidade	Métricas
Relatórios ESG anuais publicados	3 relatórios abrangentes
Compromissos de redução de carbono divulgados	85% de nível de transparência

Soluções de energia personalizadas

Remoção de soluções de energia do segmento de mercado:

• Setor industrial: 47% das soluções personalizadas
• Segmento comercial: 33% das soluções personalizadas
• Soluções de energia residencial: 20% das soluções personalizadas

Reputação de confiabilidade e sustentabilidade

Métrica de reputação	Pontuação/classificação
Índice de satisfação do cliente	8.6/10
Desempenho de confiabilidade	99,2% de tempo de atividade
Classificação de sustentabilidade	AA (Classificação MSCI ESG)

Cenovus Energy Inc. (CVE) - Modelo de Negócios: Canais

Vendas diretas para clientes industriais e comerciais

A Cenovus Energy gera vendas diretas através:

• Vendas de produtos de petróleo para clientes industriais
• Acordos por atacado de gás natural
• Contratos de fornecimento de energia de longo prazo

Segmento de clientes	Volume anual de vendas	Valor médio do contrato
Clientes industriais	485.000 barris/dia	US $ 78,3 milhões
Clientes de energia comercial	215.000 barris/dia	US $ 42,6 milhões

Plataformas on -line de negociação e compras de energia

As plataformas digitais incluem:

• Portal de negociação digital CVE
• Interface de preços de commodities em tempo real
• Sistemas de compras eletrônicas

Métricas de plataforma digital	2024 dados
Volume de transações online	US $ 12,4 bilhões
Usuários da plataforma digital	2.873 contas registradas

Mercados de energia por atacado

Canais de mercado por atacado importantes:

• Trocas de energia norte -americana
• Plataformas de negociação de commodities internacionais
• Interações do mercado de futuros

Segmento de mercado por atacado	Volume de negociação anual	Quota de mercado
Mercados norte -americanos	1,2 milhão de barris/dia	7.3%
Mercados internacionais	350.000 barris/dia	2.1%

Redes de distribuição estratégica

Os canais de distribuição abrangem:

• Infraestrutura de pipeline
• Transporte ferroviário
• Redes de caminhões

Método de distribuição	Capacidade anual	Eficiência de custos
Distribuição de pipeline	640.000 barris/dia	$ 4,20/barril
Transporte ferroviário	285.000 barris/dia	US $ 6,75/barril

Canais de comunicação digital e marketing

Plataformas de engajamento digital:

• Site corporativo
• Canais de mídia social
• RELAÇÕES DE INVESTOR PLATAFORMAS DIGITAL

Canal digital	Seguidores/engajamento	Gastos anuais de marketing digital
LinkedIn	127.500 seguidores	US $ 1,2 milhão
Twitter	85.300 seguidores	$780,000

Cenovus Energy Inc. (CVE) - Modelo de negócios: segmentos de clientes

Consumidores de energia industrial

A Cenovus Energy serve consumidores de energia industrial em larga escala com o seguinte profile:

Características do segmento	Detalhes
Consumo anual de energia	500.000 a 5 milhões de GJ por ano
Indústrias típicas	Fabricação, mineração e processamento pesado
Concentração geográfica	Alberta, Colúmbia Britânica, Saskatchewan

Negócios comerciais

Aparelhamento do segmento comercial:

• Estabelecimentos de varejo
• Complexos de escritório
• Pequenas a médias empresas
• Demanda anual de energia: 50.000 a 250.000 GJ

Refinarias de petróleo

Especíadas do segmento de clientes da refinaria de petróleo:

Tipo de refinaria	Requisito anual de petróleo bruto
Grandes refinarias	100.000 a 300.000 barris por dia
Refinarias médias	50.000 a 100.000 barris por dia

Empresas de transporte e logística

Características do cliente do setor de transporte:

• Redes de transporte ferroviário
• Empresas de caminhões
• Empresas de transporte marinho
• Consumo anual de combustível: 5 milhões a 50 milhões de litros

Mercados internacionais de energia

Detalhes do segmento de mercado internacional:

Região	Volume de exportação	Produtos primários
Ásia-Pacífico	150.000 barris por dia	Petróleo bruto, betume
Estados Unidos	250.000 barris por dia	Petrolífero pesado, petróleo sintético

Cenovus Energy Inc. (CVE) - Modelo de negócios: estrutura de custos

Despesas de exploração e produção

No ano fiscal de 2023, as despesas de exploração e produção da Cenovus Energy totalizaram US $ 3,86 bilhões. A quebra dessas despesas inclui:

Categoria de despesa	Quantidade (USD)
Despesas de capital a montante	US $ 2,4 bilhões
Custos de perfuração e conclusão	US $ 1,1 bilhão
Exploração sísmica	US $ 360 milhões

Infraestrutura e manutenção de ativos

A Cenovus Energy alocou US $ 1,2 bilhão em infraestrutura e manutenção de ativos em 2023, que incluía:

• Atualizações e reformas de instalações
• Manutenção de pipeline
• Substituição do equipamento

Investimentos de pesquisa e desenvolvimento

A empresa investiu US $ 187 milhões em pesquisa e desenvolvimento em 2023, concentrando -se em:

• Tecnologias de captura de carbono
• Técnicas aprimoradas de recuperação de petróleo
• Iniciativas de transformação digital

Custos de conformidade ambiental e sustentabilidade

As despesas de conformidade ambiental para 2023 totalizaram US $ 456 milhões, que incluiu:

Área de conformidade	Custo (USD)
Redução de emissões	US $ 215 milhões
Gerenciamento da água	US $ 132 milhões
Projetos de remediação	US $ 109 milhões

Força de trabalho e sobrecarga operacional

Força de trabalho e custos indiretos operacionais para a energia Cenovus em 2023 foram US $ 742 milhões, compreendendo:

• Salários dos funcionários: US $ 512 milhões
• Benefícios e contribuições de pensão: US $ 147 milhões
• Treinamento e desenvolvimento: US $ 83 milhões

Cenovus Energy Inc. (CVE) - Modelo de negócios: fluxos de receita

Vendas de petróleo bruto

2023 Produção de petróleo bruto: 755.700 barris por dia

Produto de óleo	Receita anual	Preço por barril
Select Western Canadian	US $ 3,2 bilhões	$68.50
Petróleo leve convencional	US $ 1,8 bilhão	$82.30

Receitas de produção de gás natural

2023 Produção de gás natural: 472 milhões de pés cúbicos por dia

Tipo de gás	Receita anual	Preço por MMBTU
Alberta Aeco Hub	US $ 540 milhões	$2.85
Gás da Colúmbia Britânica	US $ 380 milhões	$3.12

Vendas refinadas de produtos de petróleo

2023 Saída refinada do produto: 464.000 barris por dia

• Receita da gasolina: US $ 2,7 bilhões
• Receita de combustível a diesel: US $ 1,9 bilhão
• Receita de combustível a jato: US $ 680 milhões

Negociação de crédito de carbono

2023 transações de crédito de carbono

Tipo de crédito	Volume	Valor total
Unidades de carbono verificado	2,3 milhões de créditos	US $ 92 milhões
Créditos de redução de emissões	1,7 milhão de créditos	US $ 68 milhões

Negociação do mercado de energia a jusante

2023 receitas comerciais

• Contratos futuros: US $ 620 milhões
• Negociação de opções: US $ 340 milhões
• Instrumentos derivativos: US $ 210 milhões

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.