<SEC-DOCUMENT>0001193125-25-207880.txt : 20250919
<SEC-HEADER>0001193125-25-207880.hdr.sgml : 20250919
<ACCEPTANCE-DATETIME>20250918215536
ACCESSION NUMBER:		0001193125-25-207880
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250918
FILED AS OF DATE:		20250919
DATE AS OF CHANGE:		20250918

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENOVUS ENERGY INC.
		CENTRAL INDEX KEY:			0001475260
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				980642460
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34513
		FILM NUMBER:		251324832

	BUSINESS ADDRESS:	
		STREET 1:		225 - 6 AVENUE S.W.
		STREET 2:		P.O. BOX 766
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1N2
		BUSINESS PHONE:		403-766-2000

	MAIL ADDRESS:	
		STREET 1:		225 - 6 AVENUE S.W.
		STREET 2:		P.O. BOX 766
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1N2
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d79455d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">FORM&nbsp;6-K</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of Foreign Private Issuer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Rule&nbsp;13a-16&nbsp;or&nbsp;15d-16</FONT></FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>under the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For September 2025 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File <FONT STYLE="white-space:nowrap">Number:&nbsp;1-34513</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>CENOVUS ENERGY INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#8217;s name into English) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4100, 225 6 Avenue S.W. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calgary, Alberta, Canada T2P 1N2 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive office) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;20-F&nbsp;or&nbsp;Form&nbsp;40-F.</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;20-F&#8194;&#9744;&#8195;&#8195;&#8195;Form&nbsp;40-F&#8194;&#9746;</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the <FONT STYLE="white-space:nowrap">Form&nbsp;6-K&nbsp;in</FONT> paper as permitted by <FONT
STYLE="white-space:nowrap">Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):&#8194;&#9744;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the <FONT
STYLE="white-space:nowrap">Form&nbsp;6-K&nbsp;in</FONT> paper as permitted by <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):&#8194;&#9744;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DOCUMENTS FILED AS PART OF THIS <FONT STYLE="white-space:nowrap">FORM&nbsp;6-K</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See the Exhibit Index to this <FONT STYLE="white-space:nowrap">Form&nbsp;6-K.</FONT> </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:&nbsp;September 18, 2025 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">CENOVUS ENERGY INC.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">(Registrant)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ E. Erin Bradshaw</I></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">E. Erin Bradshaw</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Assistant Corporate Secretary</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">Form&nbsp;6-K&nbsp;Exhibit</FONT> Index </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Exhibit&nbsp;No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d79455dex991.htm">News release dated September&nbsp;18, 2025 </A></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d79455dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g79455bbbsnap2.jpg" ALT="LOGO" STYLE="width:7.47431in;height:0.688889in;">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cenovus releases presentation on MEG transaction </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>highlighting superior value for shareholders </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CALGARY, Alberta, Sept 18, 2025 &#8211; Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today released a presentation outlining the compelling advantages of its
transaction with MEG Energy. The transaction was unanimously approved and reaffirmed by MEG Energy&#8217;s board of directors, and delivers full and fair value to MEG shareholders. In contrast, Strathcona Resources&#8217; offer is inferior, high
risk and not in the best interests of MEG shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Why Cenovus&#8217;s transaction with MEG is the superior outcome: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Offers an attractive price at a premium valuation with certainty of consideration value in the form of cash and
Cenovus shares. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Cenovus brings scale, industry-leading experience, <FONT STYLE="white-space:nowrap">tier-1</FONT> assets, leading
near-term growth, diversified revenues, a stronger balance sheet with clearly defined and unique synergies, offering the opportunity to participate in the value upside of the integrated Christina Lake region. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">MEG shareholders have the opportunity to continue the journey with Cenovus by electing to receive share
consideration, or cash and share consideration, subject to maximums. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Strathcona&#8217;s shares are the only consideration offered in its revised bid for MEG, and those shares are
illiquid and overvalued relative to peers. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Strathcona&#8217;s proposal would result in Waterous Energy Fund and other Strathcona insiders controlling the
combined company, with interests that may not align with MEG shareholders. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The presentation detailing the merits of Cenovus&#8217;s
transaction is available here (<U>link</U>). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Advisory </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Forward-looking</FONT> Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This news release contains certain <FONT STYLE="white-space:nowrap">forward-looking</FONT> statements and
<FONT STYLE="white-space:nowrap">forward-looking</FONT> information (collectively referred to as <FONT STYLE="white-space:nowrap">&#8220;forward-looking</FONT> information&#8221;) within the meaning of applicable securities legislation about
Cenovus&#8217;s current expectations, estimates and projections about the future of Cenovus, including following the acquisition of MEG, based on certain assumptions made in light of Cenovus&#8217;s experiences and perceptions of historical trends.
Although Cenovus believes that the expectations represented by such <FONT STYLE="white-space:nowrap">forward-looking</FONT> information are reasonable, there can be no assurance that such expectations will prove to be correct. <FONT
STYLE="white-space:nowrap">Forward-looking</FONT> information in this document is identified by words such as &#8220;acquire&#8221;, &#8220;anticipate&#8221;, &#8220;consolidate&#8221;, &#8220;continue&#8221;, &#8220;drive&#8221;,
&#8220;enable&#8221;, &#8220;expect&#8221;, &#8220;intend&#8221;, &#8220;leverage&#8221;, &#8220;maintain&#8221;, &#8220;opportunity&#8221;, &#8220;option&#8221;, &#8220;preserve&#8221;, &#8220;synergy&#8221;, &#8220;target&#8221;,
&#8220;unlock&#8221;, and &#8220;will&#8221; or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: acquiring all of the issued and outstanding common shares of MEG pursuant to a plan of
arrangement (the &#8220;Acquisition&#8221;); the advantages of the Acquisition; the inferior nature of and risk associated with Strathcona Resources&#8217; offer; expectations with respect to the value offered by the Acquisition; the ability of MEG
shareholders to continue the journey with Cenovus by electing to receive share consideration; the quality of Cenovus&#8217;s assets and its near-term growth, diversified revenues, balance sheet strength and unique
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CENOVUS ENERGY </B>NEWS
RELEASE | 1 </P>

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<IMG SRC="g79455bbbsnap2.jpg" ALT="LOGO" STYLE="width:7.47431in;height:0.688194in;">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
synergies should the Acquisition be completed; offering the opportunity for MEG shareholders to participate in the value upside of the integrated Christina Lake region; the liquidity and value of
Strathcona&#8217;s shares; the outcomes of Strathcona&#8217;s proposal, including Waterous Energy Fund and other Strathcona insiders controlling the combined company and the alignment of their interests with those of MEG shareholders; and
Cenovus&#8217;s commitment to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Developing <FONT STYLE="white-space:nowrap">forward-looking</FONT> information involves reliance on a number of assumptions and consideration of certain risks
and uncertainties, some of which are specific to Cenovus and MEG and others that apply to the industry generally. The factors or assumptions on which the <FONT STYLE="white-space:nowrap">forward-looking</FONT> information in this news release are
based include, but are not limited to: information currently available to Cenovus about itself, MEG and Strathcona and the businesses in which they operate; the best interests of MEG shareholders; the quality of Strathcona&#8217;s assets; the
composition of Strathcona&#8217;s board post-transaction; the accuracy of analyst predictions and calculations; the intention of Strathcona and its board; the trading value and other characteristics of the Strathcona shares; the completion of the
Acquisition on anticipated terms and timing, or at all; the satisfaction of customary closing conditions and obtaining key regulatory, court and MEG shareholder approvals; general economic, market and business conditions; anticipated tax treatment
of the transaction; that actions by third parties do not delay or otherwise adversely affect completion of the Acquisition; that competing bids do not materially impact the completion of the Acquisition or Cenovus&#8217;s or MEG&#8217;s business
operations, approvals or key stakeholder relationships; potential litigation relating to the Acquisition that could be instituted against Cenovus or MEG; the ability and timing to integrate MEG&#8217;s business and operations and realize the
anticipated strategic, operational and financial benefits and synergies from the acquisition of MEG by Cenovus; the ability to integrate the Christina Lake region and the value thereof; the existence of near-term growth opportunities;
Cenovus&#8217;s portfolio and business plan including if the Acquisition is not completed; potential adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies,
resulting from the announcement or completion of the Acquisition; the ability to maintain low <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">steam-to-oil</FONT></FONT> ratio; combined company production estimates; the quality of
the integrated resource/assets meeting expectations; ability to achieve integrated development and unlock access to resources; achieving anticipated synergy values on anticipated timelines; immediate accretion; that there will be no material change
to MEG&#8217;s operations prior to completion of the Acquisition; the combined business has the same per barrel oil overhead cost as Cenovus; ability and timing to leverage combined expertise and drive additional value; preservation of
Cenovus&#8217;s robust financial framework, strong balance sheet, liquidity and investment grade credit ratings; no material changes to laws and regulations adversely affecting Cenovus&#8217;s or MEG&#8217;s operations or the Acquisition;
maintenance of pro forma net debt; commodity prices; Cenovus&#8217;s adjustment of its shareholder returns framework to continue balance of deleveraging with meaningful shareholder returns; the interests of MEG shareholders, Waterous Energy Fund and
other Strathcona insiders; and the assumptions inherent in Cenovus&#8217;s updated 2025 corporate guidance available on&nbsp;<U>cenovus.com</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The risk
factors and uncertainties that could cause actual results to differ materially from the <FONT STYLE="white-space:nowrap">forward-looking</FONT> information in this news release include, but are not limited to: changes to general economic, market and
business conditions; not completing the Acquisition on anticipated terms and timing, or at all, including the satisfaction of customary closing conditions and obtaining key regulatory, court and MEG </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CENOVUS ENERGY </B>NEWS
RELEASE | 2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g79455bbbsnap2.jpg" ALT="LOGO" STYLE="width:7.47431in;height:0.688194in;">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
shareholder approvals; a change in the interests of MEG shareholders; a change in the quality of Strathcona&#8217;s assets; changes in the composition of Strathcona&#8217;s board; the accuracy of
analyst predictions and calculations; failing to complete the Acquisition on the terms contemplated by the arrangement agreement between Cenovus and MEG; the combined company&#8217;s inability to issue securities; the impact of any existing
competing bids or from any additional offers for MEG securities that may arise after the date hereof; potential litigation relating to the Acquisition that could be instituted against Cenovus or MEG; the delay or inability to integrate
Cenovus&#8217;s and MEG&#8217;s respective businesses and operations and realize the anticipated strategic, operational and financial benefits and synergies from the Acquisition, including integration of the Christina Lake region; potential adverse
reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, resulting from the announcement or completion of the Acquisition; the inability to maintain low <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">steam-to-oil</FONT></FONT> ratio; the quality of the integrated resource/assets failing to meet expectations; delay or inability to achieve integrated development and unlock access to
resources; failing to achieve anticipated synergy values on anticipated timelines; failing to produce immediate accretion; inability to leverage combined expertise and drive additional value; failing to preserve Cenovus&#8217;s robust financial
framework, strong balance sheet, liquidity and investment grade credit ratings; material changes to laws and regulations adversely affecting Cenovus&#8217;s or MEG&#8217;s operations or the Acquisition; the inability to maintain pro forma net debt;
Cenovus&#8217;s inability to adjust its shareholder returns framework to continue balance of deleveraging with meaningful shareholder returns; ability to integrate the MEG assets; the consequences of not completing the Acquisition, including the
volatility of the share prices of Cenovus and MEG, negative reactions from the investment community and the required payment of certain costs related to the Acquisition; potential undisclosed liabilities in respect of MEG unidentified during the due
diligence process; the accuracy of the pro forma financial information of the combined company after the Acquisition; the interpretation of the Acquisition by tax authorities; the focus of management&#8217;s time and attention on the Acquisition and
other disruptions arising from the Acquisition; volatility of, and other assumptions regarding, commodity prices; product supply and demand; market competition, including from alternative energy sources; the ability to maintain relationships with
partners and to successfully manage and operate integrated businesses; and other risks identified under &#8220;Risk Management and Risk Factors&#8221; and &#8220;Advisory&#8221; in Cenovus&#8217;s Management&#8217;s Discussion and Analysis
(&#8220;MD&amp;A&#8221;) for the periods ended&nbsp;<U>December&nbsp;31, 2024</U>&nbsp;and <U>June&nbsp;30,&nbsp;2025</U>&nbsp;and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with
securities regulatory authorities in Canada (available on SEDAR+ at&nbsp;<U>sedarplus.ca</U>, on EDGAR at&nbsp;<U>sec.gov</U>&nbsp;and Cenovus&#8217;s website at<U>&nbsp;cenovus.com</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any <FONT
STYLE="white-space:nowrap">forward-looking</FONT> statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or
circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the <FONT STYLE="white-space:nowrap">forward-looking</FONT> information. For additional information regarding
Cenovus&#8217;s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to &#8220;Risk Management and Risk Factors&#8221; and &#8220;Advisory&#8221; in
Cenovus&#8217;s MD&amp;A for the periods ended&nbsp;<U>December&nbsp;31, 2024</U>&nbsp;and&nbsp;<U>June&nbsp;30, 2025</U>&nbsp;and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with
securities regulatory authorities in Canada (available on SEDAR+ at&nbsp;<U>sedarplus.ca</U>, on EDGAR at&nbsp;<U>sec.gov</U>&nbsp;and Cenovus&#8217;s website at&nbsp;<U>cenovus.com</U>). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CENOVUS ENERGY </B>NEWS
RELEASE | 3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g79455bbbsnap2.jpg" ALT="LOGO" STYLE="width:7.47431in;height:0.688194in;">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cenovus Energy Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading,
refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance
considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company&#8217;s preferred shares are listed on the Toronto Stock Exchange. For more information,
visit&nbsp;<U>cenovus.com</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Find Cenovus on&nbsp;<U>Facebook</U>,&nbsp;<U>LinkedIn</U>,&nbsp;<U>YouTube</U>&nbsp;and&nbsp;<U>Instagram</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cenovus contacts </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom"><B>Investors</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Media</B></TD></TR>


<TR STYLE="font-size:1pt">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investor Relations general line</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">403-766-7711</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Media Relations general line</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">403-766-7751</FONT></FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CENOVUS ENERGY </B>NEWS
RELEASE | 4 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
