Risk Management (Tables)

9 Months Ended

Sep. 30, 2025

Net Fair Value of Risk Management Positions

As at September 30, 2025

Notional Volumes (1) (2)

Terms

Weighted

Average

Price (2)

Fair Value Asset (Liability)

WTI Contracts Related to Blending (3)

WTI Fixed – Sell

6.4 MMbbls

October 2025 - December 2026

US$63.00/bbl

WTI Fixed – Buy

0.2 MMbbls

October 2025 - December 2026

US$61.15/bbl

—

Power Contracts

Renewable Power Contracts

Other Financial Positions (4)

(2)

Foreign Exchange Rate Contracts

(4)

Total Fair Value

(1) Million barrels (“MMbbls”).

(2) Notional volumes and weighted average price are based on multiple contracts of varying amounts and terms over the respective time period; therefore, the notional volumes and weighted average price may fluctuate from month to month.

(3) WTI futures contracts are used to help manage price exposure to condensate used for blending. Includes individual WTI contracts with varying terms, the longest of which is 15 months.

(4) Includes risk management positions related to Western Canadian Select (“WCS”), heavy oil, light oil and condensate differentials, benchmark delivery location spreads, Belvieu and heating oil fixed price contracts, natural gas basis and fixed price contracts, and reformulated blendstock for oxygenate blending gasoline contracts.

Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax

The following table summarizes the sensitivity of the fair value of Cenovus’s risk management positions to independent fluctuations in commodity prices and foreign exchange rates, with all other variables held constant. Management believes the fluctuations identified in the table below are a reasonable measure of volatility.

The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows:


As at September 30, 2025	Sensitivity Range	Increase	Decrease
Crude Oil and Condensate Commodity Price	± US$10.00/bbl Applied to WTI, Condensate and Related Hedges	—	—
Crude Oil and Condensate Differential Price (1)	± US$2.50/bbl Applied to Differential Hedges Tied to Production	(6)	6
WCS (Hardisty) Differential Price	± US$2.50/bbl Applied to WCS Differential Hedges Tied to Production	—	—
Refined Products Commodity Price	± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges	—	—
Natural Gas Commodity Price	± US$0.50/Mcf (2) Applied to Natural Gas Hedges Tied to Production	1	(1)
Natural Gas Basis Price	± US$0.25/Mcf Applied to Natural Gas Basis Hedges	—	—
Power Commodity Price	± C$10.00/MWh (3) Applied to Power Hedges	42	(42)
U.S. to Canadian Dollar Exchange Rate	± $0.05 in the U.S. to Canadian Dollar Exchange Rate	45	(52)

(1)Excluding WCS at Hardisty.

(2)One thousand cubic feet (“Mcf”).

(3)One thousand kilowatts of electricity per hour (“MWh”).

Undiscounted Cash Outflows Relating to Financial Liabilities

Undiscounted cash outflows relating to financial liabilities are:


As at September 30, 2025	Less than 1 Year	Years 2 and 3	Years 4 and 5	Thereafter	Total
Accounts Payable and Accrued Liabilities	5,216	—	—	—	5,216


Lease Liabilities (1)	490	860	643	2,444	4,437
Long-Term Debt (1)	316	3,066	688	6,902	10,972

(1)Principal and interest, including current portion, if applicable.