An anonymous director reports

CENOVUS ENERGY PROVIDES UPDATE ON PRODUCTION IMPACT OF ALBERTA WILDFIRES

Cenovus Energy Inc. is providing an update on its conventional production operations following continuing wildfire activity in Northern Alberta. Fires in the north-central region of the province have led the government of Alberta to declare a state of emergency, and a number of communities are under evacuation orders. With a focus on the safety of its people and integrity of its assets, on May 4, as a precaution, Cenovus began safely and methodically shutting in a number of producing conventional fields and bringing down processing plants.

Approximately 85,000 barrels of oil equivalent per day of production, primarily dry gas, has been impacted in the company's Rainbow Lake, Kaybob-Edson, Elmworth-Wapiti and Clearwater operating areas. The overall wildfire situation is being closely monitored, and the company's other assets, including its oil sands assets and Lloydminster complex, have not been impacted. The company is not aware of any significant damage to date, and will resume operations as soon as it is safe and permitted to do so. Cenovus's annual guidance range for 2023 is between 790,000 boe/d and 810,000 boe/d. The company is maintaining that guidance range and will continue to assess the duration of the production impact from the fires.

Cenovus is grateful for the efforts of its teams which have worked tirelessly to keep the company's people and assets safe, as well as the support of provincial emergency management teams and firefighters to keep communities safe.

About Cenovus Energy Inc.

Cenovus 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 focused on managing its assets in a safe, innovative 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's preferred shares are listed on the Toronto Stock Exchange.

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