Cenovus cash flow increases 75% on improved refining result

Cenovus generated cash flow of $939 million or $1.24 per share diluted in the second quarter of 2011.

• Refining operating cash flow was $322 million during the quarter mainly due to improved refined
product prices and higher throughput.
• Foster Creek and Christina Lake combined oil sands production exceeded 58,000 barrels per day
(bbls/d) net to Cenovus in the second quarter, slightly less than the same period a year earlier due
to planned turnarounds.
• Cenovus received partner approval for Foster Creek phases F, G and H and Christina Lake phase E.
• Christina Lake phase C began injecting steam ahead of schedule with initial production expected in
the third quarter.
• Cenovus received approval to include capital investment from prior periods for Foster Creek
expansion phases F, G and H in the facility’s existing royalty calculation. As a result, Foster Creek’s
royalty expense was lowered by about $65 million in the second quarter.
• Floods in southern Saskatchewan and wild fires in northern Alberta reduced conventional oil
production.
• Cenovus updated its 10-year strategic plan and now expects total oil production of 500,000 bbls/d
net to the company by the end of 2021.