Exhibit 99.3

Cenovus Energy Inc.

Interim Consolidated Financial Statements (unaudited)

For the Periods Ended June 30, 2025

(Canadian Dollars)

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CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

For the periods ended June 30, 2025

TABLE OF CONTENTS

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)						3
CONSOLIDATED BALANCE SHEETS (UNAUDITED)						4
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)						5
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)						6
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)						7
1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES						7
2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE						14
3. FINANCE COSTS, NET						15
4. FOREIGN EXCHANGE (GAIN) LOSS, NET						15
5. INCOME TAXES						15
6. PER SHARE AMOUNTS						16
7. EXPLORATION AND EVALUATION ASSETS, NET						17
8. PROPERTY, PLANT AND EQUIPMENT, NET						17
9. LEASES						18
10. DEBT AND CAPITAL STRUCTURE						18
11. DECOMMISSIONING LIABILITIES						21
12. OTHER LIABILITIES						21
13. SHARE CAPITAL AND WARRANTS						21
14. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)						23
15. STOCK-BASED COMPENSATION PLANS						23
16. RELATED PARTY TRANSACTIONS						24
17. FINANCIAL INSTRUMENTS						25
18. RISK MANAGEMENT						27
19. SUPPLEMENTARY CASH FLOW INFORMATION						28
20. COMMITMENTS AND CONTINGENCIES						29
21. PRIOR PERIOD REVISIONS						30

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			2

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)

For the periods ended June 30,

($ millions, except per share amounts)

									Three Months Ended												Six Months Ended
			Notes						2025						2024						2025						2024
Revenues (1)			1						12,319						14,582						25,618						27,645
Expenses			1
Purchased Product, Transportation and Blending (1)									8,541						9,746						17,411						18,120
Operating									1,748						1,923						3,377						3,478
(Gain) Loss on Risk Management			17						(92)						21						(77)						62
Depreciation, Depletion, Amortization and Exploration    Expense			8,9						1,187						1,238						2,506						2,440
(Income) Loss From Equity-Accounted Affiliates									(43)						(28)						(36)						(37)
General and Administrative									153						175						350						421
Finance Costs, Net			3						114						141						250						276
Integration, Transaction and Other Costs									77						39						79						72
Foreign Exchange (Gain) Loss, Net			4						(353)						55						(353)						154
(Gain) Loss on Divestiture of Assets									(3)						1						(3)						(104)
Re-measurement of Contingent Payments									—						2						—						30
Other (Income) Loss, Net									(26)						(40)						(32)						(130)
Earnings (Loss) Before Income Tax									1,016						1,309						2,146						2,863
Income Tax Expense (Recovery)			5						165						309						436						687
Net Earnings (Loss)									851						1,000						1,710						2,176
Other Comprehensive Income (Loss), Net of Tax			14
Items That Will not be Reclassified to Profit or Loss:
Actuarial Gain (Loss) Relating to Pension and Other    Post-Employment Benefits									6						4						8						18
Change in the Fair Value of Equity Instruments at    FVOCI (2)			17						(2)						124						(4)						124
Items That may be Reclassified to Profit or Loss:
Foreign Currency Translation Adjustment									(662)						125						(672)						393
Total Other Comprehensive Income (Loss), Net of Tax									(658)						253						(668)						535
Comprehensive Income (Loss)									193						1,253						1,042						2,711
Net Earnings (Loss) Per Common Share ($)			6
Basic									0.47						0.53						0.94						1.16
Diluted									0.45						0.53						0.92						1.15

(1)Comparative periods reflect certain revisions. See Note 21.

(2)Fair value through other comprehensive income (loss) (“FVOCI”).

See accompanying Notes to the interim Consolidated Financial Statements (unaudited).

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			3

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CONSOLIDATED BALANCE SHEETS (unaudited)

As at

($ millions)

									June 30,						December 31,
			Notes						2025						2024
Assets
Current Assets
Cash and Cash Equivalents									2,563						3,093
Accounts Receivable and Accrued Revenues									2,916						2,614
Income Tax Receivable									60						231
Inventories									3,917						4,496
Total Current Assets									9,456						10,434
Restricted Cash									248						241
Exploration and Evaluation Assets, Net			1,7						526						484
Property, Plant and Equipment, Net			1,8						38,568						38,568
Right-of-Use Assets, Net			1,9						2,044						1,950
Income Tax Receivable									25						25
Investments in Equity-Accounted Affiliates									338						399
Other Assets									477						451
Deferred Income Taxes									1,215						1,064
Goodwill			1						2,923						2,923
Total Assets									55,820						56,539
Liabilities and Equity
Current Liabilities
Accounts Payable and Accrued Liabilities									6,218						6,242
Income Tax Payable									115						396
Short-Term Borrowings			10						256						173
Long-Term Debt			10						182						192
Lease Liabilities			9						371						359
Total Current Liabilities									7,142						7,362
Long-Term Debt			10						7,059						7,342
Lease Liabilities			9						2,618						2,568
Decommissioning Liabilities			11						4,710						4,534
Other Liabilities			12						873						919
Deferred Income Taxes									4,001						4,045
Total Liabilities									26,403						26,770
Shareholders’ Equity									29,402						29,754
Non-Controlling Interest									15						15
Total Liabilities and Equity									55,820						56,539
Commitments and Contingencies			20

See accompanying Notes to the interim Consolidated Financial Statements (unaudited).

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			4

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CONSOLIDATED STATEMENTS OF EQUITY (unaudited)

($ millions)

			Shareholders’ Equity
			Common Shares						Treasury Shares						Preferred Shares						Warrants						Paid in Surplus						Retained Earnings						AOCI (1)						Total
			(Note 13)						(Note 13)						(Note 13)						(Note 13)																		(Note 14)
As at December 31, 2023			16,031						—						519						25						2,002						8,913						1,208						28,698
Net Earnings (Loss)			—						—						—						—						—						2,176						—						2,176
Other Comprehensive Income   (Loss), Net of Tax			—						—						—						—						—						—						535						535
Total Comprehensive Income (Loss)			—						—						—						—						—						2,176						535						2,711
Common Shares Issued Under    Stock Option Plans			66						—						—						—						(16)						—						—						50
Purchase of Common Shares Under    NCIB (2)			(195)						—						—						—						(410)						—						—						(605)
Warrants Exercised			26						—						—						(9)						—						—						—						17
Stock-Based Compensation    Expense			—						—						—						—						6						—						—						6
Base Dividends on Common Shares			—						—						—						—						—						(596)						—						(596)
Variable Dividends on Common    Shares			—												—						—						—						(251)						—						(251)
Dividends on Preferred Shares			—						—						—						—						—						(18)						—						(18)
As at June 30, 2024			15,928						—						519						16						1,582						10,224						1,743						30,012
As at December 31, 2024			15,659						(43)						356						12						944						10,513						2,313						29,754
Net Earnings (Loss)			—						—						—						—						—						1,710						—						1,710
Other Comprehensive Income    (Loss), Net of Tax			—						—						—						—						—						—						(668)						(668)
Total Comprehensive Income (Loss)			—						—						—						—						—						1,710						(668)						1,042
Common Shares Issued Under    Stock Option Plans			9						—						—						—						(2)						—						—						7
Purchase of Common Shares Under    NCIB (2)			(173)						—						—						—						(190)						—						—						(363)
Purchase of Common Shares Under    Employee Benefit Plan			—						(73)						—						—						—						—						—						(73)
Common Shares Issued Under    Employee Benefit Plan			—						82						—						—						(6)						—						—						76
Preferred Shares Redeemed			—						—						(243)						—						(107)						—						—						(350)
Warrants Exercised			4						—						—						(1)						—						—						—						3
Stock-Based Compensation    Expense			—						—						—						—						7						—						—						7
Base Dividends on Common Shares			—						—						—						—						—						(691)						—						(691)
Dividends on Preferred Shares			—						—						—						—						—						(10)						—						(10)
As at June 30, 2025			15,499						(34)						113						11						646						11,522						1,645						29,402

(1)Accumulated other comprehensive income (loss) (“AOCI”).

(2)Normal course issuer bid (“NCIB”). Includes taxes payable on purchase of shares.

See accompanying Notes to the interim Consolidated Financial Statements (unaudited).

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			5

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

For the periods ended June 30,

($ millions)

						Three Months Ended												Six Months Ended
			Notes			2025						2024						2025						2024
Operating Activities
Net Earnings (Loss)						851						1,000						1,710						2,176
Depreciation, Depletion and Amortization			8,9			1,184						1,233						2,498						2,428
Deferred Income Tax Expense (Recovery)			5			(127)						(46)						(193)						(78)
Unrealized (Gain) Loss on Risk Management			17			(69)						(7)						(46)						24
Unrealized Foreign Exchange (Gain) Loss			4			(420)						85						(401)						209
(Gain) Loss on Divestiture of Assets						(3)						1						(3)						(104)
Re-measurement of Contingent Payments						—						2						—						30
Unwinding of Discount on Decommissioning Liabilities			11			58						56						116						113
(Income) Loss From Equity-Accounted Affiliates						(43)						(28)						(36)						(37)
Distributions Received From Equity-Accounted Affiliates						58						87						83						118
Stock-Based Compensation, Net of Payments						12						24						19						(130)
Other						18						(46)						(16)						(146)
Settlement of Decommissioning Liabilities			11			(68)						(48)						(104)						(96)
Net Change in Non-Cash Working Capital			19			923						494						62						225
Cash From (Used in) Operating Activities						2,374						2,807						3,689						4,732
Investing Activities
Acquisitions, Net of Cash Acquired						(129)						(5)						(229)						(15)
Capital Investment			1			(1,164)						(1,155)						(2,393)						(2,191)
Proceeds From Divestitures						13						—						13						25
Net Change in Investments and Other						(17)						(51)						(13)						(64)
Net Change in Non-Cash Working Capital			19			(78)						41						(101)						(60)
Cash From (Used in) Investing Activities						(1,375)						(1,170)						(2,723)						(2,305)
Net Cash Provided (Used) Before Financing Activities						999						1,637						966						2,427
Financing Activities			19
Net Issuance (Repayment) of Short-Term Borrowings						(84)						136						66						(39)
Repayment of Long-Term Debt						—						—						(12)						—
Principal Repayment of Leases			9			(94)						(75)						(177)						(145)
Net Proceeds (Repayment) on Repurchase Agreements						(72)						—						228						—
Common Shares Issued Under Stock Option Plans						4						46						7						50
Purchase of Common Shares Under NCIB			13			(301)						(440)						(363)						(605)
Purchase of Common Shares Under Employee Benefit Plan			13			(15)						—						(73)						—
Redemption of Preferred Shares			13			(150)						—						(350)						—
Proceeds From Exercise of Warrants						2						15						3						17
Dividends Paid			6			(368)						(594)						(701)						(865)
Other						—						—						—						(2)
Cash From (Used in) Financing Activities						(1,078)						(912)						(1,372)						(1,589)
Effect of Foreign Exchange on Cash and Cash Equivalents						(126)						29						(124)						89
Increase (Decrease) in Cash and Cash Equivalents						(205)						754						(530)						927
Cash and Cash Equivalents, Beginning of Period						2,768						2,400						3,093						2,227
Cash and Cash Equivalents, End of Period						2,563						3,154						2,563						3,154

See accompanying Notes to the interim Consolidated Financial Statements (unaudited).

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			6

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES

Cenovus Energy Inc. (“Cenovus” or the “Company”) is an integrated energy company with crude 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 (“U.S.”).

Cenovus is incorporated under the Canada Business Corporations Act and its common shares and common share purchase warrants are listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange. Cenovus’s cumulative redeemable preferred shares series 1 and 2 are listed on the TSX. The executive and registered office is located at 4100, 225 6 Avenue S.W., Calgary, Alberta, Canada, T2P 1N2. Information on the Company’s basis of preparation for these interim Consolidated Financial Statements is found in Note 2.

Management has determined the operating segments based on information regularly reviewed for the purposes of decision making, allocating resources and assessing operational performance by Cenovus’s chief operating decision maker. The Company’s operating segments are aggregated based on their geographic locations, the nature of the businesses or a combination of these factors. The Company evaluates the financial performance of its operating segments primarily based on operating margin.

The Company operates through the following reportable segments:

Upstream Segments

•Oil Sands, includes the development and production of bitumen and heavy oil in northern Alberta and Saskatchewan. Cenovus’s oil sands assets include Foster Creek, Christina Lake, Sunrise, Lloydminster thermal and Lloydminster conventional heavy oil assets. Cenovus jointly owns and operates pipeline gathering systems and terminals through the equity-accounted investment in Husky Midstream Limited Partnership (“HMLP”). The sale and transportation of Cenovus’s production and third-party commodity trading volumes are managed and marketed through access to capacity on third-party pipelines and storage facilities in both Canada and the U.S. to optimize product mix, delivery points, transportation commitments and customer diversification.

•Conventional, includes assets rich in natural gas liquids (“NGLs”) and natural gas in Alberta and British Columbia in the Edson, Clearwater and Rainbow Lake operating areas, in addition to the Northern Corridor, which includes Elmworth and Wapiti. The segment also includes interests in numerous natural gas processing facilities. Cenovus’s NGLs and natural gas production is marketed and transported, with additional third-party commodity trading volumes, through access to capacity on third-party pipelines, export terminals and storage facilities. These provide flexibility for market access to optimize product mix, delivery points, transportation commitments and customer diversification.

•Offshore, includes offshore operations, exploration and development activities in the east coast of Canada and the Asia Pacific region, representing China and the equity-accounted investment in Husky-CNOOC Madura Ltd. (“HCML”), which is engaged in the exploration for, and production of, NGLs and natural gas in offshore Indonesia.

Downstream Segments

•Canadian Refining, includes the owned and operated Lloydminster upgrading and asphalt refining complex, which converts heavy oil and bitumen into synthetic crude oil, diesel, asphalt and other ancillary products. Cenovus also owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. The Company’s commercial fuels business across Canada is included in this segment. Cenovus markets its production and third-party commodity trading volumes in an effort to use its integrated network of assets to maximize value.

•U.S. Refining, includes the refining of crude oil to produce gasoline, diesel, jet fuel, asphalt and other products at the wholly-owned Lima, Superior and Toledo refineries. The U.S. Refining segment also includes the jointly-owned Wood River and Borger refineries held through WRB Refining LP (“WRB”), a jointly-owned entity with operator Phillips 66. Cenovus markets some of its own and third-party refined products including gasoline, diesel, jet fuel and asphalt.

Corporate and Eliminations

Corporate and Eliminations, includes Cenovus-wide costs for general and administrative, financing activities, gains and losses on risk management for corporate related derivative instruments and foreign exchange. Eliminations include adjustments for feedstock and internal usage of crude oil, natural gas, condensate, other NGLs and refined products between segments; transloading services provided to the Oil Sands segment by the Company’s crude-by-rail terminal; the sale of condensate extracted from blended crude oil production in the Canadian Refining segment and sold to the Oil Sands segment; and unrealized profits in inventory. Eliminations are recorded based on market prices.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			7

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

A) Results of Operations – Segment and Operational Information

			Upstream
For the three months ended			Oil Sands												Conventional												Offshore												Total
June 30,			2025						2024						2025						2024						2025						2024						2025						2024
Gross Sales
External Sales			4,793						6,056						281						264						335						471						5,409						6,791
Intersegment Sales			1,717						1,497						268						427						—						—						1,985						1,924
			6,510						7,553						549						691						335						471						7,394						8,715
Royalties			(589)						(814)						(12)						(22)						(20)						(23)						(621)						(859)
Revenues			5,921						6,739						537						669						315						448						6,773						7,856
Expenses
Purchased Product			856						403						255						412						—						—						1,111						815
Transportation and Blending			2,535						2,953						83						83						3						7						2,621						3,043
Operating			700						615						115						132						81						142						896						889
Realized (Gain) Loss on Risk    Management			8						20						—						—						—						—						8						20
Operating Margin			1,822						2,748						84						42						231						299						2,137						3,089
Unrealized (Gain) Loss on Risk    Management			16						1						(1)						2						—						—						15						3
Depreciation, Depletion and    Amortization			749						772						117						111						93						156						959						1,039
Exploration Expense			2						1						—						—						1						4						3						5
(Income) Loss From Equity-    Accounted Affiliates			(38)						(14)						1						—						(7)						(13)						(44)						(27)
Segment Income (Loss)			1,093						1,988						(33)						(71)						144						152						1,204						2,069

			Downstream
			Canadian Refining												U.S. Refining												Total
For the three months ended June 30,			2025						2024						2025						2024						2025						2024
Gross Sales
External Sales (1)			1,076						1,037						6,455						7,613						7,531						8,650
Intersegment Sales			212						98						—						2						212						100
			1,288						1,135						6,455						7,615						7,743						8,750
Royalties			—						—						—						—						—						—
Revenues (1)			1,288						1,135						6,455						7,615						7,743						8,750
Expenses
Purchased Product (1)			1,040						975						5,838						6,821						6,878						7,796
Transportation and Blending			—						—						—						—						—						—
Operating			141						415						806						684						947						1,099
Realized (Gain) Loss on Risk Management			—						—						(11)						8						(11)						8
Operating Margin			107						(255)						(178)						102						(71)						(153)
Unrealized (Gain) Loss on Risk Management			—						—						—						(10)						—						(10)
Depreciation, Depletion and Amortization			52						54						149						112						201						166
Exploration Expense			—						—						—						—						—						—
(Income) Loss From Equity-Accounted Affiliates			—						—						—						—						—						—
Segment Income (Loss)			55						(309)						(327)						—						(272)						(309)

(1)Comparative period reflects certain revisions. See Note 21.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			8

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

									Corporate and Eliminations												Consolidated
For the three months ended June 30,																		2025						2024						2025						2024
Gross Sales
External Sales (1)																								—						—						12,940						15,441
Intersegment Sales																								(2,197)						(2,024)						—						—
																								(2,197)						(2,024)						12,940						15,441
Royalties																								—						—						(621)						(859)
Revenues (1)																								(2,197)						(2,024)						12,319						14,582
Expenses
Purchased Product (1)																								(1,908)						(1,730)						6,081						6,881
Transportation and Blending																								(161)						(178)						2,460						2,865
Purchased Product, Transportation and Blending (1)																								(2,069)						(1,908)						8,541						9,746
Operating																								(95)						(65)						1,748						1,923
Realized (Gain) Loss on Risk Management																								(20)						—						(23)						28
Unrealized (Gain) Loss on Risk Management																								(84)						—						(69)						(7)
Depreciation, Depletion and Amortization																								24						28						1,184						1,233
Exploration Expense																								—						—						3						5
(Income) Loss From Equity-Accounted Affiliates																								1						(1)						(43)						(28)
Segment Income (Loss)																								46						(78)						978						1,682
General and Administrative																								153						175						153						175
Finance Costs, Net																								114						141						114						141
Integration, Transaction and Other Costs																								77						39						77						39
Foreign Exchange (Gain) Loss, Net																								(353)						55						(353)						55
(Gain) Loss on Divestiture of Assets																								(3)						1						(3)						1
Re-measurement of Contingent Payments																								—						2						—						2
Other (Income) Loss, Net																								(26)						(40)						(26)						(40)
																								(38)						373						(38)						373
Earnings (Loss) Before Income Tax																																				1,016						1,309
Income Tax Expense (Recovery)																																				165						309
Net Earnings (Loss)																																				851						1,000

(1)Comparative period reflects certain revisions. See Note 21.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			9

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

			Upstream
For the six months ended			Oil Sands												Conventional												Offshore												Total
June 30,			2025						2024						2025						2024						2025						2024						2025						2024
Gross Sales
External Sales			10,697						11,069						724						641						786						828						12,207						12,538
Intersegment Sales			3,670						3,112						769						929						—						—						4,439						4,041
			14,367						14,181						1,493						1,570						786						828						16,646						16,579
Royalties			(1,450)						(1,511)						(32)						(46)						(45)						(49)						(1,527)						(1,606)
Revenues			12,917						12,670						1,461						1,524						741						779						15,119						14,973
Expenses
Purchased Product			1,488						692						790						894						—						—						2,278						1,586
Transportation and Blending			5,686						5,686						173						161						9						7						5,868						5,854
Operating			1,377						1,275						242						285						170						227						1,789						1,787
Realized (Gain) Loss on Risk    Management			—						33						(1)						(7)						—						—						(1)						26
Operating Margin			4,366						4,984						257						191						562						545						5,185						5,720
Unrealized (Gain) Loss on Risk    Management			9						(12)						(1)						8						—						—						8						(4)
Depreciation, Depletion and    Amortization			1,583						1,546						237						221						223						287						2,043						2,054
Exploration Expense			6						4						—						—						2						8						8						12
(Income) Loss From Equity-    Accounted Affiliates			(38)						(14)						1						1						(15)						(23)						(52)						(36)
Segment Income (Loss)			2,806						3,460						20						(39)						352						273						3,178						3,694

			Downstream
			Canadian Refining												U.S. Refining												Total
For the six months ended June 30,			2025						2024						2025						2024						2025						2024
Gross Sales
External Sales (1)			2,061						2,200						12,877						14,513						14,938						16,713
Intersegment Sales			509						267						1						3						510						270
			2,570						2,467						12,878						14,516						15,448						16,983
Royalties			—						—						—						—						—						—
Revenues (1)			2,570						2,467						12,878						14,516						15,448						16,983
Expenses
Purchased Product (1)			2,116						2,062						11,844						12,619						13,960						14,681
Transportation and Blending			—						—						—						—						—						—
Operating			279						592						1,522						1,294						1,801						1,886
Realized (Gain) Loss on Risk Management			—						—						(5)						9						(5)						9
Operating Margin			175						(187)						(483)						594						(308)						407
Unrealized (Gain) Loss on Risk Management			—						—						(8)						(2)						(8)						(2)
Depreciation, Depletion and Amortization			99						98						307						223						406						321
Exploration Expense			—						—						—						—						—						—
(Income) Loss From Equity-Accounted Affiliates			—						—						—						—						—						—
Segment Income (Loss)			76						(285)						(782)						373						(706)						88

(1)Comparative period reflects certain revisions. See Note 21.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			10

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

			Corporate and Eliminations												Consolidated
For the six months ended June 30,			2025						2024						2025						2024
Gross Sales
External Sales (1)			—						—						27,145						29,251
Intersegment Sales			(4,949)						(4,311)						—						—
			(4,949)						(4,311)						27,145						29,251
Royalties			—						—						(1,527)						(1,606)
Revenues (1)			(4,949)						(4,311)						25,618						27,645
Expenses
Purchased Product (1)			(4,278)						(3,587)						11,960						12,680
Transportation and Blending			(417)						(414)						5,451						5,440
Purchased Product, Transportation and Blending (1)			(4,695)						(4,001)						17,411						18,120
Operating			(213)						(195)						3,377						3,478
Realized (Gain) Loss on Risk Management			(25)						3						(31)						38
Unrealized (Gain) Loss on Risk Management			(46)						30						(46)						24
Depreciation, Depletion and Amortization			49						53						2,498						2,428
Exploration Expense			—						—						8						12
(Income) Loss From Equity-Accounted Affiliates			16						(1)						(36)						(37)
Segment Income (Loss)			(35)						(200)						2,437						3,582
General and Administrative			350						421						350						421
Finance Costs, Net			250						276						250						276
Integration, Transaction and Other Costs			79						72						79						72
Foreign Exchange (Gain) Loss, Net			(353)						154						(353)						154
(Gain) Loss on Divestiture of Assets			(3)						(104)						(3)						(104)
Re-measurement of Contingent Payments			—						30						—						30
Other (Income) Loss, Net			(32)						(130)						(32)						(130)
			291						719						291						719
Earnings (Loss) Before Income Tax															2,146						2,863
Income Tax Expense (Recovery)															436						687
Net Earnings (Loss)															1,710						2,176

(1)Comparative period reflects certain revisions. See Note 21.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			11

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

B) External Sales by Product

			Upstream
For the three months ended			Oil Sands												Conventional												Offshore												Total
June 30,			2025						2024						2025						2024						2025						2024						2025						2024
Crude Oil			4,341						5,819						71						69						72						151						4,484						6,039
Natural Gas and Other			86						100						163						110						201						232						450						442
NGLs (1)			366						137						47						85						62						88						475						310
External Sales			4,793						6,056						281						264						335						471						5,409						6,791

			Downstream
			Canadian Refining												U.S. Refining												Total
For the three months ended June 30,			2025						2024						2025						2024						2025						2024
Gasoline			62						132						3,199						3,782						3,261						3,914
Distillates (2)			346						356						2,322						2,814						2,668						3,170
Synthetic Crude Oil			402						270						—						—						402						270
Asphalt			130						152						241						285						371						437
Other Products and Services (3)			136						127						693						732						829						859
External Sales			1,076						1,037						6,455						7,613						7,531						8,650

			Upstream
For the six months ended			Oil Sands												Conventional												Offshore												Total
June 30,			2025						2024						2025						2024						2025						2024						2025						2024
Crude Oil			9,764						10,694						109						124						218						192						10,091						11,010
Natural Gas and Other			164						180						467						346						429						465						1,060						991
NGLs (1)			769						195						148						171						139						171						1,056						537
External Sales			10,697						11,069						724						641						786						828						12,207						12,538

			Downstream
			Canadian Refining												U.S. Refining												Total
For the six months ended June 30,			2025						2024						2025						2024						2025						2024
Gasoline			111						235						6,313						7,100						6,424						7,335
Distillates (2)			702						748						4,807						5,545						5,509						6,293
Synthetic Crude Oil			806						735						—						—						806						735
Asphalt			200						225						435						431						635						656
Other Products and Services (3)			242						257						1,322						1,437						1,564						1,694
External Sales			2,061						2,200						12,877						14,513						14,938						16,713

(1)Third-party condensate sales are included within NGLs.

(2)Includes diesel and jet fuel.

(3)Comparative period reflects certain revisions. See Note 21.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			12

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

C) Geographical Information

			Revenues (1)
			Three Months Ended												Six Months Ended
For the periods ended June 30,			2025						2024						2025						2024
Canada			5,388						8,094						11,572						13,298
United States (2)			6,688						6,192						13,521						13,760
China			243						296						525						587
Consolidated			12,319						14,582						25,618						27,645

(1)Revenues from external customers by country are classified based on the jurisdiction in which the selling entities are located.

(2)Comparative periods reflect certain revisions. See Note 21.

			Non-Current Assets (1)
			June 30,						December 31,
As at			2025						2024
Canada			37,685						37,006
United States			5,548						5,902
China			1,046						1,249
Indonesia			246						295
Consolidated			44,525						44,452

(1)Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, income tax receivable, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill.

D) Assets by Segment

			E&E Assets												PP&E												ROU Assets
			June 30,						December 31,						June 30,						December 31,						June 30,						December 31,
As at			2025						2024						2025						2024						2025						2024
Oil Sands			499						461						24,843						24,646						990						1,018
Conventional			20						15						2,226						2,230						50						57
Offshore			7						8						3,580						3,365						243						95
Canadian Refining			—						—						2,462						2,511						51						39
U.S. Refining			—						—						5,213						5,538						320						342
Corporate and Eliminations			—						—						244						278						390						399
Consolidated			526						484						38,568						38,568						2,044						1,950

			Goodwill												Total Assets
			June 30,						December 31,						June 30,						December 31,
As at			2025						2024						2025						2024
Oil Sands			2,923						2,923						31,705						31,668
Conventional			—						—						2,556						2,610
Offshore			—						—						4,387						4,089
Canadian Refining			—						—						2,912						2,901
U.S. Refining			—						—						8,859						9,517
Corporate and Eliminations			—						—						5,401						5,754
Consolidated			2,923						2,923						55,820						56,539

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			13

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

E) Capital Expenditures (1)

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2025						2024						2025						2024
Capital Investment
Oil Sands			644						613						1,407						1,260
Conventional			73						68						195						194
Offshore
Atlantic			253						266						480						424
Asia Pacific			17						29						31						30
Total Upstream			987						976						2,113						1,908
Canadian Refining			28						70						50						101
U.S. Refining			146						100						223						167
Total Downstream			174						170						273						268
Corporate and Eliminations			3						9						7						15
			1,164						1,155						2,393						2,191
Acquisitions
Oil Sands			136						4						228						6
Conventional			33						1						33						9
			169						5						261						15
Total Capital Expenditures			1,333						1,160						2,654						2,206

(1)Includes expenditures on PP&E, E&E assets and capitalized interest.

2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE

In these interim Consolidated Financial Statements, unless otherwise indicated, all dollars are expressed in Canadian dollars. All references to C$ or $ are to Canadian dollars and references to US$ are to U.S. dollars.

These interim Consolidated Financial Statements were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) (the “IFRS Accounting Standards”) applicable to the preparation of interim financial statements, including International Accounting Standard 34, “Interim Financial Reporting”. These interim Consolidated Financial Statements were prepared following the same accounting policies and methods of computation as the annual Consolidated Financial Statements for the year ended December 31, 2024, except for income taxes. Income taxes on earnings or loss in the interim period are accrued using the income tax rate that would be applicable to the expected annual earnings or loss.

Certain information and disclosures normally included in the notes to the annual Consolidated Financial Statements were condensed. Accordingly, these interim Consolidated Financial Statements should be read in conjunction with the annual Consolidated Financial Statements for the year ended December 31, 2024, which were prepared in accordance with IFRS Accounting Standards.

These interim Consolidated Financial Statements were approved by the Board of Directors effective July 30, 2025.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			14

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

3. FINANCE COSTS, NET

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2025						2024						2025						2024
Interest Expense – Short-Term Borrowings and Long-Term Debt			77						77						156						153
Interest Expense – Lease Liabilities (Note 9)			40						40						83						79
Unwinding of Discount on Decommissioning Liabilities (Note 11)			58						56						116						113
Other			10						15						16						21
Capitalized Interest			(21)						(10)						(38)						(18)
Finance Costs			164						178						333						348
Interest Income			(50)						(37)						(83)						(72)
			114						141						250						276

4. FOREIGN EXCHANGE (GAIN) LOSS, NET

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2025						2024						2025						2024
Unrealized Foreign Exchange (Gain) Loss on Translation of:
U.S. Dollar Debt			(278)						52						(283)						175
Other			(142)						33						(118)						34
Unrealized Foreign Exchange (Gain) Loss			(420)						85						(401)						209
Realized Foreign Exchange (Gain) Loss			67						(30)						48						(55)
			(353)						55						(353)						154

5. INCOME TAXES

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2025						2024						2025						2024
Current Tax
Canada			224						300						503						646
United States			—						(9)						—						2
Asia Pacific			57						56						102						100
Other International			11						8						24						17
Total Current Tax Expense (Recovery)			292						355						629						765
Deferred Tax Expense (Recovery)			(127)						(46)						(193)						(78)
			165						309						436						687

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			15

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

6. PER SHARE AMOUNTS

A) Net Earnings (Loss) Per Common Share – Basic and Diluted

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2025						2024						2025						2024
Net Earnings (Loss)			851						1,000						1,710						2,176
Effect of Cumulative Dividends on Preferred Shares			(4)						(9)						(10)						(18)
Net Earnings (Loss) – Basic			847						991						1,700						2,158
Effect of Stock-Based Compensation			(26)						2						(20)						—
Net Earnings (Loss) – Diluted			821						993						1,680						2,158
Basic – Weighted Average Number of Shares (thousands)			1,810,639						1,859,377						1,815,975						1,863,585
Dilutive Effect of Warrants			2,205						4,696						2,391						5,426
Dilutive Effect of Stock-Based Compensation			6,534						10,162						8,077						6,336
Diluted – Weighted Average Number of Shares (thousands)			1,819,378						1,874,235						1,826,443						1,875,347
Net Earnings (Loss) Per Common Share – Basic ($)			0.47						0.53						0.94						1.16
Net Earnings (Loss) Per Common Share – Diluted (1) ($)			0.45						0.53						0.92						1.15

(1)For both the three and six months ended June 30, 2025, 8.9 million (2024 — 10.4 million and 20.4 million, respectively) common shares related to the assumed exercise of stock-based compensation were excluded from the calculation of dilutive net earnings (loss) per share, as the effect was anti-dilutive.

B) Common Share Dividends

			2025												2024
For the six months ended June 30,			Per Share						Amount						Per Share						Amount
Base Dividends			0.380						691						0.320						596
Variable Dividends			—						—						0.135						251
Total Common Share Dividends Declared and Paid			0.380						691						0.455						847

The declaration of common share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly.

On July 30, 2025, the Company’s Board of Directors declared a third quarter base dividend of $0.200 per common share, payable on September 29, 2025, to common shareholders of record as at September 15, 2025.

C) Preferred Share Dividends

For the six months ended June 30,															2025						2024
Series 1 First Preferred Shares															3						3
Series 2 First Preferred Shares															1						1
Series 3 First Preferred Shares															—						6
Series 5 First Preferred Shares															2						5
Series 7 First Preferred Shares															4						3
Total Preferred Share Dividends Declared															10						18

The declaration of preferred share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly.

For the six months ended June 30, 2025, the Company paid preferred share dividends of $10 million (2024 – $18 million).

On July 30, 2025, the Company’s Board of Directors declared third quarter preferred share dividends of $2 million payable on October 1, 2025, to preferred shareholders of record as at September 15, 2025.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			16

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

7. EXPLORATION AND EVALUATION ASSETS, NET

			Total
As at December 31, 2024			484
Additions			43
Exchange Rate Movements and Other			(1)
As at June 30, 2025			526

8. PROPERTY, PLANT AND EQUIPMENT, NET

			Crude Oil and Natural Gas Properties						Processing, Transportation and Storage Assets						Refining Assets						Other Assets (1)						Total
COST
As at December 31, 2024			52,090						280						14,325						1,975						68,670
Acquisitions			261						—						—						—						261
Additions			2,070						2						268						10						2,350
Change in Decommissioning Liabilities			98						—						—						—						98
Divestitures			(5)						—						—						(6)						(11)
Exchange Rate Movements and Other			(172)						(9)						(623)						(8)						(812)
As at June 30, 2025			54,342						273						13,970						1,971						70,556
ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
As at December 31, 2024			21,849						141						6,675						1,437						30,102
Depreciation, Depletion and Amortization			1,945						7						343						42						2,337
Divestitures			(1)						—						—						—						(1)
Exchange Rate Movements and Other			(100)						(9)						(339)						(2)						(450)
As at June 30, 2025			23,693						139						6,679						1,477						31,988
CARRYING VALUE
As at December 31, 2024			30,241						139						7,650						538						38,568
As at June 30, 2025			30,649						134						7,291						494						38,568

(1)Includes assets within the commercial fuels business, office furniture, fixtures, leasehold improvements, information technology and aircraft.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			17

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

9. LEASES

A) Right-of-Use Assets, Net

			Real Estate						Transportation and Storage Assets (1)						Refining Assets						Other Assets (2)						Total
COST
As at December 31, 2024			592						2,392						178						125						3,287
Additions			4						182						—						13						199
Exchange Rate Movements and Other			1						(41)						(8)						1						(47)
As at June 30, 2025			597						2,533						170						139						3,439
ACCUMULATED DEPRECIATION
As at December 31, 2024			193						999						94						51						1,337
Depreciation			19						119						4						19						161
Exchange Rate Movements and Other			(1)						(96)						(5)						(1)						(103)
As at June 30, 2025			211						1,022						93						69						1,395
CARRYING VALUE
As at December 31, 2024			399						1,393						84						74						1,950
As at June 30, 2025			386						1,511						77						70						2,044

(1)Includes a pipeline, storage tanks, railcars, vessels, barges, a natural gas processing plant and caverns.

(2)Includes assets in the commercial fuels business, fleet vehicles, camps and other equipment.

B) Lease Liabilities

			Total
As at December 31, 2024			2,927
Additions			197
Interest Expense (Note 3)			83
Lease Payments			(260)
Exchange Rate Movements and Other			42
As at June 30, 2025			2,989
Less: Current Portion			371
Long-Term Portion			2,618

10. DEBT AND CAPITAL STRUCTURE

A) Short-Term Borrowings

									June 30,						December 31,
As at			Notes						2025						2024
Uncommitted Demand Facilities			i						—						—
WRB Uncommitted Demand Facilities			ii						256						173
Total Debt Principal									256						173

i) Uncommitted Demand Facilities

As at June 30, 2025, the Company had uncommitted demand facilities of $1.7 billion (December 31, 2024 – $1.7 billion) in place, of which $1.4 billion may be drawn for general purposes, or the full amount may be available to issue letters of credit. As at June 30, 2025, there were outstanding letters of credit aggregating to $363 million (December 31, 2024 – $355 million) and no direct borrowings (December 31, 2024 – $nil).

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			18

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

ii) WRB Uncommitted Demand Facilities

WRB has uncommitted demand facilities of US$450 million (December 31, 2024 – US$450 million) that may be used to cover short-term working capital requirements, of which Cenovus’s proportionate share is 50 percent. As at June 30, 2025, US$376 million was drawn on these facilities, of which Cenovus’s proportionate share was US$188 million (C$256 million). As at December 31, 2024, Cenovus's proportionate share of drawings was US$120 million (C$173 million).

B) Long-Term Debt

									June 30,						December 31,
As at									2025						2024
Committed Credit Facility									—						—
U.S. Dollar Denominated Unsecured Notes (1)									5,187						5,470
Canadian Dollar Unsecured Notes									2,000						2,000
Total Debt Principal									7,187						7,470
Debt Premiums (Discounts), Net, and Transaction Costs									54						64
Long-Term Debt									7,241						7,534
Less: Current Portion									182						192
Long-Term Portion									7,059						7,342

(1)Total U.S. dollar denominated unsecured notes as at June 30, 2025, was US$3.8 billion (December 31, 2024 — US$3.8 billion).

As at June 30, 2025, the Company had in place a committed credit facility that consists of a $2.2 billion tranche maturing on June 26, 2027, and a $3.3 billion tranche maturing on June 26, 2028. As at June 30, 2025, no amount was drawn on the credit facility (December 31, 2024 – $nil).

The committed credit facility may include Canadian overnight repo rate average loans, secured overnight financing rate loans, prime rate loans and U.S. base rate loans.

As at June 30, 2025, the Company was in compliance with all of the terms of its debt agreements. Under the terms of Cenovus’s committed credit facility, the Company is required to maintain a total debt to capitalization ratio, as defined in the agreement, not to exceed 65 percent. The Company is below this limit.

Upon maturity on July 15, 2025, the Company repaid its 5.38 percent unsecured notes with a principal of US$133 million, in full.

C) Capital Structure

Cenovus’s capital structure consists of shareholders’ equity and Net Debt. Net Debt includes the Company’s short-term borrowings, and the current and long-term portions of long-term debt, net of cash and cash equivalents, and short-term investments. Net Debt is used in managing the Company’s capital structure. The Company’s objectives when managing its capital structure are to maintain financial flexibility, preserve access to capital markets, ensure its ability to finance internally generated growth and to fund potential acquisitions, while maintaining the ability to meet the Company’s financial obligations as they come due. To ensure financial resilience, Cenovus may, among other actions, adjust capital and operating spending, steward working capital, draw down on its credit facilities or repay existing debt, adjust dividends paid to shareholders, purchase the Company’s common shares or preferred shares for cancellation, issue new debt, or issue new shares.

Cenovus monitors its capital structure and financing requirements using, among other things, Total Debt, Net Debt to adjusted earnings before interest, taxes and depreciation, depletion and amortization (“Adjusted EBITDA”), Net Debt to Adjusted Funds Flow and Net Debt to Capitalization. These measures are used to steward Cenovus’s overall debt position as measures of Cenovus’s overall financial strength.

Cenovus targets a Net Debt to Adjusted EBITDA ratio and a Net Debt to Adjusted Funds Flow ratio of approximately 1.0 times and Net Debt at or below $4.0 billion over the long-term at a West Texas Intermediate (“WTI”) price of US$45.00 per barrel. These measures may fluctuate periodically outside this range due to factors such as persistently high or low commodity prices or the strengthening or weakening of the Canadian dollar relative to the U.S. dollar.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			19

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

Net Debt to Adjusted EBITDA

			June 30,						December 31,
As at			2025						2024
Short-Term Borrowings			256						173
Current Portion of Long-Term Debt			182						192
Long-Term Portion of Long-Term Debt			7,059						7,342
Total Debt			7,497						7,707
Less: Cash and Cash Equivalents			(2,563)						(3,093)
Net Debt			4,934						4,614
Net Earnings (Loss)			2,676						3,142
Add (Deduct):
Finance Costs, Net			488						514
Income Tax Expense (Recovery)			678						929
Depreciation, Depletion and Amortization			4,941						4,871
Exploration and Evaluation Asset Write-downs			37						37
(Income) Loss From Equity-Accounted Affiliates			(65)						(66)
Unrealized (Gain) Loss on Risk Management			(58)						12
Foreign Exchange (Gain) Loss, Net			(45)						462
(Gain) Loss on Divestiture of Assets			(18)						(119)
Re-measurement of Contingent Payments			—						30
Other (Income) Loss, Net			43						(55)
Adjusted EBITDA (1)			8,677						9,757
Net Debt to Adjusted EBITDA (times)			0.6						0.5

(1)Calculated on a trailing twelve-month basis.

Net Debt to Adjusted Funds Flow

			June 30,						December 31,
As at			2025						2024
Net Debt			4,934						4,614
Cash From (Used in) Operating Activities			8,192						9,235
(Add) Deduct:
Settlement of Decommissioning Liabilities			(242)						(234)
Net Change in Non-Cash Working Capital			1,142						1,305
Adjusted Funds Flow (1)			7,292						8,164
Net Debt to Adjusted Funds Flow (times)			0.7						0.6

(1)Calculated on a trailing twelve-month basis.

Net Debt to Capitalization

			June 30,						December 31,
As at			2025						2024
Net Debt			4,934						4,614
Shareholders’ Equity			29,402						29,754
Capitalization			34,336						34,368
Net Debt to Capitalization (percent)			14						13

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			20

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

11. DECOMMISSIONING LIABILITIES

			Total
As at December 31, 2024			4,534
Liabilities Incurred			12
Liabilities Acquired			82
Liabilities Settled			(104)
Change in Estimated Future Cash Flows			86
Unwinding of Discount on Decommissioning Liabilities (Note 3)			116
Exchange Rate Movements			(16)
As at June 30, 2025			4,710

As at June 30, 2025, the undiscounted amount of estimated future cash flows required to settle the obligation was discounted using a credit-adjusted risk-free rate of 5.2 percent (December 31, 2024 – 5.2 percent) and assumes an inflation rate of two percent (December 31, 2024 – two percent).

12. OTHER LIABILITIES

			June 30,						December 31,
As at			2025						2024
Renewable Volume Obligation, Net (1)			322						284
Pension and Other Post-Employment Benefit Plan			262						269
Employee Long-Term Incentives			75						96
Provisions for Onerous and Unfavourable Contracts			62						66
Provision for West White Rose Expansion Project			11						54
Other			141						150
			873						919

(1)The gross amounts of the renewable volume obligation and renewable identification numbers asset were $940 million and $618 million, respectively (December 31, 2024 – $652 million and $368 million, respectively).

13. SHARE CAPITAL AND WARRANTS

A) Authorized

Cenovus is authorized to issue an unlimited number of common shares, and first and second preferred shares not exceeding, in aggregate, 20 percent of the number of issued and outstanding common shares. The first and second preferred shares may be issued in one or more series with rights and conditions to be determined by the Board of Directors prior to issuance and subject to the Company’s articles.

B) Issued and Outstanding – Common Shares

			June 30, 2025												December 31, 2024
			Number of Common Shares (thousands)						Amount						Number of Common Shares (thousands)						Amount
Outstanding, Beginning of Year			1,825,038						15,659						1,871,868						16,031
Issued Under Stock Option Plans			653						9						5,049						68
Purchase of Common Shares Under NCIB			(20,177)						(173)						(55,861)						(479)
Issued Upon Exercise of Warrants			428						4						3,982						39
Outstanding, End of Period			1,805,942						15,499						1,825,038						15,659

As at June 30, 2025, there were 24.8 million common shares available for future issuance under the stock option plan.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			21

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

C) Normal Course Issuer Bid

On November 7, 2024, the Company received approval from the TSX to renew the Company’s NCIB program to purchase up to 127.5 million common shares during the period from November 11, 2024, to November 10, 2025.

For the six months ended June 30, 2025, the Company purchased and cancelled 20.2 million common shares through the NCIB. The shares were purchased at a volume weighted average price of $17.64 per common share for a total of $356 million. Paid in surplus was reduced by $190 million, of which $183 million represents the excess of the purchase price of the common shares over their average carrying value and $7 million relates to share buyback tax.

From July 1, 2025, to July 28, 2025, the Company purchased an additional 6.6 million common shares for $129 million. As at July 28, 2025, the Company can further purchase up to 99.6 million common shares under the NCIB.

D) Treasury Shares

Cenovus has an employee benefit plan trust (the “Trust”). The Trust, through an independent trustee, acquires Cenovus’s common shares on the open market, which are held to satisfy the Company’s obligations under certain stock-based compensation plans.

			June 30, 2025												December 31, 2024
			Number of Common Shares (thousands)						Amount						Number of Common Shares (thousands)						Amount
Outstanding, Beginning of Year			2,000						43						—						—
Purchased Under Employee Benefit Plan			3,600						73						2,000						43
Distributed Under Employee Benefit Plan			(3,821)						(82)						—						—
Outstanding, End of Period			1,779						34						2,000						43

Paid in surplus was reduced by $6 million, representing the difference between the long-term incentive obligation and the weighted average carrying value of the treasury shares on settlement.

E) Issued and Outstanding – Preferred Shares

			June 30, 2025												December 31, 2024
			Number of Preferred Shares (thousands)						Amount						Number of          Preferred               Shares (thousands)						Amount
Outstanding, Beginning of Year			26,000						356						36,000						519
Preferred Shares Redeemed			(14,000)						(243)						(10,000)						(163)
Outstanding, End of Period			12,000						113						26,000						356

On March 31, 2025, and June 30, 2025, Cenovus exercised its right to redeem all 8.0 million of the Company’s series 5 preferred shares, and 6.0 million of the Company’s series 7 preferred shares, respectively. The preferred shares were redeemed at a price of $25.00 per share, for a total of $350 million. Paid in surplus was reduced by $107 million, representing the excess of the purchase price of the preferred shares over their carrying value.

As at June 30, 2025

Dividend Reset Date

Dividend Rate (percent)

Number of Preferred Shares (thousands)

Series 1 First Preferred Shares

March 31, 2026

2.58

10,740

Series 2 First Preferred Shares (1)

Quarterly

4.37

1,260

(1) The floating-rate dividend was 5.21 percent from December 31, 2024, to March 30, 2025, and 4.57 percent from March 31, 2025, to June 29, 2025.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			22

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

F) Issued and Outstanding – Warrants

			June 30, 2025												December 31, 2024
			Number of Warrants (thousands)						Amount						Number of Warrants (thousands)						Amount
Outstanding, Beginning of Year			3,643						12						7,625						25
Exercised			(428)						(1)						(3,982)						(13)
Outstanding, End of Period			3,215						11						3,643						12

The exercise price of the warrants is $6.54 per share. The warrants expire on January 1, 2026.

14. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

			Pension and Other Post-Employment Benefits						Private Equity Investments						Foreign Currency Translation Adjustment						Total
As at December 31, 2023			55						85						1,068						1,208
Other Comprehensive Income (Loss), Before Tax			24						140						393						557
Income Tax (Expense) Recovery			(6)						(16)						—						(22)
As at June 30, 2024			73						209						1,461						1,743
As at December 31, 2024			69						156						2,088						2,313
Other Comprehensive Income (Loss), Before Tax			10						(4)						(672)						(666)
Income Tax (Expense) Recovery			(2)						—						—						(2)
As at June 30, 2025			77						152						1,416						1,645

15. STOCK-BASED COMPENSATION PLANS

Cenovus has a number of stock-based compensation plans that include net settlement rights (“NSRs”), performance share units (“PSUs”), restricted share units (“RSUs”) and deferred share units. As at June 30, 2025, no Cenovus replacement stock options were outstanding.

The following tables summarize information related to the Company’s stock-based compensation plans:

			Units Outstanding						Units Exercisable
As at June 30, 2025			(thousands)						(thousands)
Stock Options With Associated Net Settlement Rights			11,624						5,564
Performance Share Units			7,589						—
Restricted Share Units			10,134						—
Deferred Share Units			2,046						2,046

The weighted average exercise price of NSRs outstanding as at June 30, 2025, was $18.96.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			23

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

			Units Granted						Units Vested and Exercised/ Paid Out
For the six months ended June 30, 2025			(thousands)						(thousands)
Stock Options With Associated Net Settlement Rights			4,361						644
Cenovus Replacement Stock Options			—						329
Performance Share Units			3,344						2,270
Restricted Share Units			4,343						1,936
Deferred Share Units			345						99

			Weighted Average Exercise Price						Units Exercised
For the six months ended June 30, 2025			($/unit)						(thousands)
Stock Options With Associated Net Settlement Rights Exercised for Net Cash Payment			12.64						316
Stock Options With Associated Net Settlement Rights Exercised and Net Settled for Common Shares (1)			9.48						328
Cenovus Replacement Stock Options Exercised and Net Settled for Cash			3.54						317
Cenovus Replacement Stock Options Exercised and Net Settled for Common Shares (2)			3.54						12

(1)NSRs were net settled for 328 thousand common shares.

(2)Cenovus replacement stock options were net settled for 9 thousand common shares.

The following table summarizes the stock-based compensation expense (recovery) recorded for all plans:

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2025						2024						2025						2024
Stock Options With Associated Net Settlement Rights			3						3						6						7
Cenovus Replacement Stock Options			1						—						(1)						3
Performance Share Units			5						13						15						61
Restricted Share Units			7						17						21						52
Deferred Share Units			(2)						1						(1)						12
Stock-Based Compensation Expense (Recovery)			14						34						40						135

PSUs and RSUs granted under the Performance Share Unit Plan and Restricted Share Unit Plan for Local Employees in the Asia Pacific region may only be settled in cash.

16. RELATED PARTY TRANSACTIONS

Husky Midstream Limited Partnership

The Company jointly owns and is the operator of HMLP. The Company holds a 35 percent interest in HMLP and applies the equity method of accounting. The Company charges HMLP for construction and management services, and incurs costs for the use of HMLP’s pipeline systems, as well as transportation and storage services.

The following table summarizes revenues and associated expenses related to HMLP:

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2025						2024						2025						2024
Revenues from Construction and Management Services			37						38						66						69
Transportation Expenses			69						71						137						140

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			24

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

17. FINANCIAL INSTRUMENTS

Cenovus’s financial assets and financial liabilities consist of cash and cash equivalents, accounts receivable and accrued revenues, restricted cash, risk management assets and liabilities, accounts payable and accrued liabilities, short-term borrowings, lease liabilities, long-term debt, certain portions of other assets and certain portions of other liabilities. Risk management assets and liabilities arise from the use of derivative financial instruments.

A) Fair Value of Non-Derivative Financial Instruments

The fair values of cash and cash equivalents, accounts receivable and accrued revenues, accounts payable and accrued liabilities, and short-term borrowings approximate their carrying amount due to the short-term maturity of these instruments.

The fair values of restricted cash, certain portions of other assets and certain portions of other liabilities approximate their carrying amount due to the specific non-tradeable nature of these instruments.

Long-term debt is carried at amortized cost. The estimated fair value of long-term debt was determined based on period-end trading prices of long-term debt on the secondary market (Level 2). As at June 30, 2025, the carrying value of Cenovus’s long-term debt was $7.2 billion and the fair value was $6.7 billion (December 31, 2024, carrying value – $7.5 billion; fair value – $6.9 billion).

The Company classifies certain private equity investments as FVOCI as they are not held for trading and fair value changes are not reflective of the Company’s operations. These assets are carried at fair value in other assets. Fair value is determined based on recent market activity which may include equity transactions of the entity when available (Level 3).    

The following table provides a reconciliation of changes in the fair value of private equity investments classified as FVOCI:

			Total
As at December 31, 2024			219
Acquisitions			2
Transfer to Investments in Equity-Accounted Affiliates			(5)
Changes in Fair Value			(4)
As at June 30, 2025			212

B) Fair Value of Risk Management Assets and Liabilities

Risk management assets and liabilities are carried at fair value in accounts receivable and accrued revenues, accounts payable and accrued liabilities (for short-term positions), other assets and other liabilities (for long-term positions). Changes in fair value are recorded in (gain) loss on risk management.

The Company’s risk management assets and liabilities consist of condensate and refined product futures; crude oil and natural gas futures and swaps; and renewable power, power and foreign exchange contracts. The Company may also enter into forwards and options to manage commodity, foreign exchange and interest rate exposures.

Crude oil, natural gas, condensate, refined products and power contracts are recorded at their estimated fair value based on the difference between the contracted price and the period-end forward price for the same commodity, using quoted market prices or the period-end forward price for the same commodity, extrapolated to the end of the term of the contract (Level 2). The fair value of foreign exchange rate contracts is calculated using external valuation models that incorporate observable market data and foreign exchange forward curves (Level 2).

The fair value of renewable power contracts is calculated using internal valuation models that incorporate broker pricing for relevant markets, some observable market prices and extrapolated market prices with inflation assumptions (Level 3). The fair value of renewable power contracts are calculated by Cenovus’s internal valuation team, which consists of individuals who are knowledgeable and have experience in fair value techniques.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			25

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

Summary of Risk Management Positions

			June 30, 2025																		December 31, 2024
			Risk Management																		Risk Management
As at			Asset						Liability						Net						Asset						Liability						Net
Crude Oil, Condensate, Natural Gas, and Refined Products			8						16						(8)						9						10						(1)
Power Contracts			6						—						6						6						—						6
Renewable Power Contracts			47						1						46						5						—						5
Foreign Exchange Rate Contracts			2						—						2						—						3						(3)
			63						17						46						20						13						7

The following table presents the Company’s fair value hierarchy for risk management assets and liabilities carried at fair value:

			June 30,						December 31,
As at			2025						2024
Level 2 – Prices Sourced From Observable Data or Market Corroboration			—						2
Level 3 – Prices Sourced From Partially Unobservable Data			46						5
			46						7

The following table provides a reconciliation of changes in the fair value of Cenovus’s risk management assets and liabilities:

			Total
As at December 31, 2024			7
Change in Fair Value of Contracts in Place, Beginning of Year			48
Change in Fair Value of Contracts Entered Into During the Period			22
Fair Value of Contracts Realized During the Period			(31)
As at June 30, 2025			46

C) Earnings Impact of (Gains) Losses From Risk Management Positions

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2025						2024						2025						2024
Realized (Gain) Loss			(23)						28						(31)						38
Unrealized (Gain) Loss			(69)						(7)						(46)						24
(Gain) Loss on Risk Management			(92)						21						(77)						62

Realized and unrealized gains and losses on risk management are recorded in the reportable segment to which the derivative instrument relates.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			26

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

18. RISK MANAGEMENT

Cenovus is exposed to financial risks, including market risk related to commodity prices, foreign exchange rates, interest rates and commodity power prices, as well as credit risk and liquidity risk.

As at June 30, 2025, the fair value of risk management positions was a net asset of $46 million. As at June 30, 2025, there were foreign exchange contracts with a notional value of US$150 million (December 31, 2024 – US$250 million). As at June 30, 2025, and December 31, 2024, there were no outstanding interest rate contracts or cross currency interest rate swap contracts.

Net Fair Value of Risk Management Positions

As at June 30, 2025

Notional Volumes (1) (2)

Terms

Weighted Average Price (2)

Fair Value Asset (Liability)

WTI Contracts Related to Blending (3)

WTI Fixed – Sell

5.5 MMbbls

July 2025 - December 2026

US$63.41/bbl

—

WTI Fixed – Buy

0.1 MMbbls

July 2025 - December 2026

US$61.51/bbl

—

Power Contracts

6

Renewable Power Contracts

46

Other Financial Positions (4)

(8)

Foreign Exchange Rate Contracts

2

Total Fair Value

46

(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)    Includes individual WTI contracts with varying terms, the longest of which is 18 months. WTI contracts related to blending are used to help manage price exposure to condensate used for blending.

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

A) Commodity Price and Foreign Exchange Rate Risk

Sensitivities

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 June 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			3						(3)
Refined Products Commodity Price			± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges			(3)						3
Natural Gas Commodity Price			± US$0.50/Mcf (2) Applied to Natural Gas Hedges Tied to Production			—						—
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			13						(15)

(1)Excluding WCS at Hardisty.

(2)One thousand cubic feet (“Mcf”).

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

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			27

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

B) Credit Risk

Credit risk arises from the potential that the Company may incur a financial loss if a counterparty to a financial instrument fails to meet its financial or performance obligations in accordance with agreed terms. Cenovus assesses the credit risk of new counterparties and continues risk-based monitoring of all counterparties on an ongoing basis. A substantial portion of Cenovus’s accounts receivable are with customers in the oil and gas industry and are subject to normal industry credit risks.

As at June 30, 2025, approximately 74 percent (December 31, 2024 – 79 percent) of the Company’s accounts receivable and accrued revenues were with investment grade counterparties, and 99 percent of the Company’s accounts receivable were outstanding for less than 60 days. The associated average expected credit loss on these accounts was 0.4 percent as at June 30, 2025 (December 31, 2024 – 0.4 percent).

C) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet all of its financial obligations as they become due. Liquidity risk also includes the risk of not being able to liquidate assets in a timely manner at a reasonable price.

As disclosed in Note 10, over the long term, Cenovus targets a Net Debt to Adjusted EBITDA ratio and a Net Debt to Adjusted Funds Flow ratio of approximately 1.0 times at a WTI price of US$45.00 per barrel to manage the Company’s overall debt position.

Undiscounted cash outflows relating to financial liabilities are:

As at June 30, 2025			Less than 1 Year						Years 2 and 3						Years 4 and 5						Thereafter						Total
Accounts Payable and Accrued Liabilities			6,218						—						—						—						6,218
Short-Term Borrowings			256						—						—						—						256
Lease Liabilities (1)			526						890						684						2,504						4,604
Long-Term Debt (1)			498						3,081						675						6,805						11,059

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

19. SUPPLEMENTARY CASH FLOW INFORMATION

A) Working Capital

			June 30,						December 31,
As at			2025						2024
Total Current Assets			9,456						10,434
Total Current Liabilities			7,142						7,362
Working Capital			2,314						3,072

B) Changes in Non-Cash Working Capital

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2025						2024						2025						2024
Accounts Receivable and Accrued Revenues			(270)						111						(365)						(578)
Income Tax Receivable			244						(39)						166						177
Inventories			280						(140)						440						(381)
Accounts Payable and Accrued Liabilities			543						640						2						956
Income Tax Payable			48						(37)						(282)						(9)
Total Change in Non-Cash Working Capital			845						535						(39)						165
Net Change in Non-Cash Working Capital – Operating Activities			923						494						62						225
Net Change in Non-Cash Working Capital – Investing Activities			(78)						41						(101)						(60)
Total Change in Non-Cash Working Capital			845						535						(39)						165

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			28

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

C) Reconciliation of Liabilities

The following table provides a reconciliation of liabilities to cash flows arising from financing activities:

			Dividends Payable																		Repurchase Agreements Payable						Short-Term Borrowings						Long-Term Debt						Lease Liabilities
As at December 31, 2023			9																		—						179						7,108						2,658
Changes From Financing Cash Flows:
Net Issuance (Repayment) of Short-Term Borrowings			—																		—						(39)						—						—
Principal Repayment of Leases			—																		—						—						—						(145)
Dividends Paid			(865)																		—						—						—						—
Non-Cash Changes:
Finance and Transaction Costs			—																		—						—						(8)						—
Lease Additions			—																		—						—						—						20
Base Dividends Declared on Common Shares			596																		—						—						—						—
Variable Dividends Declared on Common Shares			251																		—						—						—						—
Dividends Declared on Preferred Shares			18																		—						—						—						—
Exchange Rate Movements and Other			—																		—						(3)						175						67
As at June 30, 2024			9																		—						137						7,275						2,600
As at December 31, 2024			—																		—						173						7,534						2,927
Acquisition			—																		—						—						12						—
Changes From Financing Cash Flows:
Net Issuance (Repayment) of Short-Term Borrowings			—																		—						66						—						—
Repayment of Long-Term Debt			—																		—						—						(12)						—
Principal Repayment of Leases			—																		—						—						—						(177)
Proceeds on Repurchase Agreements			—																		330						—						—						—
Repayment of Repurchase Agreements			—																		(102)						—						—						—
Dividends Paid			(701)																		—						—						—						—
Non-Cash Changes:
Finance and Transaction Costs			—																		—						—						(10)						—
Lease Additions			—																		—						—						—						197
Base Dividends Declared on Common Shares			691																		—						—						—						—
Dividends Declared on Preferred Shares			10																		—						—						—						—
Exchange Rate Movements and Other			—																		(13)						17						(283)						42
As at June 30, 2025			—																		215						256						7,241						2,989

20. COMMITMENTS AND CONTINGENCIES

A) Commitments

Cenovus has entered into various commitments in the normal course of operations. Commitments that have original maturities less than one year are excluded from the table below. Future payments for the Company’s commitments are below:

As at June 30, 2025			Remainder of Year						2 Years						3 Years						4 Years						5 Years						Thereafter						Total
Transportation and Storage (1) (2)			1,081						2,015						1,976						1,950						1,861						14,431						23,314
Real Estate			32						63						60						59						63						532						809
Obligation to Fund HCML			49						99						93						54						42						99						436
Other Long-Term Commitments			466						202						199						165						118						580						1,730
Total Commitments			1,628						2,379						2,328						2,228						2,084						15,642						26,289

(1)Includes transportation commitments that are subject to regulatory approval or were approved but are not yet in service of $34 million. Terms are up to 7 years on commencement.

(2)As at June 30, 2025, includes $1.8 billion related to transportation and storage commitments with HMLP.

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			29

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2025

There were outstanding letters of credit aggregating to $363 million (December 31, 2024 – $355 million) issued as security for financial and performance conditions under certain contracts.

B) Contingencies

Legal Proceedings

Cenovus is involved in a limited number of legal claims associated with the normal course of operations. Cenovus believes that any liabilities that might arise from such matters, to the extent not provided for, are not likely to have a material effect on its interim Consolidated Financial Statements.

Income Tax Matters

The tax regulations and legislation and interpretations thereof in the various jurisdictions in which Cenovus operates are continually changing. As a result, there are usually a number of tax matters under review. Management believes that the provision for taxes is adequate.

21. PRIOR PERIOD REVISIONS

In December 2024, it was identified that certain transactions in the U.S. Refining segment were reported on a gross basis in revenues and purchased product rather than on a net basis. As a result, revenues and purchased product were overstated for the three and six months ended June 30, 2024. The prior periods were revised to reflect the change. There was no impact on net earnings (loss), segment income (loss), cash flows or financial position.

The following tables reconcile the amounts previously reported in the Consolidated Statements of Comprehensive Income (Loss) and segmented disclosures to the corresponding revised amounts:

			U.S. Refining Segment																		Consolidated
For the three months ended June 30, 2024			Previously Reported						Revisions						Revised Balance						Previously Reported						Revisions						Revised Balance
Revenues			7,918						(303)						7,615						14,885						(303)						14,582
Purchased Product			7,124						(303)						6,821						7,184						(303)						6,881
Transportation and Blending			—						—						—						2,865						—						2,865
Purchased Product, Transportation    and Blending			7,124						(303)						6,821						10,049						(303)						9,746
			794						—						794						4,836						—						4,836

			U.S. Refining Segment																		Consolidated
For the six months ended June 30, 2024			Previously Reported						Revisions						Revised Balance						Previously Reported						Revisions						Revised Balance
Revenues			15,153						(637)						14,516						28,282						(637)						27,645
Purchased Product			13,256						(637)						12,619						13,317						(637)						12,680
Transportation and Blending			—						—						—						5,440						—						5,440
Purchased Product, Transportation    and Blending			13,256						(637)						12,619						18,757						(637)						18,120
			1,897						—						1,897						9,525						—						9,525

Cenovus Energy Inc. – Q2 2025 Interim Consolidated Financial Statements			30