Extractive Sector Transparency Measures Act - Annual Report

Reporting Entity Name

Cenovus Energy Inc.

Reporting Year

From:

2025-01-01

To:

2025-12-31

Date Submitted

2026-05-27

Reporting Entity ESTMA Identification Number

E695282

Original Submission

Other Subsidiaries Included (optional field)

For Consolidated Reports - Subsidiary Reporting Entities Included in Report:

E543177 FCCL Partnership, E422918 Cenovus TL ULC, E540914 Telephone Lake Partnership, E435615 Cenovus Clearwater Partnership, E859468 Cenovus Elmworth Partnership, E724323 Cenovus Wapiti Partnership, E461880 Cenovus Kaybob Partnership, E722884 Cenovus Edson Partnership, E303227 Marten Hills Partnership, E984040 Cenovus Marten Hills ULC, E483488 Husky Oil Limited Partnership, E206499 Husky Energy International Sulphur Corporation, E602104 Husky Energy International Corporation, E908878 Husky Oil China Branch of HEIC, E945280 Husky Oil Sands Partnership, E653397 Sunrise Oil Sands Partnership, E747799 Husky Atlantic Partnership, E580100 HOI Resources (2019) ULC, E202648 Husky Offshore 1% Partner ULC, E727838 Cenovus FCCL Holdings 1 ULC, E228234 Cenovus FCCL Holdings 2 ULC, E549730 Gear Energy Ltd., E553106 MEG Energy Corp.

Not Substituted

Attestation by Reporting Entity

In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.

Full Name of Director or Officer of Reporting Entity

Kam Sandhar

Date

2026-05-27

Position Title

EVP & CFO

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Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

2025-01-01

To:

2025-12-31

Reporting Entity Name

Cenovus Energy Inc.

Currency of the Report

CAD

Reporting Entity ESTMA Identification Number

E695282

Subsidiary Reporting Entities (if necessary)

E543177 FCCL Partnership, E422918 Cenovus TL ULC, E540914 Telephone Lake Partnership, E435615 Cenovus Clearwater Partnership, E859468 Cenovus Elmworth Partnership, E724323 Cenovus Wapiti Partnership, E461880 Cenovus Kaybob Partnership, E722884 Cenovus Edson Partnership, E303227 Marten Hills Partnership, E984040 Cenovus Marten Hills ULC, E483488 Husky Oil Limited Partnership, E206499 Husky Energy International Sulphur Corporation, E602104 Husky Energy International Corporation, E908878 Husky Oil China Branch of HEIC, E945280 Husky Oil Sands Partnership, E653397 Sunrise Oil Sands Partnership, E747799 Husky Atlantic Partnership, E580100 HOI Resources (2019) ULC, E202648 Husky Offshore 1% Partner ULC, E727838 Cenovus FCCL Holdings 1 ULC, E228234 Cenovus FCCL Holdings 2 ULC, E549730 Gear Energy Ltd., E553106 MEG Energy Corp.

Payments by Payee

Country

Payee Name1

Departments, Agency, etc… within Payee that Received Payments2

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure Improvement Payments

Total Amount paid to Payee

Notes34

Canada

The Province of Alberta

356,260,000

3,113,370,000

50,900,000

—

—

3,520,530,000

Includes production volume taken in-kind as royalties and are valued at $36,590,000 which is the fair market value based on Cenovus's realized sales price. Amounts reported include payments to the following departments, agencies, etc: - Alberta Boilers Safety Association - Alberta Energy Regulator - Alberta Environment & Parks - Government of Alberta - Alberta Special Areas Board - Alberta Minister of Finance - Kananaskis Improvement District - Alberta Petroleum Marketing Commission - Safety Codes Council - Alberta Environment and Protected Areas Note A

Canada

Federal Government of Canada

768,580,000

3,840,000

2,410,000

—

—

774,830,000

Amounts reported include payments to the following departments, agencies, etc: - Receiver General for Canada - Farm Credit Canada - Indian Oil and Gas Canada - Indigenous Services Canada - Transport Canada Note A

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Canada			The Province of Saskatchewan						53,100,000			295,850,000			5,080,000						—						—			354,030,000			Amounts reported include payments to the following departments, agencies, etc: - Saskatchewan Ministry of Energy & Resources - Saskatchewan Ministry of Environment - Saskatchewan Finance Revenue Division - Saskatchewan Ministry of Economy - Saskatchewan Ministry of Finance - Technical Safety Authority of Saskatchewan - Government of Saskatchewan - Saskatchewan Ministry of Agriculture - SaskTel
China			Federal Government of China						205,830,000			77,270,000			480,000						—						—			283,580,000			Amounts reported include payments to the following departments, agencies, etc: - CNOOC Shenzhen Ltd. - Shenzhen Offshore Tax Bureau - Zhanjiang Offshore Oil Tax Bureau - Zhuhai Municiple Tax Bureau Note B
Canada			Municipality of Wood Buffalo						41,780,000			—			10,000						460,000						—			42,250,000			Amounts reported include payments to the following departments, agencies, etc: - Municipality of Wood Buffalo - Conklin Community Association Note A
Canada			The Province of Newfoundland and Labrador						—			—			28,200,000						—						—			28,200,000			Amounts reported include payments to the following departments, agencies, etc: - Newfoundland Exchequer Account - Canada-Newfoundland and Labrador Offshore Energy Regulator
Canada			Town of Bonnyville						19,180,000			—			10,000						—						—			19,190,000
Canada			The Province of British Columbia						1,850,000			5,030,000			3,990,000						—						—			10,870,000			Amounts reported include payments to the following departments, agencies, etc: - BC Energy Regulator - BC Minister of Finance - BC Ministry of Energy, Mines and Low Carbon Innovation - BC Ministry of Forests - BC Safety Authority - Government of BC
Canada			Rural Municipality of Frenchman Butte						7,600,000			—			270,000						—						—			7,870,000
Canada			Yellowhead County						7,180,000			—			—						—						—			7,180,000
Canada			County of Grande Prairie						6,730,000			—			30,000						—						—			6,760,000
Canada			Rural Municipality of Eldon						5,680,000			—			460,000						—						—			6,140,000
Canada			Municipal District of Greenview						6,000,000			—			10,000						—						—			6,010,000

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Canada			Rural Municipality of Turtle River						5,880,000			—			10,000						—						—			5,890,000
Canada			Chipewyan Prairie First Nation						—			—			590,000						3,220,000						2,000,000			5,810,000			Amounts reported include payments to the following departments, agencies, etc: - Chipewyan Prairie First Nation - Chipewyan Prairie Industry Relations Note A
Canada			Rural Municipality of Britannia						4,770,000			—			10,000						—						—			4,780,000
Canada			County of Vermilion River						4,750,000			—			—						—						—			4,750,000
Canada			Mackenzie County						3,810,000			—			—						—						—			3,810,000
Canada			Conklin Metis						—			—			450,000						1,210,000						2,000,000			3,660,000			Amounts reported include payments to the following departments, agencies, etc: - Conklin Resource Development - Conklin Community Enhancement Society Note A
Canada			Rural Municipality of Mervin						3,290,000			—			20,000						—						—			3,310,000
Canada			Cold Lake First Nations						—			—			340,000						630,000						2,000,000			2,970,000			Note A
Canada			Clearwater County						2,800,000			—			—						—						—			2,800,000
Canada			Rural Municipality of Paynton						1,920,000			—			—						—						—			1,920,000
Canada			Heart Lake First Nation						—			—			210,000						680,000						1,000,000			1,890,000			Note A
Canada			Rural Municipality of Wilton						1,780,000			—			20,000						—						—			1,800,000
Canada			Municipal District of Brazeau						1,650,000			—			—						—						—			1,650,000
Canada			Athabasca Chipewyan First Nation						—			—			1,190,000						260,000						—			1,450,000			Amounts reported include payments to the following departments, agencies, etc: - Athabasca Chipewyan First Nation - ACFN Dene Lands & Resource Management
Canada			Municipal District of Wainwright						1,300,000			—			10,000						—						—			1,310,000
Canada			Mikisew Cree First Nation						—			—			740,000						450,000						—			1,190,000			Amounts reported include payments to the following departments, agencies, etc: - Mikisew Cree First Nation - Deloitte Wealth Management Services - MCFN Community Trust
Canada			Fort McKay First Nation						—			—			360,000						640,000						—			1,000,000
Canada			Beaver Lake Cree Nation						—			—			130,000						300,000						500,000			930,000			Amounts reported include payments to the following departments, agencies, etc: - Beaver Lake Cree Nation - Peace Hills Trust Company Note A
Canada			Chard Metis Nation						—			—			140,000						40,000						750,000			930,000			Note A
Canada			Fort McMurray First Nation						—			—			420,000						250,000						—			670,000			Note A
Canada			Lac La Biche County						650,000			—			—						—						—			650,000			Note A

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Canada			Municipal District of Opportunity						630,000			—			20,000						—						—			650,000
Canada			Rural Municipality of Manitou Lake						550,000			—			—						—						—			550,000
Canada			Northern Rockies Regional Municipality						510,000			—			—						—						—			510,000
Canada			Rural Municipality of Hillsdale						470,000			—			10,000						—						—			480,000
Canada			County of Wetaskiwin						430,000			—			—						—						—			430,000
Canada			County of Two Hills						400,000			—			—						—						—			400,000
Canada			Fort McKay Metis Nation						—			—			170,000						210,000						—			380,000
Canada			County of St Paul						350,000			—			—						—						—			350,000
Canada			Flagstaff County						300,000			—			—						—						—			300,000
Canada			Rural Municipality of Cambria						—			200,000			—						—						—			200,000
Canada			Saulteaux First Nation						—			—			—						200,000						—			200,000
Canada			Moosomin First Nation						—			—			—						200,000						—			200,000
Canada			O'Chiese First Nation						20,000			—			170,000						—						—			190,000
Canada			McMurray Metis Local 1935						—			—			70,000						120,000						—			190,000
Canada			Fort Chipewyan Metis Association						—			—			90,000						90,000						—			180,000
Canada			Town of Rainbow Lake						170,000			—			—						—						—			170,000
Canada			Paul First Nation						—			—			150,000						—						—			150,000
Canada			County of Minburn						130,000			—			—						—						—			130,000
Canada			Sunchild First Nation						—			—			70,000						60,000						—			130,000
Canada			First Nations Major Projects Coalition						—			—			130,000						—						—			130,000
Canada			Indigenous Resource Network						—			—			100,000						—						—			100,000
Additional Notes:			(A) MEG Energy Corp. (E553106) was acquired by Cenovus Energy Inc. on November 13, 2025, and has included all reportable payments by the entity for the full year. (B) Includes payments made in foreign currencies. Where payments have been made in a local currency they have been converted to Canadian dollars using the prevailing exchange rate at the time of payment. The average exchange rates for the period were:    - $1 CAD: $0.716 USD    - $1 CAD: 5.144 RMB

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Extractive Sector Transparency Measures Act - Annual Report
Reporting Year			From:			2025-01-01			To:			2025-12-31
Reporting Entity Name						Cenovus Energy Inc.												Currency of the Report						CAD
Reporting Entity ESTMA Identification Number						E695282
Subsidiary Reporting Entities (if necessary)						E543177 FCCL Partnership, E422918 Cenovus TL ULC, E540914 Telephone Lake Partnership, E435615 Cenovus Clearwater Partnership, E859468 Cenovus Elmworth Partnership, E724323 Cenovus Wapiti Partnership, E461880 Cenovus Kaybob Partnership, E722884 Cenovus Edson Partnership, E303227 Marten Hills Partnership, E984040 Cenovus Marten Hills ULC, E483488 Husky Oil Limited Partnership, E206499 Husky Energy International Sulphur Corporation, E602104 Husky Energy International Corporation, E908878 Husky Oil China Branch of HEIC, E945280 Husky Oil Sands Partnership, E653397 Sunrise Oil Sands Partnership, E747799 Husky Atlantic Partnership, E580100 HOI Resources (2019) ULC, E202648 Husky Offshore 1% Partner ULC, E727838 Cenovus FCCL Holdings 1 ULC, E228234 Cenovus FCCL Holdings 2 ULC, E549730 Gear Energy Ltd., E553106 MEG Energy Corp.
Payments by Project
Country			Project Name1			Taxes			Royalties			Fees			Production Entitlements			Bonuses			Dividends			Infrastructure Improvement Payments			Total Amount paid by Project			Notes23
Canada			Christina Lake			32,660,000			1,847,670,000			14,830,000						6,350,000						6,250,000			1,907,760,000			Note A
Canada			Foster Creek			19,180,000			1,104,930,000			1,450,000						630,000						2,000,000			1,128,190,000
Canada			Corporate			1,124,650,000			—			—						—						—			1,124,650,000
Canada			Lloydminster Thermal Projects			66,030,000			274,260,000			680,000						400,000						—			341,370,000
China			Liwan Gas Project			205,830,000			77,270,000			280,000						—						—			283,380,000			Note B
Canada			Sunrise			9,770,000			74,360,000			3,370,000						1,580,000						—			89,080,000
Canada			Conventional Heavy Oil			26,910,000			35,440,000			7,730,000						—						—			70,080,000			Includes production volume taken in-kind as royalties and are valued at $9,320,000 which is the fair market value based on Cenovus's realized sales price.
Canada			Northern Corridor			13,030,000			21,630,000			16,360,000						—						—			51,020,000			Includes production volume taken in-kind as royalties and are valued at $11,400,000 which is the fair market value based on Cenovus's realized sales price.
Canada			Rainbow Lake Development			4,720,000			23,430,000			8,610,000						—						—			36,760,000			Includes production volume taken in-kind as royalties and are valued at $13,290,000 which is the fair market value based on Cenovus's realized sales price.
Canada			Edson			8,260,000			20,990,000			7,270,000						—						—			36,520,000			Includes production volume taken in-kind as royalties and are valued at $1,570,000 which is the fair market value based on Cenovus's realized sales price.
Canada			White Rose Oil Field			—			1,290,000			25,130,000						—						—			26,420,000
Canada			Clearwater			5,290,000			5,290,000			7,740,000						60,000						—			18,380,000			Includes production volume taken in-kind as royalties and are valued at $1,010,000 which is the fair market value based on Cenovus's realized sales price.
Canada			Pelican Lake			—			6,470,000			—						—						—			6,470,000
Canada			Terra Nova Oil Field			—			2,530,000			3,820,000						—						—			6,350,000
China			Block 15/33			—			—			120,000						—						—			120,000			Note B
China			Block 29/34			—			—			80,000						—						—			80,000			Note B
Additional Notes:			(A) MEG Energy Corp. (E553106) was acquired by Cenovus Energy Inc. on November 13, 2025, and has included all reportable payments by the entity for the full year. (B) Includes payments made in foreign currencies. Where payments have been made in a local currency they have been converted to Canadian dollars using the prevailing exchange rate at the time of payment. The average exchange rates for the period were:    - $1 CAD: $0.716 USD    - $1 CAD: 5.144 RMB