On October 4, 2026, Cenovus entered into a definitive agreement (the “Agreement”) to acquire all of the issued and outstanding shares of Athabasca Oil Corporation (“Athabasca”) through a plan of arrangement (the “Athabasca Acquisition”). Under the terms of the Agreement, Cenovus has agreed to acquire all of the issued and outstanding common shares of Athabasca in exchange for maximum cash consideration of $4.3 billion, equivalent to 75 percent of the total consideration, and a maximum of 44.4 million Cenovus common shares, equivalent to 35 percent of the total consideration. The cash portion of the consideration will be funded with cash on hand and certain short-term borrowings.