Cenovus Energy priced a C$1.2 billion Canadian-dollar notes offering comprising C$650 million 4.25% senior unsecured notes due March 20, 2033 and C$550 million 4.60% senior unsecured notes due November 20, 2035. Effective yields are 4.263% and 4.647%, respectively, with pricing at 99.924% (2033s) and 99.627% (2035s). Net proceeds are estimated at approximately C$1.188 billion after an agents’ fee of about C$4.6 million and roughly C$5 million of expenses. Proceeds, together with a separate US$1.0 billion concurrent U.S. notes offering (approximately C$1.392 billion), will fund redemptions of Cenovus’s C$750 million 3.60% notes due 2027 and US$373 million 4.25% notes due 2027 (about C$519 million), MEG Energy’s US$600 million 5.875% notes due 2029 (about C$835 million), and for general corporate purposes. The U.S. tranche consists of US$500 million due 2031 (4.650%) and US$500 million due 2036 (5.400%).

The notes are unsecured, unsubordinated obligations ranking pari passu with Cenovus’s other unsecured debt; optional redemption applies based on Canada Yield plus 29 bps (2033s) and 33.5 bps (2035s) before their respective par call dates, and at par thereafter. The offering is a new issue without a listing; closing is expected on or about November 20, 2025.

CIBC World Markets Inc., J.P. Morgan Securities Canada Inc. and TD Securities Inc. acted as joint lead agents among a broader syndicate. Canadian legal counsel were McCarthy Tétrault LLP for Cenovus and Norton Rose Fulbright Canada LLP for the agents.