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Cenovus announces the Early Tender Results and Increase of its Pending Maximum Tender Offer

Calgary, Alberta (September 23, 2021) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced the early tender results of its previously announced cash tender offer (the “Maximum Tender Offer”) and that it has increased the maximum aggregate purchase price for the Maximum Tender Offer from up to a maximum aggregate purchase price of $1,000,000,000 to up to a maximum aggregate purchase price of $1,250,000,000 (such increased aggregate purchase price, the “Maximum Aggregate Purchase Price”) of its outstanding 3.800% Notes due 2023 (the “2023 Notes”), its outstanding 4.000% Notes due 2024 (the “2024 Notes”), its outstanding 5.375% Notes due 2025 (the “2025 Notes”), its outstanding 4.250% Senior Notes due 2027 (the “2027 Notes”) and its outstanding 4.400% Notes due 2029 (the “2029 Notes” and, together with the 2023 Notes, the 2024 Notes, the 2025 Notes and the 2027 Notes, the “Maximum Tender Offer Notes”). Cenovus today also announced that it has eliminated the Series Tender Cap (as defined in the Offer to Purchase dated September 9, 2021 (the “Offer to Purchase”)) for the 2025 Notes. The terms and conditions of the Maximum Tender Offer are described in the Offer to Purchase.

References in this news release to "$" are to United States dollars.


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