Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is pleased to announce that its acquisition of MEG Energy Corp. (TSX: MEG) (MEG) was completed today. This acquisition strengthens Cenovus’s portfolio of long-life, low-cost oil sands assets, adding top-tier operations that are directly adjacent to the company’s Christina Lake asset.

Total consideration paid by Cenovus included:

  - $752 million of cash paid for 25.0 million MEG shares acquired through open market transactions.
  - $3.44 billion of cash paid to MEG shareholders, other than Cenovus, under the terms of the agreement.
  - 143.9 million Cenovus common shares issued to MEG shareholders, other than Cenovus, under the terms of the agreement.
  - Approximately $800 million of estimated net debt assumed, on closing.

“The addition of MEG assets and people will have an immediate positive impact on Cenovus,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “The strategic fit is exceptional, the assets are of the highest quality and the synergies we have identified will create significant value over both the short and long term.”

The acquisition immediately adds approximately 110,000 barrels per day of low-cost, long-life oil sands production to Cenovus. Cenovus will provide updated guidance to reflect the MEG acquisition with its 2026 budget on December 11, 2025.

The MEG common shares are expected to be delisted by the Toronto Stock Exchange at the close of market on November 14, 2025.

About Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with 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. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange.

About MEG Energy

MEG is the leading pure-play in situ thermal oil producer in Canada. Our purpose is to meet the growing demand for energy, produced safely and reliably, while generating long-term value for all our stakeholders. MEG produces, transports and sells our oil (AWB) to customers throughout North America and internationally.