Cenovus Energy (CVE) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with an acknowledgment of Indigenous lands and a welcome to the virtual format, enabling broader shareholder participation.

• Instructions provided for voting and submitting questions, with polls open during the formal business.

• The agenda included receiving audited financials, appointing the auditor, electing directors, and an advisory vote on executive compensation.

Board and executive committee updates

• Alex Pourbaix announced his transition from Executive Chair to non-independent Chair, with Claude Mongeot continuing as lead independent director.

• Shana Martineau was nominated for election to the board alongside current members.

Financial performance review

• Achieved best-ever process safety performance in 2024, with process safety events reduced to 14 from 25 in 2023.

• Reached $4 billion net debt target and returned $3.2 billion to shareholders through dividends, share repurchases, and preferred share redemptions.

• Set daily and annual production records in the oil sands segment, with significant operational and financial milestones achieved.