Cenovus announces closing of MEG Energy acquisition

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CALGARY, Alberta, Nov. 13, 2025 (GLOBE NEWSWIRE) — 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.

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Total consideration paid by Cenovus included:

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“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.”

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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.

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

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Advisory

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This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of Cenovus, including following the Acquisition of MEG, based on certain assumptions made in light of Cenovus’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “estimated”, “expected”, “strengthens”, “synergies”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: the impact of the acquisition of MEG (Acquisition) on Cenovus, including that the Acquisition strengthens Cenovus’s portfolio of long-life, low-cost oil sands assets, adding top-tier operations and that the synergies identified by Cenovus will create significant value over the short and long term; estimated assumed net debt associated with the Acquisition; that the Acquisition is expected to add approximately 110,000 barrels per day of low-cost, long-life oil sands production capacity to Cenovus; the timing of Cenovus’s updated guidance; and the expected delisting date for the MEG common shares.

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Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and MEG and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: information currently available to Cenovus about itself and MEG and the businesses in which they operate; general economic, market and business conditions; anticipated tax treatment of the Acquisition; Cenovus’s portfolio and business plan; the ability of Cenovus to successfully integrate the MEG assets into its operations; potential adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, resulting from the completion of the Acquisition; that there will be no material change to MEG’s operations prior to completion of the Acquisition; no material changes to laws and regulations, or actions from any regulatory authority, other governmental entity or court, adversely affecting Cenovus’s operations or the Acquisition; and the assumptions inherent in Cenovus’s updated 2025 corporate guidance available on cenovus.com.