Dennis Fong

Greg Pardy

Manav Gupta

Menno Hulshof

Neil Mehta

Patrick O'Rourke

John Royall

Chris Varcoe

Emma Graney

Alex Bill

Harry Mateer

Robert Tuttle

- Cenovus Energy Inc. announced the acquisition of an additional **3,276,460** common shares of MEG Energy Corp. ("MEG").  **[1475260_0001193125-25-239711_d76145dex991.htm:0]** 
- Following this acquisition, Cenovus beneficially owns a total of **25,000,000** MEG common shares, representing **9.8%** of the **254,378,035** MEG common shares issued and outstanding.  **[1475260_0001193125-25-239711_d76145dex991.htm:0]** 
- All these shares have been acquired by Cenovus since **October 8, 2025**, in furtherance of its previously announced transaction with MEG.  **[1475260_0001193125-25-239711_d76145dex991.htm:0]** 
- Cenovus intends to vote any acquired shares in favor of the transaction.  **[1475260_0001193125-25-239711_d76145dex991.htm:0]**

Cenovus Energy acquires additional MEG Energy common shares

- Cenovus Energy Inc. acquired an additional **3,276,460 common shares** of MEG Energy Corp..  **[1475260_08c658c1c5d84c72a9a3a2021c922629_0]** 
- This acquisition, completed since **October 8, 2025**, brings Cenovus's total beneficial ownership to **25,000,000 MEG common shares**.  **[1475260_08c658c1c5d84c72a9a3a2021c922629_0]** 
- This represents **9.8%** of the **254,378,035 MEG common shares** issued and outstanding, and Cenovus intends to vote these shares in favor of its previously announced transaction with MEG.  **[1475260_08c658c1c5d84c72a9a3a2021c922629_0]**

Cenovus Energy Increases Stake in MEG Energy

- **Cenovus Energy Inc.** acquired an aggregate of **21,723,540 common shares** of MEG Energy Corp. (MEG).  **[1475260_0001193125-25-238506_d946808dex991.htm:0]** 
- This acquisition represents **8.5%** of the **254,378,035** MEG common shares issued and outstanding.  **[1475260_0001193125-25-238506_d946808dex991.htm:0]** 
- All shares were acquired by Cenovus since **October 8, 2025**, through the Toronto Stock Exchange or other Canadian alternative exchanges or markets.  **[1475260_0001193125-25-238506_d946808dex991.htm:0]** 
- Cenovus acquired these shares to further its previously announced transaction with MEG and intends to vote any acquired shares in favor of the transaction.  **[1475260_0001193125-25-238506_d946808dex991.htm:0]**

Cenovus Energy Acquires MEG Energy Common Shares

- **Cenovus Energy** has significantly increased its stake in **MEG Energy** to **8.5%** by purchasing over **21.7 million shares** on the open market, a strategic move to support its pending acquisition of MEG.  **[1475260_7027f0bfe4f94fc189286f8d41c86c6e]** 
- This acquisition prompted rival bidder **Strathcona Resources** to withdraw its takeover bid, as MEG's board favors Cenovus' offer.  **[1475260_7027f0bfe4f94fc189286f8d41c86c6e]**  Strathcona had previously increased its own stake in MEG Energy to **14.2%** to support a rejection of Cenovus's offer.  **[1475260_7027f0bfe4f94fc189286f8d41c86c6e]** 
- The special **MEG shareholder meeting** to approve the deal is scheduled for **October 22**.  **[1475260_7027f0bfe4f94fc189286f8d41c86c6e]** 
- **Cenovus Energy**, an integrated oil company with a market capitalization of approximately **$30.76 billion**, plans to vote its newly acquired shares in favor of the transaction.  **[1475260_7027f0bfe4f94fc189286f8d41c86c6e]**

Cenovus Increases Stake in MEG Energy

- **Cenovus Energy Inc.** acquired **21,723,540** common shares of MEG Energy Corp..  **[1475260_9bd22cb0cd2a4322aef0433e6ada714f_0]** 
- This acquisition, completed since **October 8, 2025**, results in Cenovus beneficially owning **8.5%** of MEG's outstanding common shares.  **[1475260_9bd22cb0cd2a4322aef0433e6ada714f_0]** 
- Cenovus intends to vote these acquired shares in favor of its previously announced transaction with MEG.  **[1475260_9bd22cb0cd2a4322aef0433e6ada714f_0]**

Cenovus Energy Acquires 8.5% Stake in MEG Energy

- Cenovus Energy Inc. (CVE) announced an **amended agreement to acquire MEG Energy Corp. (MEG)**, offering MEG shareholders an increased value of approximately **$29.80 per share** (based on CVE's October 7, 2025 closing price) through a pro-rated mix of **50% cash and 50% Cenovus common shares**.  **[1475260_0001475260-25-000038_nroct8-2025.htm:0]** 
- For Q3 2025, Cenovus reported **record upstream production** of approximately **832,000 barrels of oil equivalent per day (BOE/d)** and **record downstream crude throughput** of approximately **712,000 bbls/d**.  **[1475260_0001475260-25-000038_nroct8-2025.htm:1]** 
- The company closed the sale of its 50% interest in WRB Refining LP for approximately **$1.8 billion**, reducing net debt to approximately **$3.5 billion** as of October 1, 2025, and repurchased approximately **40.4 million shares for $900 million** in Q3 2025, with plans for **continued accelerated share repurchases**.  **[1475260_0001475260-25-000038_nroct8-2025.htm:1]**

Cenovus Energy Amends MEG Acquisition Agreement and Provides Q3 2025 Update

- Institutional Shareholder Services (ISS) has recommended "cautionary support" for **Cenovus Energy's C$7.3 billion takeover** of MEG Energy, valuing MEG at approximately **C$28.75 per share**.  **[1475260_6e2f1930f0c44696a23f319fce924743]** 
- ISS characterized the offer as "neither compelling nor opportunistic" but noted that a better bid is unlikely, cautioning that rejecting the deal could weaken MEG's share price.  **[1475260_6e2f1930f0c44696a23f319fce924743]** 
- The acquisition, expected to close in the fourth quarter subject to regulatory and shareholder approvals, would significantly consolidate Canada's oil-sands sector and increase Cenovus's output to **above 720,000 barrels per day**.  **[1475260_6e2f1930f0c44696a23f319fce924743]** 
- MEG shareholders are scheduled to vote on the transaction on **October 9**, which requires a **two-thirds majority** for approval, while rival bidder Strathcona plans to vote its **14.2% stake against the deal**.  **[1475260_6e2f1930f0c44696a23f319fce924743]**

Cenovus Energy's C$7.3 Billion MEG Takeover Receives Cautious ISS Support

- Cenovus Energy Inc. entered a definitive agreement on **August 21, 2025**, to **acquire MEG Energy Corp.** for **$7.9 billion**, inclusive of assumed debt.  **[1475260_0001475260-25-000031_materialchangereport.htm:0]** 
- The consideration for each MEG Share is **$27.25**, payable **75% in cash** and **25% in Cenovus common shares**, with MEG shareholders having election options subject to pro-ration.  **[1475260_0001475260-25-000031_materialchangereport.htm:0]** 
- Cenovus has secured **fully committed financing** for the cash component, including a **$2.7 billion term loan facility** and a **$2.5 billion bridge facility**.  **[1475260_0001475260-25-000031_materialchangereport.htm:0]** 
- The transaction is anticipated to close in the **fourth quarter of 2025**, contingent on regulatory and MEG Shareholder approvals.  **[1475260_0001475260-25-000031_materialchangereport.htm:0]**

CENOVUS ENERGY (CVE)