Cenovus announces fourth-quarter and full-year 2023 results

Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) continued to deliver strong operational performance across its portfolio in the fourth quarter of 2023. Exceptionally strong performance resulted in the second highest quarterly production rate in Cenovus' history. Downstream operations continued to experience increased operational momentum at wholly owned refineries. Upstream and downstream performance was negatively impacted by the sharp decline in commodity and refinery crack prices during the quarter, which was exacerbated by downstream crude processing costs purchased at higher prices in prior periods. "As expected, upstream results were strong in the final quarter of the year. Cenovus President and CEO John Mackenzie said, "This quarter also marks the second quarter that our entire operating assets are available for use, and we are very pleased with the progress we have made. With the work completed in 2023, we are well positioned to continue to capture more margin in our operations.

Fourth Quarter and Year-End Highlights

Fourth quarter average production of 809, 000 barrels per day (BOE/D)1.

• Returned a total of $731 million to shareholders in the fourth quarter, including payments of purchase price debt. In 2023, we returned $2. 8 billion to shareholders, including $1. 1 billion from stock purchases, $1. 0 billion from common and preferred stock dividends, and $711 million from the purchase and retirement of common stock warrants.
• Fourth quarter net debt of $916, 000 $5. 1 billion. Long-term debt, including the current portion, was $7. 1 billion at the end of the fourth quarter, down $1. 6 billion from the end of 2022, reflecting the continued strengthening of our capital structure through the repurchase of $1. 0 billion of long-term debt in 2023.
• Financial, Production and Production Overview

Periods Ended December 31
2023 Q4	2023 Q3	2022 Q4	2023 FY	2022	Financials (in millions, excluding per share amounts)
Cash Flow from Operating Activities
2. 946	2. 738	2. 970	7. 388	11. 403	Adjusted Capital Flow2
2. 062	3. 447	2. 346	8. 803	10, 978	Per Share (Diluted)2
1. 09	1. 81	1. 19	4. 57	5. 47	Capital investment
1. 170	1. 025	1. 274	4. 298	3. 708	Free fund flow
2	892	2. 422	1. 072	4, 505	7. 270
Excessive free cash flow 2	471	1. 989	786
Net income (loss)	743	1. 864	784	4. 109	6. 450
Each share (after thinning)	0, 39	0, 97	0, 39	2. 12	3. 20
Lon g-term borrowing debt including the scheduled schedule within one year	7. 108	7. 224	8. 691	7. 108	8. 691
Pure debt	5. 060	5. 976	4. 282	5. 060	4. 282
Production and production (pure amount of Senobus before royalty deduction)
Oil and NGL (BBLS/D) 1	662. 600	652. 400	664. 900	640. 000	641. 900
Conventional gas (MMCF/D)	876, 3	867, 4	852, 0	832, 6	866. 1
Total production amount upstream (BOE/ day) 1	808. 600	797. 000	806. 900	778. 700	786. 200
Total yield downstream (BBLS/D)	579. 100	664. 300	473. 300	560. 400	493. 700

1 _{Please refer to the manufacturing advice section for each product type.}2_{Includes no n-GAA P-based financial indicators or no n-GAA P-based financial indicators. See Advisory.}

4th quarter performance

Business results 1

Senobus's total income in the fourth quarter of 2023 was about $ 13. 1 billion, increasing from $ 14. 6 billion in the third quarter. The revenue of the upstream department was about $ 6. 9 billion, decreasing from $ 7. 6 billion in the previous quarter, with a downstream revenue of about $ 8. 4 billion, decreasing from $ 9. 7 billion in the third quarter of 2023. Total operating margin 3 was about $ 2. 2 billion, compared to $ 4. 4 billion in the third quarter. The operating profit margin upstream was about $ 2. 5 billion, decreasing from $ 3. 4 billion in the previous fiscal year. This is mainly due to the expansion of light spreads, blent and West Texas Inter mididiates (WTI) crude oil prices. The operating margin of Senobus was $ 340 billion, compared to $ 922 million in the same period of the previous year. The operating profit margin of the United States was affected by approximately $ 430 million, such as a loss by the first destination law (FIFO), a decrease in refined products without cash spending and a decrease in crude oil inventory.

In the fourth quarter, the total production of upstream departments was 808. 600 BoE/ day, increasing by about 12. 000 barrels from the third quarter. The production of Foster Creek was 189. 300 barrels/ day in the third quarter, and the production of Lake Christina was 239. The Sunrise produced 50. 100 barrel/ day, and continued to perform well from the redevelopment program. The Lloydminster's Thermal Project was the same as the previous quarter, with 106. 600 barrels/ day production. Overall, the operating cost per barrel for oil sand was $ 10. 96, which reflected the increase in sales volume and a decline in gas prices, decreasing 13%from the third quarter of 2023.

The production volume of the conventional segment decreased from the 127. 200 BoE/ day in the third quarter, and the fourth quarter was 123. 800 BOE/ day. Senobus was suspended in the second quarter of the Alberta, and in the third quarter increased its production from a specific oil well.

The production of the offshore business was 70. 200BoE/ day for 66. 400BoE/ day in the third quarter. It was 400boe/ day. In the Asi a-Pacific region, the sales volume increased in the fourth quarter, reflecting the production from the Indonesian Mac segment, which started in the third quarter of 2023. In the Atlantic region, the production volume was 8. 900 B/D in the previous quarter, as Terra Nova floating oil and gas production storage equipment (FPSO), which were not operated, resumed production off the New Foundland Labrador. It became 9. 700 B/D.

The crude oil treatment capacity of Canadian Refinery Oil fields was 100. 300 barrels/ day in the third quarter of 108. 400 barrel/ day. The main reason for the decrease in the processing was that the Lloydomin Star Up Grader had an unexpected pause in October, and returned to full operation in November. < SPAN> The total production of upstream divisions in the fourth quarter was 808. 600 BoE/ day, about 12. 000 barrels/ day from the third quarter. The production of Foster Creek was 189. 300 barrels/ day in the third quarter, and the production of Lake Christina was 239. The Sunrise produced 50. 100 barrel/ day, and continued to perform well from the redevelopment program. The Lloydminster's Thermal Project was the same as the previous quarter, with 106. 600 barrels/ day production. Overall, the operating cost per barrel for oil sand was $ 10. 96, which reflected the increase in sales volume and a decline in gas prices, decreasing 13%from the third quarter of 2023.

The production volume of the conventional segment decreased from the 127. 200 BoE/ day in the third quarter, and the fourth quarter was 123. 800 BOE/ day. Senobus was suspended in the second quarter of the Alberta, and in the third quarter increased its production from a specific oil well.

3 _{The production of the offshore business was 70. 200BoE/ day for 66. 400BoE/ day in the third quarter. It was 400boe/ day. In the Asi a-Pacific region, the sales volume increased in the fourth quarter, reflecting the production from the Indonesian Mac segment, which started in the third quarter of 2023. In the Atlantic region, the production volume was 8. 900 B/D in the previous quarter, as Terra Nova floating oil and gas production storage equipment (FPSO), which were not operated, resumed production off the New Foundland Labrador. It became 9. 700 B/D.}The crude oil treatment capacity of Canadian Refinery Oil fields was 100. 300 barrels/ day in the third quarter of 108. 400 barrel/ day. The main reason for the decrease in the processing was that the Lloydomin Star Up Grader had an unexpected pause in October, and returned to full operation in November. In the fourth quarter, the total production of upstream departments was 808. 600 BoE/ day, increasing by about 12. 000 barrels from the third quarter. The production of Foster Creek was 189. 300 barrels/ day in the third quarter, and the production of Lake Christina was 239. The Sunrise produced 50. 100 barrel/ day, and continued to perform well from the redevelopment program. The Lloydminster's Thermal Project was the same as the previous quarter, with 106. 600 barrels/ day production. Overall, the operating cost per barrel for oil sand was $ 10. 96, which reflected the increase in sales volume and a decline in gas prices, decreasing 13%from the third quarter of 2023._{The production volume of the conventional segment decreased from the 127. 200 BoE/ day in the third quarter, and the fourth quarter was 123. 800 BOE/ day. Senobus was suspended in the second quarter of the Alberta, and in the third quarter increased its production from a specific oil well.}

The production of the offshore business was 70. 200BoE/ day for 66. 400BoE/ day in the third quarter. It was 400boe/ day. In the Asi a-Pacific region, the sales volume increased in the fourth quarter, reflecting the production from the Indonesian Mac segment, which started in the third quarter of 2023. In the Atlantic region, the production volume was 8. 900 B/D in the previous quarter, as Terra Nova floating oil and gas production storage equipment (FPSO), which were not operated, resumed production off the New Foundland Labrador. It became 9. 700 B/D.

The crude oil treatment capacity of Canadian Refinery Oil fields was 100. 300 barrels/ day in the third quarter of 108. 400 barrel/ day. The main reason for the decrease in the processing was that the Lloydomin Star Up Grader had an unexpected pause in October, and returned to full operation in November.

In the U. S. refined sector, the third quarter crude oil yield of 555. 900 BBL/D was 478. 800 BBL/D in the fourth quarter. The main factor that reduced the amount of processing was that the planned turnaround at the Bolger Refinery was not implemented, and the suspension of no n-planned operations was delayed. In the fourth quarter, a planned maintenance was carried out at the Lima Refinery, and there was a temporary suspension of operation outside the plan. Following the extremely sluggish refined product price environment in December, the Company has had the opportunity to optimize the processing capacity of the entire purified network.

No n-GAA P-based economic indicators. The total operating profit margin is the total of the operating profit margin upstream and the operating profit margin on the downstream. See Advisory.

4

Specific economic indicators. See Advisory.

performance

The fourth quarter cash, including the increase or decrease in driving capital without cash, was about $ 2. 9 billion, compared to $ 2. 7 billion in the third quarter of 2023. After coordination, the balance balance was about $ 2. 1 billion, compared to $ 2. 4 billion in the same period of the previous year, and the free fund balance was $ 2. 4 billion in the same period of the previous year to $ 892 million. The fourth quarter performance was influenced by a decline in refined product prices in the United States and a decrease in prices in the oil sand business due to the increase in crude oil prices. The average price of Chicago in December 2023 was $ 7. 65 per barrel, the lowest monthly average month after 2020.

The fourth quarter net income was $ 7. 4. 3 billion, compared to $ 1. 9 billion in the same period of the previous year. The decrease in net income is mainly due to a decline in operating margins, which includes $ 89 million in stock of refined goods and oi l-inventory, which is expected to fall in the first quarter of 2024. I can. These factors were partially offset by the decrease in corporate taxes, the decrease in general management costs due to the decrease in lon g-term reward costs, and the unreasonable exchange gain on unreasonable losses in the third quarter. In the < SPAN> refined department, the third quarter crude oil yield of 555. 900 BBL/D was 478. 800 BBL/D in the fourth quarter. The main factor that reduced the amount of processing was that the planned turnaround at the Bolger Refinery was not implemented, and the suspension of no n-planned operations was delayed. In the fourth quarter, a planned maintenance was carried out at the Lima Refinery, and there was a temporary suspension of operation outside the plan. Following the extremely sluggish refined product price environment in December, the Company has had the opportunity to optimize the processing capacity of the entire purified network.

No n-GAA P-based economic indicators. The total operating profit margin is the total of the operating profit margin upstream and the operating profit margin on the downstream. See Advisory.

4

Specific economic indicators. See Advisory.

performanceThe fourth quarter cash, including the increase or decrease in driving capital without cash, was about $ 2. 9 billion, compared to $ 2. 7 billion in the third quarter of 2023. After coordination, the balance balance was about $ 2. 1 billion, compared to $ 2. 4 billion in the same period of the previous year, and the free fund balance was $ 2. 4 billion in the same period of the previous year to $ 892 million. The fourth quarter performance was influenced by a decline in refined product prices in the United States and a decrease in prices in the oil sand business due to the increase in crude oil prices. The average price of Chicago in December 2023 was $ 7. 65 per barrel, the lowest monthly average month after 2020., The fourth quarter net income was $ 7. 4. 3 billion, compared to $ 1. 9 billion in the same period of the previous year. The decrease in net income is mainly due to a decline in operating margins, which includes $ 89 million in stock of refined goods and oi l-inventory, which is expected to fall in the first quarter of 2024. I can. These factors were partially offset by the decrease in corporate taxes, the decrease in general management costs due to the decrease in lon g-term reward costs, and the unreasonable exchange gain on unrealized losses in the third quarter. In the U. S. refined sector, the third quarter crude oil yield of 555. 900 BBL/D was 478. 800 BBL/D in the fourth quarter. The main factor that reduced the amount of processing was that the planned turnaround at the Bolger Refinery was not implemented, and the suspension of no n-planned operations was delayed. In the fourth quarter, a planned maintenance was carried out at the Lima Refinery, and there was a temporary suspension of operation outside the plan. Following the extremely sluggish refined product price environment in December, the Company has had the opportunity to optimize the processing capacity of the entire purified network.No n-GAA P-based economic indicators. The total operating profit margin is the total of the operating profit margin upstream and the operating profit margin on the downstream. See Advisory.4Specific economic indicators. See Advisory.performance.

The fourth quarter cash, including the increase or decrease in driving capital without cash, was about $ 2. 9 billion, compared to $ 2. 7 billion in the third quarter of 2023. After coordination, the balance balance was about $ 2. 1 billion, compared to $ 2. 4 billion in the same period of the previous year, and the free fund balance was $ 2. 4 billion in the same period of the previous year to $ 892 million. The fourth quarter performance was influenced by a decline in refined product prices in the United States and a decrease in prices in the oil sand business due to the increase in crude oil prices. The average price of Chicago in December 2023 was $ 7. 65 per barrel, the lowest monthly average month after 2020.

The fourth quarter net income was $ 7. 4. 3 billion, compared to $ 1. 9 billion in the same period of the previous year. The decrease in net income is mainly due to a decline in operating margins, which includes $ 89 million in stock of refined goods and oi l-inventory, which is expected to fall in the first quarter of 2024. I can. These factors were partially offset by the decrease in corporate taxes, the decrease in general management costs due to the decrease in lon g-term reward costs, and the unreasonable exchange gain on unreasonable losses in the third quarter.4Capex in the fourth quarter was $1. 2 billion, primarily used to maintain production in the oil sands operations, conventional business commitments and infrastructure projects, and downstream operations. Cenovus also continues to advance development and optimization projects, including the West White Rose project, the Narrows Lake to Christina Lake connection, and Sunrise and Foster Creek optimization.performanceCenovus' total upstream production in 2023 will average $778. This reflects the impact of the Alberta wildfires in the second quarter of 2023 and well pad maintenance periods in the oil sands division. Oil sands crude oil production will be 593. 400 bbl/d, including 186. 300 bbl/d from Foster Creek and 237. 400 bbl/d from Christina Lake. Full production from the Lloydminster Thermal project was 104, 100 bbls/d (99, 900 bbls/d in 2022). Production from Sunrise was 48, 900 bbls/d (31, 300 bbls/d in 2022), primarily due to an increase from the acquisition of the remaining 50% interest in Sunrise, which was completed in August 2022. Contracted production was 119, 900 bbls/d compared to 127, 200 BOE/d in 2022, primarily due to the impact of the Alberta wildfires in 2023. Total offshore production was 63. 400 BOE/d (previous year: 70. 300 BOE/d), reflecting reduced production from the Atlantic region primarily due to the 2023 recovery and off-plan operations in China in 2Q2023.The amount of crude oil treatment in the United States is 459. Reflecting the remaining 50%of the remaining interests of the Toledo Refinery and the restart of the 2020 Sperior Refinery, the amount of crude oil treatment in 2023 to 459. 700B/ Increased to D. The achievements were affected by an increase in planned and unplanned maintenance..

The total revenue in 2023 was about $ 52. 2 billion, the total operating margin was $ 11 billion, while the total revenue in 2022 was $ 66. 9 billion, and the total operating margin was $ 14. 3 billion. The decrease in both total income and total operating profit ratio compared to the previous year is mainly related to the decline in product prices.

Cash flows by sales activities were $ 11. 4 billion in 2022, while $ 11. 4 billion in 2023. Adjustable cash flow was $ 8. 8 billion and free cash flow was $ 4. 5 billion. In 2023, the total capital investment was $ 4. 3 billion, focusing mainly on maintaining the production of upstream assets, the construction of the West White Rose Project, and the Refriguation Initiative. The net income of 2023 was about $ 4. 1 billion, mainly $ 6. 5 billion in 2022 due to a decline in product prices.

Reserved volume
Confirmation of Senobas and estimated reserves are evaluated every year by independent qualified reserves. As of the end of 2023, the total of Senobus is the total of about 5. 9 billion BOE, the total confirmation + estimated reserved amount is about 8. 7 billion BOE, and has not changed relatively since the previous year. The confirmation and reserves were about 5. 4 billion barrels, the confirmation + estimated tar buried volume was about 7. 9 billion barrels, all of which remained flat compared to the previous year. As of the end of 2023, the confirmation and reservoir ratio of Senobas was about 21 years, and the identification + estimated reserves were about 31 years.	For details on the reserves of Senobus and other petroleum and gas information, see the advisory and the following.	Examination and analysis by discussion & discussion management (MD & amp; A)
Annual information form (AIF)	And the annual report (FORM 40-F) of the end of December 31, 2023 (Form 40-F), SEDAR+(SEDARPLUS. CA), Edgar (SEC.	SEC. GOV
And Senobus website	You can see it on cenovus. com.	The amount of crude oil processing in the United States is 459. In the United States, the remaining 50%of the remaining interests of the Toledo Refinery and the restart of the 2020 Spellior Refinery are reflected, and the crude oil treatment in 2023 was 2022. Increased from 400. 800b/d to 459. 700B/D. The achievements were affected by an increase in planned and unplanned maintenance.
The total revenue in 2023 was about $ 52. 2 billion, the total operating margin was $ 11 billion, while the total revenue in 2022 was $ 66. 9 billion, and the total operating margin was $ 14. 3 billion. The decrease in both total income and total operating profit ratio compared to the previous year is mainly related to the decline in product prices.	Cash flows by sales activities were $ 11. 4 billion in 2022, while $ 11. 4 billion in 2023. Adjustable cash flow was $ 8. 8 billion and free cash flow was $ 4. 5 billion. In 2023, the total capital investment was $ 4. 3 billion, focusing mainly on maintaining the production of upstream assets, constructing the West White Rose Project, and refinement religious initiatives. The net income of 2023 was about $ 4. 1 billion, mainly $ 6. 5 billion in 2022 due to a decline in product prices.	Reserved volume
Confirmation of Senobas and estimated reserves are evaluated every year by independent qualified reserves. As of the end of 2023, the total of Senobus is the total of about 5. 9 billion BOE, the total confirmation + estimated reserved amount is about 8. 7 billion BOE, and has not changed relatively since the previous year. The confirmation and reserves were about 5. 4 billion barrels, the confirmation + estimated tar buried volume was about 7. 9 billion barrels, all of which remained flat on the previous year. As of the end of 2023, the confirmation and reservoir ratio of Senobas was about 21 years, and the identification + estimated reserves were about 31 years.	For details on the reserves of Senobus and other petroleum and gas information, see the advisory and the following.	Examination and analysis by discussion & discussion management (MD & amp; A)
Annual information form (AIF)	And the annual report (FORM 40-F) of the end of December 31, 2023 (Form 40-F), SEDAR+(SEDARPLUS. CA), Edgar (SEC.	SEC. GOV

And Senobus website

You can see it on cenovus. com.

The yea r-end disclosure of Seno bass USA is 459. The amount of crude oil processing in the United States is 459. The remaining 50%of the remaining interests of the Toledo Refinery and the restart of the 2020 Spellior Refinery, and the amount of crude oil treatment in 2023 is 400. 800B/ Increased from D to 459. 700B/D. The achievements were affected by an increase in planned and unplanned maintenance.

The total revenue in 2023 was about $ 52. 2 billion, the total operating margin was $ 11 billion, while the total revenue in 2022 was $ 66. 9 billion, and the total operating margin was $ 14. 3 billion. The decrease in both total income and total operating profit ratio compared to the previous year is mainly related to the decline in product prices.

The yea r-end disclosure of Seno bass USA is 459. The amount of crude oil processing in the United States is 459. The remaining 50%of the remaining interests of the Toledo Refinery and the restart of the 2020 Spellior Refinery, and the amount of crude oil treatment in 2023 is 400. 800B/ Increased from D to 459. 700B/D. The achievements were affected by an increase in planned and unplanned maintenance.
Reserved volume
Confirmation of Senobas and estimated reserves are evaluated every year by independent qualified reserves. As of the end of 2023, the total of Senobus is the total of about 5. 9 billion BOE, the total confirmation + estimated reserved amount is about 8. 7 billion BOE, and has not changed relatively since the previous year. The confirmation and reserves were about 5. 4 billion barrels, the confirmation + estimated tar buried volume was about 7. 9 billion barrels, all of which remained flat compared to the previous year. As of the end of 2023, the confirmation and reservoir ratio of Senobas was about 21 years, and the identification + estimated reserves were about 31 years.	For details on the reserves of Senobus and other petroleum and gas information, see the advisory and the following.	Examination and analysis by discussion & discussion management (MD & amp; A)	Annual information form (AIF)	And the annual report (FORM 40-F) of the end of December 31, 2023 (Form 40-F), SEDAR+(SEDARPLUS. CA), Edgar (SEC.
SEC. GOV
And Senobus website	—	2 - 3	You can see it on cenovus. com.	—	Senobus yea r-end disclosure documents
Today, Cenovus will file its audited consolidated financial statements, MD& A and AIF with Canadian securities regulators and its annual report on Form 40-F for the year ended December 31, 2023 with the U. S. Securities and Exchange Commission. Copies of these documents will be posted on SEDAR+ (sedarplus. ca), EDGAR (sec. sec. gov.) and on our website under "Investor Relations" at com. Copies may also be requested free of charge by emailing investors@cenovus. com.	Dividend Declaration and Share Purchases	Dividend Declaration and Share Purchases	Dividend Declaration and Share Purchases	—	5 - 7
Stock Series	—	3 - 5	4 - 6	—	2 - 4
Dividend Rate
Amount ($/share)	—	Series 1	—	—	2. 577
0, 16106	Series 2	6. 772	0, 42094	Series 3	4. 689

0, 29306

Series 5

4. 591

0, 28694

Series 7

3. 935

0, 24594

All dividends paid on Cenovus common and preferred shares qualify as "qualified dividends" for Canadian federal income tax purposes. Dividend declarations are at the discretion of the Board of Directors and will continue to be evaluated quarterly.

Cenovus' shareholder return framework is intended to return 50% of excess free cash flow to shareholders for quarters in which final net debt is in the range of $9 billion to $4 billion. Shareholder returns in the fourth quarter were $731 million, comprised of $111 million to pay off the remaining common share warrants and $350 million from the Common Share Issuer Bid (NCIB). In 2023, the company returned $2. 8 billion to shareholders through NCIBs, common and preferred dividends, and the purchase and retirement of common warrants.

2024 Maintenance Plan

The following table details planned maintenance activities at Cenovus assets through 2024 and the expected impact on production or throughput.

2024 Planned Maintenance

Expected Quarterly Production/Production Impact (Mbbls/d)

Q1
Ε2	Ε3
Ε4
Annual Impact	Versus Status	Oil Sands
50-60	13 - 16	Atlantic
Conventional gas (MMCF/D)	8 - 10	8 - 10
Conventional	Catadia	Canada Refining
42 - 46
10 - 12	6.1	5.9
US Refining	20-24	12-16
Conventional gas (MMCF/D)	56-60	30 - 35
Sustainability	In 2023, Cenovus made progress in several of its environmental, social and governance focus areas. The company announced a new milestone of reducing absolute methane emissions from its upstream operations by 80% by the end of 2028 compared to 2019. Additionally, Cenovus achieved its goal of spending at least $1. 2 billion in Indigenous operations between 2019 and the end of 2025, and achieved its ambition to have at least 40% of its independent directors from designated groups by the end of 2025, of which at least 30% are women.	Cenovus is working with Pathways Alliance stakeholders to advance company-specific projects to achieve its emissions reduction goals. Cenovus and the Pathways Alliance need further assurances of co-funding from governments to move forward with the large-scale capital investments necessary to achieve our emissions reduction goals.
Chief Sustainability Officer Update
10 - 12	9.7	8.2
US Refining	Cenovus will host a conference call today, February 15, 2024, at 9:00 AM U. S. Eastern Time. To join the conference call without an operator, please sign up here approximately 5 minutes in advance to receive an automated callback when the session begins.	Consulting
Conventional gas (MMCF/D)	Cenovus reports its financial results in Canadian dollars and, unless otherwise noted, represents Cenovus' net production volume before royalties. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS).	Borrowed barrels of oil equivalent
The amount of natural gas is converted into an oil converted barrel (BOE) based on 6, 000 cubic feet (MCF) for 1 barrel (BBL). BoE may be misleading, especially when used alone. The conversion ratio of 1 barrel = 6 cubic feet (MCF) is mainly based on the energy conversion method applied to the burner end, and does not indicate the value equivalent in the hungry. Since the value ratio based on the current crude oil price compared to natural gas is very different from the 6: 1 energy ratio, the use of a 6: 1 conversion ratio does not accurately reflect the value. 。	Product type	Product type by function
3 months ending on December 31, 2023	Ful l-year ending on December 31, 2023	Oil sand

Vicheumen (MBBL/D)

595, 1

576, 7performance.

17. 5performance.

Native natural gas (MMCF/D)

one two three4Specific economic indicators. See Advisory.performance).

595, 4

Conventional type4Natural gas solution (million barrel/ day)performance21. 7

Native natural gas (MMCF/D)

569, 6

554. 1

Total production volume (MBOE/ day)

123, 8

119, 9

Nialand

Light crude oil (MBBL/D)

Natural gas solution (million barrel/ day)			11. 4
10. 8	Native natural gas (MMCF/D)	294, 4	266, 6	Native natural gas (MMCF/D)	266, 6
63. 4	2. 738	2. 970	7. 388	11. 403	Adjusted Capital Flow2
Product type
Product type by function	3 months ending on December 31, 2023	Ful l-year ending on December 31, 2023	Oil sand	Vicheumen (MBBL/D)	595, 1
576, 7	Heavy crude oil (million barrel/ day)	17. 5	673	16. 7	575
Native natural gas (MMCF/D)	3. 447	2. 346	8. 803	10, 978	Per Share (Diluted)2
Conventional type	1. 025	1. 274	4. 298	3. 708	Free fund flow
569, 6	892	2. 422	1. 072	4, 505	7. 270
Light crude oil (MBBL/D)
Natural gas solution (million barrel/ day)	11. 4	10. 8	Native natural gas (MMCF/D)
294, 4	266, 6	—	—
Product type by function	3 months ending on December 31, 2023	Ful l-year ending on December 31, 2023	Oil sand
808, 6	778, 7	Information about the future	This news release shows a certain amount of current forecasts, quotes, and forecasts, based on a certain assumptions based on the experience of Senobus and past trends. It contains descriptions and outlook information about the future outlook (hereinafter referred to as "future outlook information"). Senobas believes that the forecasts represented by such future outlook information are reasonable, but there is no guarantee that such forecasts are correct. The amount of natural gas is converted into an oil converted barrel (BOE) based on 6, 000 cubic feet (MCF) for 1 barrel (BBL). BoE may be misleading, especially when used alone. The conversion ratio of 1 barrel = 6 cubic feet (MCF) is mainly based on the energy conversion method applied to the burner end, and does not indicate the value equivalent in the hungry. Since the value ratio based on the current crude oil price compared to natural gas is very different from the 6: 1 energy ratio, the use of a 6: 1 conversion ratio does not accurately reflect the value. 。
Product type	Product type by function	3 months ending on December 31, 2023	Ful l-year ending on December 31, 2023
Oil sand	—	1	45
Vicheumen (MBBL/D)	471	1. 989	786

123, 8

17. 5

16. 7performance.

one two three

11. 9	Production volume of the entire oil sand section (Mboe/ day)
614, 6	595, 4