Cenovus oil sands production climbs 17% in second quarter

Company starts producing oil from Christina Lake phase E 


    --  Total oil production was more than 171,000 barrels of oil per
        day (bbls/d) net in the second quarter, a 10% increase when
        compared with the same period in 2012.
    --  Combined oil sands production at Foster Creek and Christina
        Lake averaged nearly 94,000 bbls/d net in the second quarter,
        up 17% from a year earlier. Production at Christina Lake
        climbed 35% to an average of more than 38,000 bbls/d net.
    --  Christina Lake phase E started steam injection in June, with
        first production achieved in mid-July.
    --  Operating cash flow increased 4% to $1.1 billion in the second
        quarter when compared with the same period a year earlier.
    --  Cash flow was $871 million in the quarter, a 6% decrease when
        compared with 2012, mainly due to a conventional oil
        pre-exploration expense and higher cash tax.
    --  Discovered bitumen initially-in-place increased 66% since 2009
        to 93 billion barrels, reflecting the success of Cenovus's
        stratigraphic drilling program in converting undiscovered
        resource inventory to discovered.
    --  An agreement to sell Cenovus's Shaunavon tight oil asset for
        $240 million (plus closing adjustments) was announced in early
        June and closed in early July.

"At Cenovus, we continue to play to our strengths and deliver on our 
commitments," said Brian Ferguson, Cenovus President & Chief Executive 
Officer. "We have a track record of predictable and reliable development of 
our vast oil sands resources. In July, we started producing oil at our tenth 
expansion phase in the oil sands, Christina Lake phase E, and we expect to 
bring on a new phase of production in each of the next several years."
                         Production & financial summary

(for the period ended June 30)           2013    2012  % change
 Production (before royalties)            Q2      Q2

Oil sands total (bbls/d)               93,797  80,317      17

Conventional oil(1) (bbls/d)           77,330  75,249       3

Total oil (bbls/d)                     171,127 155,566     10

Natural gas (MMcf/d)                      536     596     -10

Financial                                                    
($ millions, except per share amounts)

Cash flow(2)                              871     925      -6
   Per share diluted                     1.15    1.22

Operating earnings(2)                     255     284     -10
    Per share diluted                     0.34    0.37        

Net earnings                              179     397     -55
    Per share diluted                     0.24    0.52        

Capital investment                        706     660       7

(1 )Includes natural gas liquids (NGLs) and Pelican Lake production.
(2 )Cash flow and operating earnings are non-GAAP measures as defined in the 
Advisory. See also the earnings reconciliation summary in the operating 
earnings table. 

CALGARY, July 24, 2013 /CNW/ - Cenovus Energy Inc. (TSX, NYSE: CVE) delivered 
a solid operational quarter, buoyed by growing oil production from both its 
oil sands and conventional assets. Combined production from the company's oil 
sands projects, Christina Lake and Foster Creek, averaged nearly 94,000 bbls/d 
net in the quarter, a 17% increase from the same period a year earlier. This 
was primarily driven by the start-up of Christina Lake phase D in the third 
quarter of 2012 and subsequent ramp-up in the first half of 2013.

Average daily oil production at Christina Lake was more than 38,000 bbls/d net 
in the quarter, a 35% increase when compared with the same period in 2012. 
Volumes at Christina Lake were reduced during the quarter by the company's 
first full planned turnaround at the facility, which was completed 
successfully and safely. Cenovus started injecting steam for phase E in late 
June and achieved first production last week. The company expects the ramp-up 
to take place over the next six to nine months, similar to the ramp-up 
experienced at Christina Lake phase D.

Foster Creek production averaged more than 55,000 bbls/d net in the quarter, 
7% higher than the year before. This increase is due to volumes being reduced 
in the second quarter of 2012 as the result of a full turnaround at the 
facility. The 2013 turnaround at Foster Creek is planned to start in late 
September.

Cenovus's conventional oil assets, including Pelican Lake, continued to 
deliver steady performance. Production averaged more than 77,000 bbls/d in the 
quarter, a slight increase from the same period in 2012 partly due to 
successful well performance related to the company's current drilling program 
to develop tight oil opportunities i n Alberta. Work to expand Cenovus's 
infill drilling and polymer flood program at Pelican Lake is ongoing, 
resulting in average production of nearly 24,000 bbls/d in the quarter, 7% 
higher than the same period a year earlier.

Demonstrating the value of integration
Operating cash flow was $1.1 billion in the quarter, an increase of 4% when 
compared with the same period a year earlier. Operating cash flow from the 
company's upstream assets benefited from the West Texas Intermediate (WTI) to 
Western Canadian Select (WCS) differential narrowing in the second quarter, to 
an average of US$19.16 per barrel (bbl), a 16% decrease from the same period 
in 2012. Climbing oil production and increased natural gas prices also 
contributed to higher operating cash flow. Those benefits were partially 
offset by higher operating costs, lower realized risk management gains and a 
decline in operating cash flow generated by the company's refining operations.

Operating cash flow from refining was $316 million in the second quarter, an 
8% decrease when compared with the same period a year earlier. The narrowing 
WTI to WCS differential that benefited the company's upstream operations 
resulted in increased feedstock costs at Cenovus's refineries. Lower refined 
product output due to an unplanned hydrocracker outage at Wood River in June 
also contributed to the decline.

Cash flow in the second quarter was $871 million, a 6% decrease compared with 
the same period a year earlier. This is due to the same factors that affected 
operating cash flow, as well as a $63 million conventional oil pre-exploration 
expense and higher cash tax.

Operating earnings were $255 million in the quarter, a 10% decrease compared 
with the second quarter of 2012, mainly because of lower cash flow and 
increased depreciation, depletion and amortization (DD&A), which reflected an 
impairment of $57 million from the sale of the company's Shaunavon asset. 
Cenovus also incurred a $46 million exploration expense related to another 
tight oil play in Saskatchewan.

Cenovus's net earnings for the second quarter were $179 million compared with 
$397 million in the same period a year earlier, primarily as a result of lower 
unrealized risk management gains and higher unrealized foreign exchange losses 
in 2013, partially offset by a decline in deferred tax expense.

Cenovus has updated its 2013 full-year guidance to reflect actual results for 
the first half of the year and the company's outlook for the remainder of the 
year. Of note is a slight increase to the operating costs range at Foster 
Creek, Christina Lake and Pelican Lake based on actual costs for the first six 
months of the year, and expectations for the rest of 2013. Total cash flow 
remains unchanged. Updated guidance can be found at cenovus.com under "Invest 
in us."

Accessing new markets remains a priority
Cenovus continues to be rigorous in its efforts to identify new markets for 
its oil. During the second quarter, the company participated in the open 
season for TransCanada's Energy East pipeline project and is currently 
awaiting the results of that process.

"Our manufacturing approach to oil sands expansions has made us a low-cost 
producer," said Ferguson. "This same approach is also extremely valuable to 
our transportation strategy. We know we'll have significant new production 
coming on line every year for the next several years, so we can confidently 
make long term transportation commitments."

Cenovus plans to transport up to 50% of its oil production through firm 
commitments over the long-term. At this point, the company has made 
commitments to various pipeline projects to move up to 175,000 bbls/d to the 
West Coast and up to 150,000 bbls/d to the U.S. Gulf Coast. This 
transportation plan includes growing rail capacity to move up to 10% of 
production over the long term. In the second quarter, Cenovus used rail to 
transport about 7,900 bbls/d to the East Coast and to markets in the U.S. The 
company expects to move approximately 10,000 bbls/d on rail by the end of 2013 
and up to 30,000 bbls/d by the end of 2014.

Business operations maintained during Alberta flooding
The June floods that caused major damage in southern Alberta resulted in 
restricted access to most of downtown Calgary for nearly a week, including 
Cenovus's head office and other buildings. The company's business continuity 
plan to handle this type of situation was successfully activated and all 
critical systems, communications and business functions continued remotely or 
from a Cenovus office building outside of downtown Calgary. Cenovus's 
operations in Alberta were minimally affected by the floods.

"Our thoughts remain with the many people whose lives have been impacted by 
the flooding," said Ferguson. "We commend the volunteers, including Cenovus 
staff, who are working to help those in need. Cenovus is donating $1 million 
to agencies assisting with the relief efforts and those community partners 
impacted by the floods."
                                           Oil Projects
                                      Daily production(1)

(Before
royalties)
(Mbbls/d)       2013                          2012              2011
             Q2    Q1    Full Year   Q4    Q3    Q2    Q1    Full Year

Oil sands                                                           

  Foster
  Creek      55    56         58     59    63    52    57         55

  Christina
  Lake       38    44         32     42    32    29    25         12

Oil sands
total        94    100        90     101   96    80    82         67

Conventional
oil                                                                 

  Pelican
  Lake       24    24         23     24    24    22    21         20

  Weyburn    16    17         16     16    16    16    17         16

Other
conventional
(2)          37    39         37     37    36    36    38         31

Conventional
total        77    80         76     77    76    75    75         68

Total oil    171   180       165     178   171   156   157       134

(1 )Totals may not add due to rounding.
(2 )Includes NGLs production.

Oil sands
Cenovus has a substantial portfolio of oil sands assets in northern Alberta 
with the potential to provide decades of growth. The two currently producing 
operations, Foster Creek and Christina Lake, use steam-assisted gravity 
drainage (SAGD), which involves drilling into the reservoir and pumping the 
oil to the surface. Cenovus has begun work on its third project, Narrows Lake, 
which is part of the Christina Lake Region. These projects are operated by 
Cenovus and are jointly owned with ConocoPhillips. Cenovus also has an 
enormous opportunity to deliver increased shareholder value through production 
growth from future developments. The company has identified several emerging 
projects and continues to assess its resources to prioritize development plans 
and support regulatory applications for new projects.

Foster Creek and Christina Lake

Production
    --  Combined production at Foster Creek and Christina Lake climbed
        17% to 93,797 bbls/d net in the second quarter of 2013 compared
        with the same period a year earlier.
    --  Foster Creek produced an average of 55,338 bbls/d net in the
        quarter, a 7% increase when compared with the same period a
        year earlier. Volumes were reduced in the second quarter of
        2012 due to a full turnaround at the facility. The 2013
        turnaround at Foster Creek is scheduled to begin in late
        September.
    --  Cenovus continues to reduce the backlog of workover activity
        required on wells and expects Foster Creek production to return
        to near full capacity in the fourth quarter.
    --  Christina Lake production averaged 38,459 bbls/d net, a 35%
        increase over the same period in 2012 due to the start-up of
        phase D in the second quarter of 2012. Cenovus completed its
        first major plant turnaround at the facility, which resulted in
        11 days of full production outage and reduced production by
        about 7,600 bbls/d net in the quarter.
    --  Steam injection at Christina Lake phase E started in June, with
        first production achieved in mid-July. Cenovus expects the
        ramp-up of phase E to take six to nine months, similar to phase
        D, with the phase ultimately having the capacity to produce
        40,000 bbls/d gross.

Wedge Well™ technology
    --  Cenovus's Wedge Well™ technology uses single horizontal
        wells, drilled between existing SAGD well pairs, to reach oil
        that would otherwise be unrecoverable. It has the potential to
        increase overall recovery from the reservoir between 10% and
        15%, while reducing the steam to oil ratio (SOR).
    --  There are 56 wells at Foster Creek using Wedge Well™
        technology and Cenovus anticipates bringing an additional 11 of
        these wells on production in the second half of 2013.
    --  Christina Lake is also benefiting from the use of Wedge Well
        (TM) technology. There are 10 of these wells now producing and
        Cenovus expects to drill another 15 wells before the end of the
        year.

Expansions
    --  At Christina Lake, procurement, plant construction and major
        equipment fabrication continue for phase F, which is now about
        30% complete. Engineering work continues for phase G.
    --  At Foster Creek, plant construction for the combined F, G and H
        expansion is approximately 60% complete. The central plant for
        phase F is about 78% complete and first production is expected
        in the third quarter of 2014. Pipe rack and equipment module
        assembly are essentially complete for phase G, and piling work
        was completed in May. Overall phase G is about 56% complete,
        with initial production expected in 2015. At phase H, site
        preparation, piling work and major equipment procurement
        continue to progress as planned.
    --  Combined capital investment at Foster Creek and Christina Lake
        was $351 million in the second quarter, up from $309 million in
        the same period of 2012 primarily due to planned spending on
        expansion phases.

Operating costs
    --  Operating costs at Foster Creek averaged $16.19/bbl in the
        second quarter, compared with $12.49/bbl a year earlier, as
        Cenovus incurred higher workover costs and higher prices for
        fuel and electricity. Non-fuel operating costs were $13.36/bbl
        in the quarter compared with $10.89/bbl in the same period of
        2012, a 23% increase.
    --  While operating costs are expected to decrease over the
        remainder of the year compared with the second quarter, Cenovus
        has updated its guidance to reflect a higher annual average of
        between $14.90/bbl and $15.90/bbl for Foster Creek's operating
        costs.
    --  Operating costs at Christina Lake were $16.83/bbl in the second
        quarter, an increase from $12.52/bbl in the same period a year
        ago due to higher repairs and maintenance associated with the
        turnaround. Other factors included increased costs for waste
        fluid handling and trucking, and higher prices for fuel and
        electricity. Non-fuel operating costs at Christina Lake were
        $13.46/bbl in the quarter compared with $10.83/bbl in 2012, a
        24% increase. While operating costs are expected to decrease
        over the remainder of the year compared with the second
        quarter, Cenovus has updated its guidance to reflect a slightly
        higher annual average of between $12.80/bbl and $13.60/bbl for
        Christina Lake's operating costs.

Steam to oil ratio (SOR)
    --  Cenovus uses natural gas to produce steam. The SOR measures the
        number of barrels of steam needed for every barrel of oil
        produced. A lower SOR means less steam is required, which
        reduces the amount of natural gas used. This lowers capital and
        operating costs, and results in fewer emissions and lower water
        usage per barrel of oil.
    --  Cenovus continues to achieve among the lowest SORs in the
        industry. The combined SOR for Cenovus's oil sands operations
        was 2.1 in the second quarter of 2013.
    --  The second quarter SOR at Christina Lake was 1.8, unchanged
        from the same period a year ago.
    --  Foster Creek's SOR was 2.4, compared with 2.1 in the second
        quarter of 2012. The increase is due to a high number of wells
        undergoing maintenance in the second quarter. Cenovus has
        updated its 2013 guidance to reflect a revised annual average
        SOR range for Foster Creek of 2.3 to 2.5.

Christina Dilbit Blend (CDB)
    --  CDB is a heavy oil blend stream launched in the fourth quarter
        of 2011. Cenovus sold approximately 92% of its Christina Lake
        production as CDB in the second quarter of 2013, up from 70% in
        the same period a year earlier.
    --  The CDB price differential to WCS improved approximately
        $0.50/bbl to $5.82/bbl when compared with the same period in
        2012 as CDB continues to gain wider market acceptance.
    --  The Wood River Refinery ran approximately 109,000 bbls/d of CDB
        or equivalent high-TAN crudes during the second quarter of
        2013. These crudes represented approximately 56% of the total
        heavy crude volumes processed at Wood River in the quarter.

Narrows Lake
    --  Cenovus's next major oil sands development, a three-phase
        project at Narrows Lake in northern Alberta, received full
        regulatory approval and partner approval for the first phase in
        2012. The first phase of the project is anticipated to have a
        production capacity of 45,000 bbls/d gross, with first oil
        expected in 2017.
    --  Narrows Lake is expected to be the industry's first project to
        demonstrate solvent aided process (SAP), using butane, on a
        commercial scale.
    --  Site preparation, engineering and procurement are progressing
        as expected. Construction of the phase A plant is scheduled to
        start later in the third quarter of 2013.
    --  Cenovus invested $25 million to advance the Narrows Lake
        project in the second quarter of this year compared with $9
        million in the same period in 2012. This included spending on
        site preparation, engineering and procurement.

Emerging projects

Telephone Lake
    --  Cenovus's 100%-owned Telephone Lake property is located within
        the Borealis Region of northern Alberta. A revised application
        and environmental impact assessment (EIA) submitted in December
        2011 is advancing through the regulatory process with approval
        anticipated in 2014.
    --  Cenovus is continuing its dewatering pilot project designed to
        remove a layer of non-potable water that is sitting on top of
        the oil sands deposit at Telephone Lake. While dewatering is
        not essential to the development of Telephone Lake, the company
        believes it could help improve the project's SOR by up to 30%,
        which should enhance project economics and reduce its impact on
        the environment.
    --  The pilot has been running as expected with positive results.
        Approximately 50% of the water has been displaced and replaced
        by air. Cenovus plans to complete the pilot in the fourth
        quarter of 2013.
    --  Capital spending in the second quarter was $17 million, up from
        $13 million a year earlier.

Grand Rapids
    --  At the company's 100%-owned Grand Rapids project, located
        within the Greater Pelican Region, work continues on a SAGD
        pilot project. The pilot project is progressing, with both well
        pairs operational. Cenovus is planning minor facility upgrades
        in the third quarter, which is expected to help increase
        production from the well pairs.
    --  A regulatory application and EIA for the 180,000 bbl/d
        commercial project has been submitted and Cenovus anticipates
        regulatory approval by the end of 2013.
    --  Capital investment at Grand Rapids was $8 million in the second
        quarter of 2013, up from $5 million a year earlier.

Conventional oil

Pelican Lake

Cenovus produces heavy oil from the Wabiskaw formation at its 100%-owned 
Pelican Lake operation in the Greater Pelican Region, about 300 kilometres 
north of Edmonton. While this property produces conventional heavy oil, it's 
managed as part of Cenovus's oil sands segment. Since 2006, Cenovus has been 
injecting polymer to enhance production from the reservoir, which is also 
under waterflood. Based on reservoir performance of the polymer program, the 
company has a multi-year growth plan for Pelican Lake with production expected 
to reach 55,000 bbls/d.
    --  Pelican Lake produced 23,959 bbls/d in the second quarter of
        2013, a 7% increase when compared with the same period in 2012
        as infill wells drilled to expand the polymer flood continued
        to come on production.
    --  Cenovus invested $111 million at Pelican Lake in the second
        quarter for infill drilling related to the polymer flood
        program, facility expansion and other infrastructure, up from
        $104 million in the same period of 2012.
    --  The company has decided to delay some capital investment
        originally planned for 2013 to align spending with the moderate
        production ramp up currently associated with the polymer flood
        program.
    --  Operating costs at Pelican Lake averaged $22.21/bbl in the
        second quarter, a 25% increase from $17.71/bbl in the same
        quarter a year earlier mainly due to workover activities,
        higher electricity prices and usage related to the polymer
        flood expansion, and repairs and maintenance. While operating
        costs are expected to decrease over the remainder of the year
        compared with the second quarter, Cenovus has updated its
        guidance to reflect a slightly higher annual average of between
        $19.00/bbl and $20.00/bbl for Pelican Lake's operating costs.

Other conventional oil

In addition to Pelican Lake, Cenovus has conventional oil assets in Alberta, 
including tight oil opportunities, as well as the established Weyburn 
operation in Saskatchewan that uses carbon dioxide injection to enhance oil 
recovery.
    --  Total conventional oil production averaged 53,371 bbls/d in the
        second quarter, a slight increase when compared with the same
        quarter in 2012.
    --  Conventional oil production in Alberta averaged 32,151 bbls/d
        in the second quarter, up 7% from the same period in the
        previous year, primarily due to successful horizontal well
        performance related to the company's current drilling program
        to develop tight oil opportunities.
    --  Production at the Weyburn operation remained steady at 15,938
        bbls/d net compared with 16,422 bbls/d net in the second
        quarter of 2012.
    --  Cenovus entered into an agreement to sell its Shaunavon tight
        oil asset in southern Saskatchewan for $240 million (plus
        closing adjustments) in early June, and closed the transaction
        in early July. An impairment of $57 million was recorded as
        depreciation, depletion and amortization (DD&A). The company's
        Bakken asset remains held for sale.
    --  Cenovus also incurred a $46 million exploration expense related
        to another tight oil play in Saskatchewan, as well as a $63
        million pre-exploration expense related to a seperate
        conventional oil opportunity.
    --  Cenovus invested $130 million in its conventional oil assets,
        the majority of which was dedicated to development of emerging
        tight oil plays in Alberta.
    --  Operating costs for Cenovus's conventional oil operations
        increased 12% to $16.34/bbl in the second quarter of 2013
        compared with the same period in 2012. This was mainly due to
        higher workforce and electricity costs.
    --  Operating cash flow from conventional oil assets in excess of
        capital investment increased 14% to $121 million in the second
        quarter when compared with the same period a year earlier.
                                           Natural Gas
                                     Daily production(1)

(Before
royalties)     2013                          2012              2011
(MMcf/d)
            Q2    Q1    Full Year   Q4    Q3    Q2    Q1    Full Year

Natural gas 536   545       594     566   577   596   636       656

Cenovus has a solid base of established, reliable natural gas properties in 
Alberta. These assets are an important component of the company's financial 
foundation, generating operating cash flow well in excess of their ongoing 
capital investment requirements. The natural gas business also acts as an 
economic hedge against price fluctuations, because natural gas fuels the 
company's oil sands and refining operations.
    --  Natural gas production in the second quarter of 2013 was
        approximately 536 million cubic feet per day (MMcf/d), down 10%
        from the same period last year, driven by expected natural
        declines and Cenovus's decision to direct capital investment
        toward its oil opportunities.
    --  Cenovus's average realized sales price for natural gas,
        including hedges, was $3.68 per thousand cubic feet (Mcf) in
        the period compared with $3.31 per Mcf in the second quarter of
        2012.
    --  The company invested $5 million in its natural gas properties
        in the second quarter of 2013. Operating cash flow from natural
        gas in excess of capital investment was $113 million.

Refining

Cenovus's refining operations allow the company to capture value from crude 
oil production through to refined products such as diesel, gasoline and jet 
fuel. This integrated strategy provides a natural economic hedge when crude 
oil prices are discounted by providing lower feedstock costs to the Wood River 
Refinery in Illinois and Borger Refinery in Texas, which Cenovus jointly owns 
with the operator, Phillips 66.
    --  Operating cash flow from refining was $316 million in the
        quarter, 8% less than the same period a year earlier. This was
        primarily due to increased feedstock costs consistent with
        higher oil prices, as well as an unplanned hydrocracker outage
        at Wood River in June that affected product output.
    --  Cenovus's refineries processed an average of 439,000 bbls/d of
        crude oil in the second quarter, resulting in 457,000 bbls/d of
        refined product output. This was about 3% lower than in the
        same quarter a year ago primarily due to the unplanned outage
        at Wood River in June.
    --  The amount of Canadian heavy oil processed in the second
        quarter of 2013 was 230,000 bbls/d, similar to the same period
        a year earlier despite the unplanned outage at Wood River.
    --  Cenovus's refining operating cash flow is calculated on a
        first-in, first-out (FIFO) inventory accounting basis. Using
        the last-in, first-out (LIFO) accounting method employed by
        most U.S. refiners, Cenovus's second quarter 2013 refining
        operating cash flow would have been $33 million lower than
        reported under FIFO, compared with $95 million higher in the
        same quarter of 2012.
    --  The company invested $26 million in its refining operations
        during the second quarter, compared with $24 million in the
        same quarter of 2012.

Financial

Dividend
The Cenovus Board of Directors declared a third quarter dividend of $0.242 per 
share, payable on September 30, 2013 to common shareholders of record as of 
September 13, 2013. Based on the July 23, 2013 closing share price on the 
Toronto Stock Exchange of $32.25, this represents an annualized yield of about 
3%. Declaration of dividends is at the sole discretion of the Board. Cenovus's 
continued commitment to the dividend is an important aspect of the company's 
strategy to focus on increasing total shareholder return.

Hedging strategy
Cenovus's natural gas and crude oil hedging strategy helps it to achieve more 
predictability around cash flow and safeguard its capital program. The 
Board-approved risk management policy allows the company to financially hedge 
up to 75% of this year's and next year's expected natural gas production, net 
of internal fuel usage, and up to 50% and 25%, respectively, in the following 
two years. The policy also allows the company to enter fixed price hedges on 
as much as 50% of net liquids production this year and next, as well as 25% of 
net liquids production for each of the following two years. In addition to 
financial hedges, Cenovus benefits from a natural hedge with its gas 
production. About 135 MMcf/d of natural gas is expected to be consumed at the 
company's SAGD and refinery operations, which is more than offset by the gas 
Cenovus produces. The company's financial hedging positions are determined 
after considering this natural hedge.

Cenovus's financial hedge positions at June 30, 2013 include:
    --  approximately 10% or 18,500 bbls/d of expected oil production
        hedged for 2013 at an average Brent price of US$110.36/bbl and
        an additional 10% or 18,500 bbls/d at an average Brent price of
        C$111.72/bbl
    --  approximately 32% or 166 MMcf/d of expected natural gas
        production hedged for 2013 at an average NYMEX price of
        US$4.64/Mcf, plus internal usage of about 135 MMcf/d of natural
        gas and long-term sales of 29 MMcf/d of natural gas
    --  approximately 49,000 bbls/d of heavy crude exposure hedged for
        2013 at an average WCS differential to WTI of US$20.74/bbl
    --  approximately 14,900 bbls/d of heavy crude exposure hedged for
        2014 at an average WCS differential to WTI of US$20.39/bbl
    --  approximately 9,000 bbls/d of expected oil production hedged
        for 2014 at an average Brent price of US$100.35/bbl and an
        additional 6,000 bbls/d at an average Brent price of
        C$103.81/bbl

Financial highlights
    --  Operating cash flow was $1.1 billion in the quarter, an
        increase of 4% when compared with the same period a year
        earlier. Operating cash flow from the company's upstream assets
        benefited from the narrowing WTI to WCS differential, as well
        as climbing oil production and increased natural gas prices,
        partially offset by higher operating costs, lower realized risk
        management gains and a decline in operating cash flow generated
        by the company's refining operations.
    --  Cash flow in the second quarter was $871 million, or $1.15 per
        share diluted, compared with $925 million, or $1.22 per share
        diluted, in the same period a year earlier as higher oil
        production and prices were more than offset by higher oil
        production costs, a decrease in operating cash flow from the
        company's refining operations, higher cash tax, lower realized
        risk management gains, and a $63 million conventional oil
        pre-exploration expense.
    --  Operating earnings in the quarter were $255 million, or $0.34
        per share diluted, down 10% from the same quarter in 2012
        mainly because of lower cash flow and increased DD&A, which
        reflected an impairment of $57 million on the company's
        Shaunavon asset disposition. Cenovus also incurred a $46
        million exploration expense related to another tight oil play
        in Saskatchewan.
    --  Cenovus had a realized after-tax hedging gain of $16 million in
        the second quarter. The company received an average realized
        price, including hedging, of $70.33/bbl for its oil in the
        second quarter, compared with $65.56/bbl during the same period
        in 2012. The average realized price, including hedging, for
        natural gas in the second quarter was $3.68/Mcf, compared with
        $3.31/Mcf a year earlier.
    --  Cenovus recorded income tax expense of $101 million in the
        second quarter of 2013, giving the company an effective tax
        rate of 36%, compared with an effective rate of 37% in the
        year-earlier period.
    --  Cenovus's net earnings for the second quarter were $179 million
        compared with $397 million in the same period a year earlier,
        primarily as a result of lower unrealized risk management gains
        and higher unrealized foreign exchange losses in 2013,
        partially offset by a decline in deferred tax expense.
    --  Capital investment during the quarter was $706 million. That
        was a 7% increase from $660 million in the second quarter of
        2012 as the company continues to expand its oil sands assets.
    --  General and administrative (G&A) expenses were $82 million in
        the second quarter, a 46% increase primarily due to an increase
        in staffing and office rent.
    --  Over the long term, Cenovus continues to target a debt to
        capitalization ratio of between 30% and 40% and a debt to
        adjusted EBITDA ratio of between 1.0 and 2.0 times. At June 30,
        2013, the company's debt to capitalization ratio was 33% and
        debt to adjusted EBITDA, on a trailing 12-month basis, was 1.2
        times.
                                     Operating earnings(1)

(for the period ended June 30)                               2013 2012
($ millions, except per share amounts)                        Q2   Q2

Net earnings                                                 179   397
 Add back (deduct):
    Unrealized risk management (gains) losses, after-tax      (21) (126)
    Non-operating unrealized foreign exchange (gains) losses,  97    14
                           after-tax
    Divestiture (gains) losses, after-tax                       -   (1)

Operating earnings                                           255   284
    Per share diluted                                         0.34 0.37

(1 )Operating earnings is a non-GAAP measures as defined in the
Advisory.

Bitumen initially-in-place

An external evaluation of Cenovus's oil sands assets by McDaniel & Associates 
Consultants Ltd., an independent qualified reserves evaluator, has identified 
the discovered portion of best estimate total bitumen initially-in-place 
(BIIP) on Cenovus lands as at December 31, 2012 has increased 66% to 93 
billion barrels since the last evaluation at December 31, 2009.

Cenovus's active stratigraphic well program has been successful in converting 
much of the previously undiscovered BIIP into discovered BIIP. The company 
drilled more than 1,200 wells between the beginning of 2010 and the end of 
2012. Total BIIP has been stable, increasing 4% from 137 billion barrels to 
143 billion barrels over the three-year period, largely as the result of 
property acquisitions.

Best estimate total bitumen initially-in-place(1 )(billion barrels)
                  Company interest at December 31
                                                        2012  2009

Total bitumen initially-in-place                        143    137
                                                                  

Discovered bitumen initially-in-place                    93     56

Commercial discovered bitumen initially-in-place(2)              
    Cumulative production(3)                             0.1    0.1
    Reserves (proved + probable)(3)                      2.4    1.3

Sub-commercial discovered bitumen initially-in-place(4)          
    Economic contingent resources(3,5)                   9.6    5.4
    Unrecoverable portion                                 81     49
                                                                  

Undiscovered bitumen initially-in-place( )               50     82
    Prospective resources(6)                             8.5   12.6
    Unrecoverable portion                                 42     69

(1 )Bitumen initially-in-place estimates include unrecoverable volumes
and are not an estimate of the volume of the substances that will
ultimately be recovered. See the Advisory for a description of the
terms and associated contingencies. Totals may not add due to rounding.
(2  )Commercial discovered bitumen initially-in-place equals the
cumulative production plus reserves.
(3   )Cumulative production, reserves and contingent resources are
disclosed on a before royalties basis. Reserves and contingent
resources as at December 31, 2009 were evaluated using SEC prices and
costs. See the Advisory for details.
(4   )Sub-commercial discovered bitumen initially-in-place equals
economic contingent resources plus the unrecoverable portion of
discovered bitumen initially-in-place.( )
(5   )Any contingent resources as at December 31, 2012 that are
sub-economic or that are classified as being subject to technology
under development have been grouped into the unrecoverable portion of
discovered bitumen initially-in-place. There is no certainty that it
will be commercially viable to produce any portion of the resources.
(6  )There is no certainty that any portion of the resources will be
discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the resources.

A rigorous process determines which portion of the BIIP can be developed and 
ultimately recovered. Large portions of the total BIIP are classified as 
unrecoverable because they are contained in accumulations that are too thin, 
have too low a bitumen concentration, or possess other geological 
characteristics unsuitable for recovery using current technologies. Deposits 
that can be developed with current production technologies, such as SAGD, fit 
into the exploitable bitumen in-place classification provided by the 
evaluator. Cenovus's total BIIP includes 32 billion barrels of BIIP in the 
Grosmont carbonate formation. The potential to exploit the Grosmont using 
technologies currently under development was not considered in the evaluation.
             Bitumen recovery estimation( )(billion barrels)
                     Company interest at December 31
                                                        2012 2009

Discovered                                                      

  Exploitable bitumen in-place(1)                        24   14

  Estimated recovery of exploitable bitumen in-place(2) 51%  48%
                                                                

Undiscovered(3)                                                 

  Exploitable bitumen in-place(1)                        16   25

  Estimated recovery of exploitable bitumen in-place(2) 53%  51%

(1 )See the Advisory for a description of exploitable bitumen in-place.
(2 )Estimated recovery is provided by the independent qualified
reserves evaluator.
(3 )There is no certainty that any portion of the resources will be
discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the resources.
                                 Oil sands project schedule
                                                          Expected


                                First production     production
Project phase     Regulatory status      target       capacity (bbls/d) 


                                                            gross

Foster Creek(1) A                                            120,000
- E
    F                    Approved          Q3-2014F          45,000(2)
    G                    Approved             2015F            40,000
    H                    Approved             2016F            40,000
    J              Submitted Q1-2013          2019F            50,000


Future                                                     15,000
optimization 
Total capacity                                            310,000 
Christina Lake(1)                                             98,000
A - D 


    E                    Approved          Q3-2013F            40,000

Optimization      Submitted Q4-2012          2015F          22,000(3)
(phases CDE)
    F                    Approved             2016F            50,000
    G                    Approved             2017F            50,000
    H              Submitted Q1-2013          2019F            50,000
    Total capacity                                            310,000

Narrows Lake(1)                                                    
    A                   Approved             2017F            45,000
    B-C                 Approved              TBD             85,000


Total                                                    130,000
capacity 
Telephone Lake(4) Submitted Q4-2011           TBD             90,000 
Grand Rapids      Submitted Q4-2011           TBD            180,000 
(1 )Properties 50% owned by ConocoPhillips. Certain phases may be
subject to partner approval.
(2 )Includes 5,000 bbls/d gross submitted to the regulator in Q1 2013.
(3 )Increased from 12,000 bbls/d in Q2 2013 due to the addition of
blowdown boilers.
(4 )Projected total capacity of more than 300,000 bbls/d. 
Conference call today 9 a.m. Mountain Time (11 a.m. Eastern Time) 
Cenovus will host a conference call today, July 24, 2013, starting at 9 a.m. 
MT (11a.m. ET). To participate, please dial 888-231-8191 (toll-free in North 
America) or 647-427-7450 approximately 10 minutes prior to the conference 
call. An archived recording of the call will be available from approximately 
12 p.m. MT on July 24, 2013, until 10 p.m. MT on July 31, 2013, by dialing 
855-859-2056 or 416-849-0833 and entering passcode 99935983. A live audio 
webcast of the conference call will also be available via cenovus.com or via 
the following URL: 
http://event.on24.com/r.htm?e=649075&s=1&k=0C47D6CE2ADBFDBF347615B36AF428DF 
The webcast will be archived for approximately 90 days. 
ADVISORY 
FINANCIAL INFORMATION
Basis of Presentation Cenovus reports financial results in Canadian dollars 
and presents production volumes on a net to Cenovus before royalties basis, 
unless otherwise stated. Cenovus prepares its financial statements in 
accordance with International Financial Reporting Standards (IFRS). 
Non-GAAP Measures This news release contains references to non-GAAP measures 
as follows: 


    --  Operating cash flow is defined as revenues, less purchased
        product, transportation and blending, operating expenses,
        production and mineral taxes plus realized gains, less realized
        losses on risk management activities and is used to provide a
        consistent measure of the cash generating performance of the
        company's assets and improves the comparability of Cenovus's
        underlying financial performance between periods.
    --  Cash flow is defined as cash from operating activities
        excluding net change in other assets and liabilities and net
        change in non-cash working capital, both of which are defined
        on the Consolidated Statement of Cash Flows in Cenovus's
        interim and annual consolidated financial statements.
    --  Operating earnings is defined as net earnings excluding
        after-tax gain (loss) on discontinuance, after-tax gain on
        bargain purchase, after-tax effect of unrealized risk
        management gains (losses) on derivative instruments, after-tax
        unrealized foreign exchange gains (losses) on translation of
        U.S. dollar denominated notes issued from Canada and the
        Partnership Contribution Receivable, after-tax foreign exchange
        gains (losses) on settlement of intercompany transactions,
        after-tax gains (losses) on divestiture of assets, deferred
        income tax on foreign exchange recognized for tax purposes only
        related to U.S. dollar intercompany debt and the effect of
        changes in statutory income tax rates. Management views
        operating earnings as a better measure of performance than net
        earnings because the excluded items reduce the comparability of
        the company's underlying financial performance between periods.
        The majority of the U.S. dollar debt issued from Canada has
        maturity dates in excess of five years.
    --  Free cash flow is defined as cash flow in excess of capital
        investment, excluding net acquisitions and divestitures, and is
        used to determine the funds available for other investing
        and/or financing activities.
    --  Debt to capitalization and debt to adjusted EBITDA are two
        ratios that management uses to steward the company's overall
        debt position as measures of the company's overall financial
        strength. Debt is defined as short-term borrowings and
        long-term debt, including the current portion, excluding any
        amounts with respect to the partnership contribution payable
        and receivable. Capitalization is a non-GAAP measure defined as
        debt plus shareholders' equity. Adjusted EBITDA is defined as
        earnings before finance costs, interest income, income tax
        expense, depreciation, depletion and amortization, asset
        impairments, unrealized gain or loss on risk management,
        foreign exchange gains or losses, gains or losses on
        divestiture of assets and other income and loss, calculated on
        a trailing 12-month basis.

These measures have been described and presented in this news release in order 
to provide shareholders and potential investors with additional information 
regarding Cenovus's liquidity and its ability to generate funds to finance its 
operations. For further information, refer to Cenovus's most recent 
Management's Discussion & Analysis (MD&A) available at cenovus.com.

OIL & GAS INFORMATION

The estimates of total bitumen initially-in-place and all subcategories 
thereof and the associated recovery factors were prepared effective December 
31, 2012 by McDaniel & Associates Consultants Ltd., an independent qualified 
reserves evaluator (IQRE), and are based on definitions contained in the 
Canadian Oil and Gas Evaluation Handbook (COGEH). The estimates of exploitable 
bitumen in-place (EBIP) were also prepared effective December 31, 2012 by the 
IQRE. The term "exploitable bitumen in-place" is not presently a COGEH defined 
term; however, the definition contained herein was provided by the IQRE and is 
derived from and consistent with the current draft proposed COGEH terminology. 
The term "best estimate", when used in reference to a BIIP estimate, is not 
defined in COGEH; however, it was determined by the IQRE to the same 50% 
confidence level as was applied to estimates of probable reserves and best 
estimate contingent resources.

The IQRE evaluation of Cenovus's reserves and bitumen contingent resources as 
at December 31, 2009 was compliant with the U.S. Securities and Exchange 
Commission (SEC) requirements, using 12 month average constant prices and 
costs. An IQRE evaluation using McDaniel January 1, 2010 forecast prices and 
costs did not produce a materially different result.

For further discussion regarding our contingent resources, see our 2012 Annual 
Information Form (AIF), available on SEDAR at sedar.com and at cenovus.com. 
Actual resources may be greater or less than the estimates provided. The 
following definitions accompany the disclosure contained herein:

Best estimate is considered to be the best estimate of the quantity of 
resources that will actually be recovered. It is equally likely that the 
actual remaining quantities recovered will be greater or less than the best 
estimate. Those resources that fall within the best estimate have a 50% 
probability that the actual quantities recovered will equal or exceed the 
estimate.

Total bitumen initially-in-place (BIIP) (equivalent to "total resources") is 
that quantity of bitumen that is estimated to exist originally in naturally 
occurring accumulations. It includes that quantity of bitumen that is 
estimated, as of a given date, to be contained in known accumulations, prior 
to production (discovered BIIP), plus those estimated quantities in 
accumulations yet to be discovered (undiscovered BIIP).

Discovered BIIP (equivalent to "discovered resources") is that quantity of 
bitumen that is estimated, as of a given date, to be contained in known 
accumulations prior to production. The recoverable portion of discovered BIIP 
includes production, reserves, and contingent resources; the remainder is 
categorized as unrecoverable. BIIP estimates include unrecoverable volumes and 
are not an estimate of the volume of the substances that will ultimately be 
recovered. There is no certainty that it will be commercially viable to 
produce any portion of the estimate.

Commercial discovered BIIP is that quantity of discovered BIIP that has met 
the essential social, environmental, and economic conditions, including 
political, legal, regulatory, and contractual conditions, to be considered 
capable of commercial production and includes production and reserves.

Production is the cumulative quantity of bitumen that has been recovered at a 
given date.

Reserves are estimated remaining quantities of bitumen anticipated to be 
recoverable from known accumulations, as of a given date, based on the 
analysis of drilling, geological, geophysical, and engineering data; the use 
of established technology; and specified economic conditions, which are 
generally accepted as being reasonable. Reserves are further classified 
according to the level of certainty associated with the estimates and may be 
sub-classified based on development and production status.

Proved Reserves are those quantities of bitumen, which, by analysis of 
geoscience and engineering data, can be estimated with reasonable certainty to 
be economically producible from a given date forward, from known reservoirs 
and under existing economic conditions, operating methods and government 
regulations.

Probable Reserves are those additional reserves quantities of bitumen that are 
less certain to be recovered than proved reserves, but which, together with 
proved reserves, are as likely as not to be recovered.

Sub-commercial discovered BIIP is that quantity of discovered BIIP that has 
not met all of the essential social, environmental, and economic conditions, 
including political, legal, regulatory, and contractual conditions, to be 
capable of commercial production and includes contingent resources and 
unrecoverable discovered BIIP.

Contingent resources are those quantities of bitumen estimated, as of a given 
date, to be potentially recoverable from known accumulations using established 
technology or technology under development, but which are not currently 
considered to be commercially recoverable due to one or more contingencies. 
Contingencies may include such factors as economic, legal, environmental, 
political and regulatory matters or a lack of markets. It is also appropriate 
to classify as contingent resources the estimated discovered recoverable 
quantities associated with a project in the early evaluation stage. Contingent 
resources are further classified in accordance with the level of certainty 
associated with the estimates and may be sub-classified based on project 
maturity and/or characterized by their economic status. The McDaniel estimates 
of contingent resources have not been adjusted for risk based on the chance of 
development.

Economic contingent resources are those contingent resources that are 
currently economically recoverable based on specific forecasts of commodity 
prices and costs. Economic contingent resources are estimated using volumetric 
calculations of the in-place quantities, combined with performance from analog 
reservoirs. Existing SAGD projects that are producing from the 
McMurray-Wabiskaw formations are used as performance analogs at Foster Creek 
and Christina Lake. Other regional analogs are used for contingent resources 
estimation in the Cretaceous Grand Rapids formation at the Grand Rapids 
property in the Pelican Lake Region, in the McMurray formation at the 
Telephone Lake property in the Borealis Region and in the Clearwater formation 
in the Foster Creek Region.

Contingencies which must be overcome to enable the reclassification of 
contingent resources as reserves can be categorized as economic, non-technical 
and technical. The COGEH identifies non-technical contingencies as legal, 
environmental, political and regulatory matters or a lack of markets. 
Technical contingencies include available infrastructure and project 
justification. The outstanding contingencies applicable to our disclosed 
contingent resources do not include economic contingencies. Our bitumen 
contingent resources are located in four general regions: Foster Creek, 
Christina Lake, Borealis and Greater Pelican. Further information in respect 
of contingencies faced in these regions is included in our AIF.

Unrecoverable is that portion of discovered BIIP or undiscovered BIIP 
quantities which is estimated, as of a given date, not to be recoverable by 
future development projects. A portion of these quantities may become 
recoverable in the future as commercial circumstances change or technological 
developments occur; the remaining portion may never be recovered due to the 
physical/chemical constraints represented by subsurface interaction of fluids 
and reservoir rocks.

Undiscovered BIIP (equivalent to "undiscovered resources") is that quantity of 
bitumen that is estimated, on a given date, to be contained in accumulations 
yet to be discovered. The recoverable portion of undiscovered BIIP is referred 
to as prospective resources, the remainder is categorized as unrecoverable.

Prospective resources are those quantities of bitumen petroleum estimated, as 
of a given date, to be potentially recoverable from undiscovered accumulations 
by application of future development projects. Prospective resources have both 
an associated chance of discovery and a chance of development. Prospective 
resources are further subdivided in accordance with the level of certainty 
associated with recoverable estimates assuming their discovery and development 
and may be subclassified based on project maturity. The estimate of 
prospective resources has not been adjusted for risk based on the chance of 
discovery or the chance of development.

Exploitable bitumen in-place (EBIP) is the estimated volume of bitumen, before 
any production has been removed, which is contained in a subsurface 
stratigraphic interval that meets or exceeds certain reservoir characteristics 
considered necessary for the application of known recovery technologies. 
Examples of such reservoir characteristics include continuous net pay, 
porosity, and mass bitumen content.

FORWARD-LOOKING INFORMATION 
This document contains certain forward-looking statements and other 
information (collectively "forward-looking information") about our current 
expectations, estimates and projections, made in light of our experience and 
perception of historical trends. Forward-looking information in this document 
is identified by words such as "anticipate", "believe", "expect", "plan", 
"forecast" or "F", "target", "project", "could", "focus", "vision", "goal", 
"proposed", "scheduled", "outlook", "potential", "may", "objective", 
"projected", "strategy" or similar expressions and includes suggestions of 
future outcomes, including statements about our growth strategy and related 
schedules, projected future value or net asset value, projections contained in 
our updated 2013 guidance, forecast operating and financial results, planned 
capital expenditures, expected future production, including the timing, 
stability or growth thereof, expected future refining capacity, broadening 
market access, improving cost structures, anticipated finding and development 
costs, expected reserves, contingent, prospective and bitumen 
initially-in-place resources estimates, bitumen recovery estimation, potential 
dividends and dividend growth strategy, anticipated timelines for future 
regulatory, partner or internal approvals, future impact of regulatory 
measures, forecasted commodity prices, future use and development of 
technology, including to reduce our environmental impact and projected 
increasing shareholder value. Readers are cautioned not to place undue 
reliance on forward-looking information as our actual results may differ 
materially from those expressed or implied.

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 others that apply to the industry generally.

The factors or assumptions on which the forward-looking information is based 
include: assumptions inherent in our current guidance, available at 
cenovus.com; our projected capital investment levels, the flexibility of our 
capital spending plans and the associated source of funding; estimates of 
quantities of oil, bitumen, natural gas and liquids from properties and other 
sources not currently classified as proved; our ability to obtain necessary 
regulatory and partner approvals; the successful and timely implementation of 
capital projects or stages thereof; our ability to generate sufficient cash 
flow from operations to meet our current and future obligations; and other 
risks and uncertainties described from time to time in the filings we make 
with securities regulatory authorities.

The risk factors and uncertainties that could cause our actual results to 
differ materially, include: volatility of and assumptions regarding oil and 
gas prices; the effectiveness of our risk management program, including the 
impact of derivative financial instruments and the success of our hedging 
strategies; the accuracy of cost estimates; fluctuations in commodity prices, 
currency and interest rates; fluctuations in product supply and demand; market 
competition, including from alternative energy sources; risks inherent in our 
marketing operations, including credit risks; maintaining desirable ratios of 
debt to adjusted EBITDA as well as debt to capitalization; our ability to 
access various sources of debt and equity capital; accuracy of our reserves, 
resources and future production estimates; our ability to replace and expand 
oil and gas reserves; our ability to maintain our relationships with our 
partners and to successfully manage and operate our integrated heavy oil 
business; reliability of our assets; potential disruption or unexpected 
technical difficulties in developing new products and manufacturing processes; 
refining and marketing margins; potential failure of new products to achieve 
acceptance in the market; unexpected cost increases or technical difficulties 
in constructing or modifying manufacturing or refining facilities; unexpected 
difficulties in producing, transporting or refining of crude oil into 
petroleum and chemical products; risks associated with technology and its 
application to our business; the timing and the costs of well and pipeline 
construction; our ability to secure adequate product transportation; changes 
in the regulatory framework in any of the locations in which we operate, 
including changes to the regulatory approval process and land-use 
designations, royalty, tax, environmental, greenhouse gas, carbon and other 
laws or regulations, or changes to the interpretation of such laws and 
regulations, as adopted or proposed, the impact thereof and the costs 
associated with compliance; the expected impact and timing of various 
accounting pronouncements, rule changes and standards on our business, our 
financial results and our consolidated financial statements; changes in the 
general economic, market and business conditions; the political and economic 
conditions in the countries in which we operate; the occurrence of unexpected 
events such as war, terrorist threats and the instability resulting therefrom; 
and risks associated with existing and potential future lawsuits and 
regulatory actions against us.

Readers are cautioned that the foregoing lists are not exhaustive and are made 
as at the date hereof. For a full discussion of our material risk factors, see 
"Risk Factors" in our most recent AIF/Form 40-F, "Risk Management" in our 
current and annual MD&A and risk factors described in other documents we file 
from time to time with securities regulatory authorities, all of which are 
available on SEDAR at sedar.com, EDGAR at www.sec.gov and our website at 
cenovus.com.

TM denotes a trademark of Cenovus Energy Inc.

Cenovus Energy Inc.

Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to 
applying fresh, progressive thinking to safely and responsibly unlock energy 
resources the world needs. Operations include oil sands projects in northern 
Alberta, which use specialized methods to drill and pump the oil to the 
surface, and established natural gas and oil production in Alberta and 
Saskatchewan. The company also has 50% ownership in two U.S. refineries. 
Cenovus shares trade under the symbol CVE, and are listed on the Toronto and 
New York stock exchanges. Its enterprise value is approximately $29 billion. 
For more information, visit cenovus.com.

Find Cenovus on Facebook, Twitter, Linkedin and YouTube.

CENOVUS CONTACTS:

Investors: Paul Gagne Specialist, Investor Relations 403-766-7045 

Bill Stait Senior Analyst, Investor Relations 403-766-6348  Graham Ingram 
Senior Analyst, Investor Relations 403-766-2849

Media: Rhona DelFrari Director, Media Relations 403-766-4740 

Jessica Wilkinson Advisor, Media Relations 403-766-8990

Image with caption: "A steam assisted gravity drainage well pad at Cenovus's 
Christina Lake oil sands operation in northern Alberta (CNW Group/Cenovus 
Energy Inc.)". Image available at:  
http://photos.newswire.ca/images/download/20130724_C9234_PHOTO_EN_29206.jpg

Image with caption: "Cenovus's Christina Lake oil sands operation in northern 
Alberta (CNW Group/Cenovus Energy Inc.)". Image available at:  
http://photos.newswire.ca/images/download/20130724_C9234_PHOTO_EN_29207.jpg

Image with caption: "Construction continues at Cenovus's Christina Lake oil 
sands operation in northern Alberta (CNW Group/Cenovus Energy Inc.)". Image 
available at:  
http://photos.newswire.ca/images/download/20130724_C9234_PHOTO_EN_29205.jpg

SOURCE: Cenovus Energy Inc.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/July2013/24/c9234.html

CO: Cenovus Energy Inc.
ST: Alberta
NI: OIL ERN DIV CONF 

-0- Jul/24/2013 10:00 GMT


 
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