Cenovus Energy Announces Amendment to MEG Energy Acquisition Agreement

Cenovus Energy Inc. has entered into a second amending agreement regarding its arrangement to acquire MEG Energy Corp. The amended terms allow MEG shareholders to elect to receive either $30.00 in cash or 1.255 Cenovus common shares per MEG share, subject to pro-ration based on a maximum of $3.8 billion in cash and 159.6 million Cenovus shares. The pro-rated consideration represents a mix of 50% cash and 50% Cenovus shares, valuing MEG shares at approximately $30.00 each based on Cenovus's closing share price on October 24, 2025. Additionally, Strathcona Resources Ltd. has entered into a voting support agreement with Cenovus, agreeing to vote its MEG shares in favor of the transaction. Cenovus also announced the sale of certain assets to Strathcona for up to $150 million, with closing expected in the fourth quarter of 2025. The special meeting of MEG shareholders remains scheduled for October 30, 2025.