CENOVUS ENERGY INC.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Feb 19, 2026
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Contents
EX-99.3 · 34. COMMITMENTS AND CONTINGENCIES
34. COMMITMENTS AND CONTINGENCIES
A) Commitments
Cenovus has entered into various commitments in the normal course of operations. Commitments that have original maturities less than one year are excluded from the table below. Future payments for the Company’s commitments are below:
| As at December 31, 2025 | 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | Thereafter | Total |
|---|---|---|---|---|---|---|---|
| Transportation and Storage (1) (2) | 2,603 | 2,623 | 2,775 | 2,802 | 2,531 | 23,591 | 36,925 |
| Real Estate | 64 | 65 | 65 | 69 | 70 | 474 | 807 |
| Obligation to Fund HCML | 99 | 94 | 54 | 42 | 41 | 59 | 389 |
| Other Long-Term Commitments | 547 | 184 | 151 | 117 | 111 | 484 | 1,594 |
| Total Commitments | 3,313 | 2,966 | 3,045 | 3,030 | 2,753 | 24,608 | 39,715 |
| As at December 31, 2024 | 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | Thereafter | Total |
|---|---|---|---|---|---|---|---|
| Transportation and Storage (1) (2) | 2,122 | 1,947 | 1,921 | 1,904 | 1,815 | 14,551 | 24,260 |
| Product Purchases | 14 | — | — | — | — | — | 14 |
| Real Estate | 63 | 63 | 61 | 59 | 63 | 532 | 841 |
| Obligation to Fund HCML | 104 | 105 | 98 | 56 | 44 | 105 | 512 |
| Other Long-Term Commitments | 411 | 191 | 187 | 158 | 117 | 589 | 1,653 |
| Total Commitments | 2,714 | 2,306 | 2,267 | 2,177 | 2,039 | 15,777 | 27,280 |
(1)Includes transportation commitments that are subject to regulatory approval or were approved but are not yet in service of $7.7 billion (December 31, 2024 – $854 million), of which $1.6 billion were assumed from the MEG Acquisition. Terms are up to 15 years on commencement.
(2)As at December 31, 2025, includes $1.7 billion related to transportation and storage commitments with HMLP (December 31, 2024 – $1.8 billion).
Through the MEG Acquisition, the Company assumed $8.3 billion of various transportation and storage commitments.
There were outstanding letters of credit aggregating to $341 million (December 31, 2024 – $355 million) issued as security for financial and performance conditions under certain contracts.
B) Contingencies
Legal Proceedings
Cenovus is involved in a limited number of legal claims associated with the normal course of operations. Cenovus believes that any liabilities that might arise from such matters, to the extent not provided for, are not likely to have a material effect on its Consolidated Financial Statements.
Income Tax Matters
The tax regulations and legislation and interpretations thereof in the various jurisdictions in which Cenovus operates are continually changing. As a result, there are usually a number of tax matters under review. Management believes that the provision for taxes is adequate.
| Cenovus Energy Inc. – 2025 Consolidated Financial Statements | 52 |
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