CENOVUS ENERGY INC.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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Sep 30, 2026 · Filed Nov 4, 2026
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EX-99.3 · . COMMITMENTS AND CONTINGENCIES
24. 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 September 30, 2026 | Remainder of Year | 2 Years | 3 Years | 4 Years | 5 Years | Thereafter | Total |
|---|---|---|---|---|---|---|---|
| Transportation and Storage (1) (2) | 670 | 2,596 | 2,714 | 3,349 | 3,069 | 33,495 | 45,893 |
| Real Estate | 16 | 65 | 68 | 70 | 70 | 474 | 763 |
| Obligation to Fund HCML | 26 | 97 | 56 | 43 | 43 | 61 | 326 |
| Other Long-Term Commitments | 447 | 206 | 175 | 128 | 125 | 540 | 1,621 |
| Total Commitments | 1,159 | 2,964 | 3,013 | 3,590 | 3,307 | 34,570 | 48,603 |
(1)Includes transportation commitments that are subject to regulatory approval or were approved but are not yet in service of $19.8 billion. Terms are up to 56 years on commencement.
(2)As at September 30, 2026, includes $1.7 billion related to transportation and storage commitments with HMLP.
There were outstanding letters of credit aggregating to $368 million (December 31, 2025 – $341 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 interim 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.
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