Cenovus and Husky announce leadership team for combined company

Calgary, Alberta – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc. (TSX: HSE) are pleased to announce the executive leadership team that is expected to lead the combined company created through the strategic combination of Cenovus and Husky announced on October 25, 2020.

“We believe it is important to move forward and establish the leadership team for the combined company to ensure we are well-positioned to begin capturing the synergies of this deal immediately after closing,” said Alex Pourbaix, Cenovus President and Chief Executive Officer. “Having a strong and experienced leadership team in place on day one is critical as we work to build a more integrated and resilient company that is well-positioned to succeed as a Canadian energy leader in the years ahead.”

The composition of the anticipated management team was determined through discussions with leadership teams from both companies.

Immediately following the close of the transaction, Cenovus’s executive team is expected to consist of:

• Alex Pourbaix – President & Chief Executive Officer
• Jeff Hart – Executive Vice-President & Chief Financial Officer
• Jon McKenzie – Executive Vice-President & Chief Operating Officer
• Keith Chiasson – Executive Vice-President, Downstream
• Andrew Dahlin – Executive Vice-President, Safety & Operations Technical Services
• Norrie Ramsay – Executive Vice-President, Upstream – Thermal, Major Projects & Offshore
• Kam Sandhar – Executive Vice-President, Strategy & Corporate Development
• Sarah Walters – Executive Vice-President, Corporate Services
• Drew Zieglgansberger – Executive Vice-President, Upstream – Conventional & Integration
• Rhona DelFrari – Chief Sustainability Officer & Senior Vice-President, Stakeholder Engagement
• Gary Molnar – Senior Vice-President Legal, General Counsel & Corporate Secretary

Husky and Cenovus agreed to combine their respective businesses and entered into an arrangement agreement, dated October 24, 2020. Closing of the transaction is expected to take place in the first quarter of 2021, with the combined company continuing to operate as Cenovus and remaining headquartered in Calgary, Alberta.

About Cenovus

Cenovus Energy Inc. is a Canadian integrated oil and natural gas company. It is committed to maximizing value by sustainably developing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface using a technique called steam-assisted gravity drainage (SAGD). The company also has conventional crude oil, natural gas and natural gas liquids assets in Alberta and British Columbia as well as 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. For more information, visit cenovus.com.

About Husky

Husky Energy is a Canadian-based integrated energy company. It is headquartered in Calgary, Alberta, and its common shares are publicly traded on the Toronto Stock Exchange under the symbol HSE. The Company operates in Canada, the United States and the Asia Pacific region with two business segments. The Integrated Corridor includes bitumen from thermal projects in the Lloydminster area of Saskatchewan, along with the Tucker Thermal Project and the Sunrise Energy Project in Alberta, with production integrated into Husky’s downstream operations, which includes upgrading, refining and marketing of refined petroleum products. The Offshore business includes crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia. For more information, visit huskyenergy.com.

Cenovus contacts:

Investor Relations:
Sherry Wendt, Director, Investor Relations
403-766-7711

Media Relations:
Brett Harris, Manager, Communications
403-766-3430

Husky contacts:

Investor Relations:
Leo Villegas, Director, Investor Relations
403-513-7817

Media Relations:
Kim Guttormson, Manager, Communication Services
403-298-7088

NT4