Oil Sands — In-situ Monitor

Research evidence excerpt

Oil Sands — In-situ Monitor

RBC Dominion Securities Inc.

Greg Pardy, CFA (Head of

Global Energy Research)

(416) 842-7848,

greg.pardy@rbccm.com

Chris Neibert (Associate)

(416) 842-8375,

chris.neibert@rbccm.com

May 22, 2026

Oil Sands — In-situ MonitorRESEARCH April 2026: Cenovus' SAGD Shines

Our view: Alberta's growing in-situ bitumen production underpins Canada's opportunity to become

an energy superpower, a theme we discussed in Awakening the Northern Giant and Think Carrots Not

Sticks. Cenovus Energy stands at the forefront of this story, with in-situ production across its Alberta

SAGD assets reaching over 660,000 bbl/d in April 2026, up more than 200,000 bbl/d year-over-year. This

increase reflects a combination of several organic growth projects and the acquisition of MEG Energy

—accompanied by operating performance firing on all cylinders, as recently explored in Horsepower

Under the Hood.EQUITY

Alberta's in-situ production volumes of 1.96 million bbl/d came in slightly softer in April, dipping

about 2.5% sequentially due to spring maintenance activity at several key assets. However, Cenovus'

operations were a stand-out, with strong production of 364,700 bbl/d across the Christina Lake complex

(including Christina Lake North), a record monthly-high of 234,300 bbl/d at Foster Creek, and volumes of

61,800 bbl/d at Sunrise. CNQ's Jackfish wrapped up planned maintenance in April, with volumes coming

in at 115,300 bbl/d. Suncor's Firebag also underwent planned maintenance in the month, with volumes

of circa 216,300 bbl/d.

Exhibit 1 - Alberta Oil Sands Bitumen Production (ex. Mining)

million bbl/d

2.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

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