Cenovus Energy Inc. has reached separate agreements with each of Hutchison Whampoa Europe Investments S.à r.l. (HWEI) and L.F. Investments S.à r.l. (LFI) to purchase for cancellation all of the warrants held by HWEI and LFI, respectively, representing an aggregate of 45,484,672 warrants for $711 million in the aggregate.

As part of Cenovus’s combination with Husky Energy Inc., each Husky shareholder received 0.7845 of a Cenovus common share plus 0.0651 of a Cenovus common share purchase warrant in exchange for each Husky common share, with each whole warrant having an exercise price of $6.54 per common share, expiring January 1, 2026.

Blake, Cassels & Graydon LLP acted as legal counsel to Cenovus, with RBC Capital Markets as the financial advisor.

Stikeman Elliott LLP acted as legal advisor to Hutchison Whampoa Europe Investments.

Bennett Jones LLP acted as legal advisor to L.F. Investments.