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Cenovus and Husky announce leadership team for amalgamated Toronto Stock Exchange: CVE

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CALGARY, Alta., November 20, 2020 (GLOBE NEWSWIRE) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc. (TSX: HSE) are pleased to announce the expected management team to lead the company resulting from the strategic combination of Cenovus and Husky announced on October 25, 2020.

We believe it is important to move forward and put in place the management team of the merged company to ensure that we are well positioned to start seizing the synergies from this transaction immediately after closing. , said Alex Pourbaix, President and CEO of Cenovus. Building a strong and experienced leadership team from day one is essential as we work to build a more integrated and resilient company that is well positioned to succeed as Canada’s energy leader in the global markets. years to come.

The composition of the planned management team was determined through discussions with the management teams of both companies.

Immediately after the transaction closes, Cenovuss’s management team should consist of:

  • Alex Pourbaix President and Chief Executive Officer
  • Jeff Hart Executive Vice President and Chief Financial Officer
  • Jon McKenzie Executive Vice President and Chief Operating Officer
  • Keith Chiasson Executive Vice President, Downline
  • Andrew Dahlin Executive Vice President, Technical Security and Operations Services
  • Norrie Ramsay Executive Vice President, Upstream Thermal, Large Projects and Offshore
  • Kam Sandhar Executive Vice President, Strategy and Corporate Development
  • Sarah Walters Executive Vice-President, Corporate Services
  • Drew Zieglgansberger Executive Vice President, Conventional Upstream and Integration
  • Rhona DelFrari Director of Sustainable Development and Senior Vice President, Stakeholder Engagement
  • Gary Molnar Senior Legal Vice President, General Counsel and Corporate Secretary

Husky and Cenovus have agreed to combine their respective businesses and entered into an arrangement agreement dated October 24, 2020. The transaction is expected to close in the first quarter of 2021, with the combined company continuing to operate under the name of Cenovus and retaining its head office in Calgary, Alberta.

ADVISORY

This press release contains certain forward-looking statements and forward-looking information (collectively referred to as forward-looking information) within the meaning of applicable securities laws, including the United States Private Securities Litigation Reform Act of 1995, regarding our current expectations and estimates. and projections for the future, based on certain assumptions made by Cenovus and Husky in light of their experience and their perception of historical trends. Although Cenovus and Husky believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information contained in this press release is identified by words such as aim, anticipate, believe, guarantee, establish, expect, facilitate, objective, position, strategy, will or similar expressions and include suggestions for future results, including statements on: the composition of the planned management team; and the expected closing date of the transaction.

Readers are cautioned not to place undue reliance on forward-looking information as actual results of Cenovus may differ materially from those expressed or implied. Cenovus and Husky assume no obligation to update or revise forward-looking information, except as required by law. Developing forward-looking information involves relying on a number of assumptions and taking into account certain risks and uncertainties, some of which are specific to Cenovus and / or Husky and others that apply to the industry in general. Important factors or assumptions upon which the forward-looking information contained in this press release is based include: the successful completion of the transaction, including obtaining the necessary approvals from shareholders, the courts and regulatory authorities and the satisfaction of all other conditions at closing and on schedule.

Additional information about the assumptions, risk factors and uncertainties on which the forward-looking information is based and which could cause Cenovus’ actual results to differ materially from any estimate or projection of future performance or results expressed or implied by These forward-looking statements are described in Cenovus ‘2020 forecasts (dated April 1, 2020), Cenovuss’ management report (management report) for the year ended December 31, 2019 and its management report for the period ended December 30, 2019. September 2020 as well as its Annual Information Form (Annual Information Form) and Form 40-F for the period ended December 31, 2019 (each available on cenovus.com).

Huskys Annual Information Form for the fiscal year ended December 31, 2019, MD&A for the three and nine months ended September 30, 2020 and other documents filed with securities regulatory authorities (accessible through the SEDAR website atsedar.com and EDGAR website at sec.gov) describe some of the risks, material assumptions and other factors that could influence actual results for Husky and are incorporated herein by reference.

About Cenovus
Cenovus Energy Inc. is an integrated Canadian oil and natural gas company. It is committed to maximizing value by sustainably developing its assets in a safe, innovative and profitable manner, by integrating environmental, social and governance considerations into its business plans. Activities include oil sands projects in northern Alberta, which use specialized methods to drill and pump oil to the surface using a technique called Steam Assisted Gravity Drainage (SAGD). The company also owns conventional crude oil, natural gas and natural gas liquids assets in Alberta and British Columbia, as well as a 50% interest in two US 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.

Find Cenovus on Facebook, Twitter, LinkedIn, YouTubean and Instagram.

About Husky
Husky Energy is an integrated energy company based in Canada. Its head office is in Calgary, Alberta, and its common shares are listed 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, as well as the Tucker thermal project and the Sunrise energy project in Alberta, with production integrated with Huskys’ downstream activities, which includes upgrading, refining and the marketing of refined petroleum products. Offshore activities include the production of crude oil off Newfoundland and Labrador and the production of natural gas and liquids off China and Indonesia. For more information, visit huskyenergy.com.

Find Husky on Facebook, Twitter, LinkedIn and Instagram.

Cenovus contacts
Investor Relations
Sherry Wendt, Director, Investor Relations
403-766-7711
Media relations
Brett Harris, Director, Communications
403-766-3420
Husky Contacts
Investor Relations
Leo Villegas, Director, Investor Relations
403-513-7817
Media relations
Kim Guttormson, Manager, Communications Services
403-298-7088

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