Canada’s largest oil sands producers announce unprecedented alliance to achieve net zero greenhouse gas emissions

Calgary, Alberta (June 9, 2021) - Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy and Suncor Energy formally announced today the Oil Sands Pathways to Net Zero initiative. These companies operate approximately 90% of Canada's oil sands production. The goal of this unique alliance, working collectively with the federal and Alberta governments, is to achieve net zero greenhouse gas (GHG) emissions from oil sands operations by 2050 to help Canada meet its climate goals, including its Paris Agreement commitments and 2050 net zero aspirations.

• This collaborative effort follows welcome announcements from the Government of Canada and the Government of Alberta of important support programs for emissions- reduction projects and infrastructure. Collaboration between industry and government will be critical to progressing the Oil Sands Pathways to Net Zero vision and achieving Canada's climate goals.
• The Pathways vision is anchored by a major Carbon Capture, Utilization and Storage (CCUS) trunkline connected to a carbon sequestration hub to enable multi-sector 'tie-in' projects for expanded emissions reductions. The proposed CCUS system is similar to the multi-billion dollar Longship/Northern Lights project in Norway as well as other CCUS projects in the Netherlands, U.K. and U.S., all of which involve significant collaboration between industry and government.
• The Pathways initiative is ambitious and will require significant investment on the part of both industry and government to advance the research and development of new and emerging technologies.
• The companies involved look forward to continuing to work with the federal and Alberta governments, and to engaging with local Indigenous communities in northern Alberta to make this ambitious, major emissions-reduction vision a reality so those communities can continue to benefit from Canadian resource development.

Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company's preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

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