[144] Cenovus Energy Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 filing for Cenovus Energy Inc. (CVE) discloses that affiliate Hutchison Whampoa Europe Investments S.à r.l. intends to sell up to 644,844 common shares through Goldman Sachs & Co. on or about 06 Aug 2025. The block is valued at US$9.9 million and compares with 1.806 billion shares outstanding, equating to roughly 0.04 % of the float.

The seller has already executed eight transactions in the past three months, disposing of 8,428,586 shares for gross proceeds of about US$119 million. The shares being sold were originally obtained on 01 Jan 2021 via the Cenovus-Husky share-exchange arrangement.

While a Form 144 is only a notice (sales may or may not occur), continued distribution by a large shareholder can create a supply overhang and may be interpreted negatively by the market, even though the percentage of total shares is small.

Positive

• Sale represents only ~0.04 % of 1.806 billion shares outstanding, implying minimal dilution or ownership impact.
• Form 144 does not obligate the seller to execute, leaving flexibility depending on market conditions.

Negative

• Hutchison Whampoa Europe has sold 8.4 million shares in the last three months, indicating sustained insider selling pressure.
• Additional 644,844-share notice may signal ongoing distribution trend, potentially weighing on investor sentiment despite small percentage of float.

Insights

Securities Analyst

TL;DR – Continued insider disposals total 9 m shares including new 644 k notice; small vs. float but signals ongoing distribution pressure.

The filing confirms Hutchison Whampoa Europe’s intent to sell another 644,844 CVE shares worth US$9.9 m. Combined with 8.4 m shares already sold since May, the shareholder is rapidly reducing exposure. Although today’s notice equals just 0.04 % of outstanding stock, cumulative activity tops 0.5 % of the three-month average volume, potentially dampening sentiment. No adverse operational information is alleged; motivation appears portfolio-driven. Nevertheless, recurring Form 144s often correlate with near-term price softness as buyers digest additional float.

Portfolio Manager

TL;DR – Modest block sale unlikely to disturb liquidity; signal risk outweighed by negligible dilution.

Cenovus trades on the NYSE with robust liquidity, so a 645 k-share sale should clear easily. The filing merely preserves Rule 144 safe-harbor rights; execution is optional. Given the tiny fraction of total shares outstanding, the structural impact on ownership and EPS is immaterial. Still, investors watch insider flows for behavioural cues, so position sizing remains prudent.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Shares	Goldman Sachs & Co 200 West St New York NY 10282	644844	9922988	1805942000	08/06/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Shares	01/01/2021	Share Exchange pursuant to a court-approved Plan of Arrangement between Cenovus Energy Inc. and Husky Energy Inc. on 01/01/2021	CENOVUS ENERGY INC.			316927051	01/01/2021	Share Exchange

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Hutchison Whampoa Europe Investments S.a r.l. 7 rue du Marche-aux-Herbes Luxembourg N4 L-1728	Common Shares	06/17/2025	684838	10136492.69
Hutchison Whampoa Europe Investments S.a r.l. 7 rue du Marche-aux-Herbes Luxembourg N4 L-1728	Common Shares	06/16/2025	1201343	17554023.92
Hutchison Whampoa Europe Investments S.a r.l. 7 rue du Marche-aux-Herbes Luxembourg N4 L-1728	Common Shares	06/13/2025	2438525	35918985.55
Hutchison Whampoa Europe Investments S.a r.l. 7 rue du Marche-aux-Herbes Luxembourg N4 L-1728	Common Shares	06/12/2025	1501418	21542345.46
Hutchison Whampoa Europe Investments S.a r.l. 7 rue du Marche-aux-Herbes Luxembourg N4 L-1728	Common Shares	06/11/2025	1107177	15747932.06
Hutchison Whampoa Europe Investments S.a r.l. 7 rue du Marche-aux-Herbes Luxembourg N4 L-1728	Common Shares	06/10/2025	1158189	16312976.25
Hutchison Whampoa Europe Investments S.a r.l. 7 rue du Marche-aux-Herbes Luxembourg N4 L-1728	Common Shares	05/13/2025	77429	1084227
Hutchison Whampoa Europe Investments S.a r.l. 7 rue du Marche-aux-Herbes Luxembourg N4 L-1728	Common Shares	05/12/2025	28667	402223.81

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Cenovus (CVE) shares are being registered for sale?

The filing covers 644,844 common shares.

What is the aggregate market value of the proposed sale?

The shares are valued at approximately US$9.9 million.

When is the approximate sale date under Form 144?

The filer lists 06 August 2025 as the expected sale date.

Who is the selling shareholder in this Form 144?

The notice is filed for Hutchison Whampoa Europe Investments S.à r.l..

How many CVE shares has the seller disposed of in the past 3 months?

Eight transactions totaled 8,428,586 shares with gross proceeds of about US$119 million.

Does Form 144 guarantee that the shares will be sold?

No. It is a notice of intent; the actual sale may vary or not occur.