S&P Dow Jones Indices Announces Changes to the S&P/TSX Composite Index

Executive Summary

• Shareholders of Cenovus Energy Inc. and MEG Energy Corp. have approved a Plan of Arrangement that will combine the two companies, with each MEG share exchanged for $30 cash or 1.255 Cenovus shares (aggregate consideration: 50% cash, 50% Cenovus equity).
• In connection with the transaction, MEG Energy will be removed from the S&P/TSX Composite Index on Nov 17 2025, and Cenovus’s share count will increase to 1,958,255,195, raising its index weight factor (IWF) to 0.72 in the S&P/TSX indices.
• The index changes are being announced by S&P Dow Jones Indices to inform market participants of the upcoming adjustments.

Key Details

• Plan of Arrangement:
• MEG Energy shareholders receive either cash ($30 per share) or Cenovus shares (1.255 Cenovus shares per MEG share).

• Proration ensures overall consideration is split evenly: 50% cash, 50% Cenovus equity.

• Index Impact – Removal:

• MEG Energy will be removed from the S&P/TSX Composite Index prior to market open on 17 Nov 2025.

• Index Impact – Addition/Adjustment:

• Cenovus Energy’s outstanding shares will increase to 1,958,255,195 as a result of share issuance for the transaction.

• This raises Cenovus’s IWF (Index Weight Factor) to 0.72 in the S&P/TSX indices.

• Effective Date: Changes take effect at the open of trading on November 17, 2025.

• Source: Announcement issued by S&P Dow Jones Indices LLC; original release available via Newswire (Nov 12 2025).

Notable Quotes

(No direct quotes from company executives were included in the release.)