XML 65 R35.htm IDEA: XBRL DOCUMENT
v3.21.2

Commitments and Contingencies | 9 Months Ended
--- | ---
Sep. 30, 2021
Commitments And Contingencies [Abstract] |
Commitments and Contingencies |
29. COMMITMENTS AND CONTINGENCIES
A) Commitments Cenovus has entered into various commitments in the normal course of operations primarily related to demand charges on firm transportation agreements. In addition, the Company has commitments related to its risk management program and an obligation to fund its defined benefit pension and other post-employment benefit plans. Future payments for the Company’s commitments are below:
As at September 30, 2021 | Remainder of Year |  |  | 2 Years |  |  | 3 Years |  |  | 4 Years |  |  | 5 Years |  |  | Thereafter |  |  | Total |
Transportation and Storage (1) |  | 911 |  |  |  | 2,815 |  |  |  | 3,077 |  |  |  | 2,892 |  |  |  | 2,085 |  |  |  | 17,606 |  |  |  | 29,386 |
Real Estate (2) |  | 11 |  |  |  | 46 |  |  |  | 45 |  |  |  | 54 |  |  |  | 57 |  |  |  | 715 |  |  |  | 928 |
Obligation to Fund Equity-Accounted Affiliate (3) |  | 13 |  |  |  | 68 |  |  |  | 86 |  |  |  | 91 |  |  |  | 91 |  |  |  | 301 |  |  |  | 650 |
Other Long-Term Commitments |  | 335 |  |  |  | 219 |  |  |  | 191 |  |  |  | 144 |  |  |  | 151 |  |  |  | 1,339 |  |  |  | 2,379 |
Total Payments (4) |  | 1,270 |  |  |  | 3,148 |  |  |  | 3,399 |  |  |  | 3,181 |  |  |  | 2,384 |  |  |  | 19,961 |  |  |  | 33,343 |
(1) Includes transportation commitments of $8.1 billion (December 31, 2020 – $14.0 billion) that are subject to regulatory approval or have been approved, but are not yet in service. Terms are up to 20 years subsequent to the date of commencement. (2) Relates to the non-lease components of lease liabilities consisting of operating costs and unreserved parking for office space. Excludes committed payments for which a provision has been provided. (3) Relates to funding obligations to HCML. (4) Contracts undertaken on behalf of WRB, Sunrise and Toledo are reflected at Cenovus’s 50 percent interest. The Arrangement resulted in the assumption of Husky’s non-cancellable contracts and other commercial commitments. As at January 1, 2021, total commitments assumed by Cenovus were $17.6 billion, of which $7.4 billion were for various transportation and storage commitments. Transportation commitments include $1.7 billion that are subject to regulatory approval or have been approved, but are not yet in service. As at September 30, 2021, the transportation and storage commitments did not include any amounts related to the Keystone XL pipeline due to the cancellation of the Company’s transportation services agreement (December 31, 2020 – $7.0 billion). As at September 30, 2021, the Company had commitments with HMLP that include $2.7 billion related to transportation, storage and other long-term commitments. As at September 30, 2021, there were outstanding letters of credit aggregating to $507 million (December 31, 2020 – $441 million) issued as security for financial and performance conditions under certain contracts. B) Contingencies Legal Proceedings Cenovus is involved in a limited number of legal claims associated with the normal course of operations. Cenovus believes that any liabilities that might arise from such matters, to the extent not provided for, are not likely to have a material effect on its Consolidated Financial Statements. Contingent Payment In connection with the Acquisition in 2017, Cenovus agreed to make quarterly payments to ConocoPhillips during the five years subsequent to May 17, 2017, for quarters in which the average WCS crude oil price exceeds $52.00 per barrel during the quarter. As at September 30, 2021, the estimated fair value of the contingent payment was $392 million (see Note 17).

X
- Definition Commitments And Contingencies [Abstract] + References No definition available. + Details
Name: | cve_CommitmentsAndContingenciesAbstract
Namespace Prefix: | cve_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration