XML 96 R51.htm IDEA: XBRL DOCUMENT
v3.20.4

Impairment Charges and Reversals (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Disclosure Of Impairment Loss Recognised Or Reversed [Abstract] |
Summary of Impairment Losses and Estimated Recoverable Amounts | The following table summarizes the year ended December 31, 2020 impairment losses and estimated recoverable amounts as at December 31, 2020 by CGU:
CGU | Impairment Amount |  |  | Recoverable Amount |
Clearwater |  | 260 |  |  |  | 160 |
Elmworth-Wapiti |  | 120 |  |  |  | 259 |
Kaybob-Edson |  | 175 |  |  |  | 384 |
Summary of Forward Prices Used to Determine Future Cash Flows | The forward prices as at December 31, 2020, used to determine future cash flows from crude oil, NGLs and natural gas reserves were:
| 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | Average Annual Increase Thereafter |
WTI (US$/barrel) (1) |  | 47.17 |  |  |  | 50.17 |  |  |  | 53.17 |  |  |  | 54.97 |  |  |  | 56.07 |  |  |  | 2.0 | %
WCS (C$/barrel) (2) |  | 44.63 |  |  |  | 48.18 |  |  |  | 52.10 |  |  |  | 54.10 |  |  |  | 55.19 |  |  |  | 2.0 | %
Edmonton C5+ (C$/barrel) |  | 59.24 |  |  |  | 63.19 |  |  |  | 67.34 |  |  |  | 69.77 |  |  |  | 71.18 |  |  |  | 2.0 | %
AECO (C$/Mcf) (3) |  | 2.88 |  |  |  | 2.80 |  |  |  | 2.71 |  |  |  | 2.75 |  |  |  | 2.80 |  |  |  | 2.0 | %
(1) | West Texas Intermediate (“WTI”).
(2) | Western Canadian Select (“WCS”).
(3) | Alberta Energy Company (“AECO”) natural gas. Assumes gas heating value of one million British thermal units per thousand cubic feet (“Mcf”).
Summary of Increase (Decrease) to Recoverable Amount | The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amount in the impairment testing completed as at December 31, 2020 for the following CGUs:
| Increase (Decrease) to Recoverable Amount |
| One Percent Increase in the Discount Rate |  |  | One Percent Decrease in the Discount Rate |  |  | Five Percent Increase in the Forward Price Estimates |  |  | Five Percent Decrease in the Forward Price Estimates |
Clearwater |  | (5 | ) |  |  | 6 |  |  |  | 52 |  |  |  | (97 | )
Elmworth-Wapiti |  | (7 | ) |  |  | 8 |  |  |  | 54 |  |  |  | (96 | )
Kaybob-Edson |  | (13 | ) |  |  | 14 |  |  |  | 54 |  |  |  | (106 | )
The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amount in the impairment testing completed as at September 30, 2020 for the following CGU:
| Increase (Decrease) to Recoverable Amount |
| One Percent Increase in the Discount Rate |  |  | One Percent Decrease in the Discount Rate |  |  | Five Percent Increase in the Forward Price Estimates |  |  | Five Percent Decrease in the Forward Price Estimates |
Borger |  | (71 | ) |  |  | 81 |  |  |  | 263 |  |  |  | (264 | )

X
- Definition Disclosure of impairment losses and estimated recoverable amounts. + References No definition available. + Details
Name: | cve_DisclosureOfImpairmentLossesAndEstimatedRecoverableAmountsExplanatory
Namespace Prefix: | cve_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of key assumptions on which management has based cash flow projections. + References No definition available. + Details
Name: | cve_DisclosureOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjectionsExplanatory
Namespace Prefix: | cve_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of assets and liabilities for which there exists a significant risk of material adjustment within the next year. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2020-01-01 -Paragraph 125 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_125&doctype=Standard -URIDate 2020-01-01 + Details
Name: | ifrs-full_DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration