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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure Of Financial Instruments [Abstract] |
Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets | The following table provides a reconciliation of changes in the fair value of private equity investments classified at FVOCI:
| 2020 |  |  | 2019 |
Fair Value, Beginning of Year |  | 52 |  |  |  | 38 |
Change in Fair Value (1) |  | - |  |  |  | 14 |
Fair Value, End of Year |  | 52 |  |  |  | 52 |
(1) | Changes in fair value are recorded in OCI.
Summary of Unrealized Risk Management Positions | Summary of Unrealized Risk Management Positions
| 2020 |  |  | 2019 |
| Risk Management |  |  | Risk Management |
As at December 31, | Asset |  |  | Liability |  |  | Net |  |  | Asset |  |  | Liability |  |  | Net |
Crude Oil, Natural Gas and Condensate |  | 5 |  |  |  | 58 |  |  |  | (53 | ) |  |  | 5 |  |  |  | 2 |  |  |  | 3 |
Summary of Fair Value Hierarchy for Risk Management Assets and Liabilities Carried at Fair Value | The following table presents the Company’s fair value hierarchy for risk management assets and liabilities carried at fair value:
As at December 31, | 2020 |  |  | 2019 |
Level 2 – Prices Sourced From Observable Data or Market Corroboration |  | (53 | ) |  |  | 3 |
Summary of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities | The following table summarizes the changes in the fair value of Cenovus’s risk management assets and liabilities:
| 2020 |  |  | 2019 |
Fair Value of Contracts, Beginning of Year |  | 3 |  |  |  | 160 |
Fair Value of Contracts Realized During the Year |  | 252 |  |  |  | 7 |
Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered Into During the Year |  | (308 | ) |  |  | (156 | )
Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts |  | - |  |  |  | (8 | )
Fair Value of Contracts, End of Year |  | (53 | ) |  |  | 3 |
Summary of Offsetting Risk Management Positions | The following table provides a summary of the Company’s offsetting risk management positions:
| 2020 |  |  | 2019 |
| Risk Management |  |  | Risk Management |
As at December 31, | Asset |  |  | Liability |  |  | Net |  |  | Asset |  |  | Liability |  |  | Net |
Recognized Risk Management Positions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Amount |  | 70 |  |  |  | 123 |  |  |  | (53 | ) |  |  | 13 |  |  |  | 10 |  |  |  | 3 |
Amount Offset |  | (65 | ) |  |  | (65 | ) |  |  | - |  |  |  | (8 | ) |  |  | (8 | ) |  |  | - |
Net Amount per Consolidated Financial Statements |  | 5 |  |  |  | 58 |  |  |  | (53 | ) |  |  | 5 |  |  |  | 2 |  |  |  | 3 |
Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax | Changes in the following inputs to the option pricing model, with fluctuations in all other variables held constant, could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows:
As at December 31, 2020 | Sensitivity Range |  | Increase |  |  | Decrease |
WCS Forward Prices | ± $5.00 per barrel |  |  | (41 | ) |  |  | 32 |
WTI Option Volatility | ± five percent |  |  | (18 | ) |  |  | 17 |
Canadian to U.S. Dollar Foreign Exchange Rate Option Volatility | ± five percent |  |  | 7 |  |  |  | (10 | )
As at December 31, 2019 | Sensitivity Range |  | Increase |  |  | Decrease |
WCS Forward Prices | ± $5.00 per barrel |  |  | (129 | ) |  |  | 80 |
WTI Option Volatility | ± five percent |  |  | (45 | ) |  |  | 42 |
Canadian to U.S. Dollar Foreign Exchange Rate Option Volatility | ± five percent |  |  | 10 |  |  |  | (19 | )
Summary of Earnings Impact of (Gains) Losses from Risk Management Positions | Earnings Impact of (Gains) Losses From Risk Management Positions
For the years ended December 31, |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |
Realized (Gain) Loss (1) |  | 252 |  |  |  | 7 |  |  |  | 1,554 |
Unrealized (Gain) Loss (2) |  | 56 |  |  |  | 149 |  |  |  | (1,249 | )
(Gain) Loss on Risk Management From Continuing Operations |  | 308 |  |  |  | 156 |  |  |  | 305 |
(1) | Realized gains and losses on risk management are recorded in the reportable segment to which the derivative instrument relates.
(2) | Unrealized gains and losses on risk management are recorded in the Corporate and Eliminations segment.

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