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Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of terms and conditions of share-based payment arrangement [Line Items]

E) Total Stock-Based Compensation

For the years ended December 31,	2020		2019	2018
Net Settlement Rights	11		9	6
Performance Share Units	19		15	(6	)
Restricted Share Units	23		34	9
Deferred Share Units	(4	)	9	-
Stock-Based Compensation Expense	49		67	9
Stock-Based Compensation Costs Capitalized	16		20	4
	65		87	13

NSRs [Member]

Disclosure of terms and conditions of share-based payment arrangement [Line Items]

Summary of Assumptions Used to Determine Fair Value of Options Granted

The fair value of each NSR was estimated on its grant date using the Black-Scholes-Merton valuation model with weighted average assumptions as follows:

Risk-Free Interest Rate	1.19	%
Expected Dividend Yield	1.77	%
Expected Volatility ⁽¹⁾	29.74	%
Expected Life (years)	5.00

(1)	Expected volatility has been based on historical share volatility of the Company and comparable industry peers.

Summary of Units Activity and Related Information

The following tables summarize information related to the NSRs:

For the year ended December 31, 2020	Number of NSRs (thousands)			Weighted Average Exercise Price ($)
Outstanding, Beginning of Year		31,528			22.61
Granted		5,783			11.73
Exercised		(42	)		9.48
Forfeited		(416	)		23.52
Expired		(6,256	)		32.60
Outstanding, End of Year		30,597			18.52

Summary of Options Outstanding and Exercisable by Range of Exercise Price

	Outstanding NSRs						Exercisable NSRs
As at December 31, 2020 Range of Exercise Price ($)	Number of NSRs (thousands)		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price ($)		Number of NSRs (thousands)		Weighted Average Exercise Price ($)
5.00 to 9.99		2,796		4.2		9.48		1,596		9.48
10.00 to 14.99		12,921		5.2		12.27		4,189		13.53
15.00 to 19.99		2,691		2.3		19.47		2,691		19.47
20.00 to 24.99		3,078		1.1		22.26		3,078		22.26
25.00 to 29.99		8,540		0.1		28.37		8,540		28.37
30.00 to 34.99		571		0.5		32.27		571		32.27
		30,597		2.9		18.52		20,665		21.94

PSUs [Member]

Disclosure of terms and conditions of share-based payment arrangement [Line Items]

Summary of Units Activity and Related Information

The following table summarizes the information related to the PSUs held by Cenovus employees:

For the year ended December 31, 2020	Number of PSUs (thousands)
Outstanding, Beginning of Year		6,912
Granted		3,846
Vested and Paid Out		(1,223	)
Cancelled		(449	)
Units in Lieu of Dividends		198
Outstanding, End of Year		9,284

RSUs [Member]

Disclosure of terms and conditions of share-based payment arrangement [Line Items]

Summary of Units Activity and Related Information

The following table summarizes the information related to the RSUs held by Cenovus employees:

For the year ended December 31, 2020	Number of RSUs (thousands)
Outstanding, Beginning of Year		8,372
Granted		2,686
Vested and Paid Out		(2,606	)
Cancelled		(234	)
Units in Lieu of Dividends		212
Outstanding, End of Year		8,430

DSUs [Member]

Disclosure of terms and conditions of share-based payment arrangement [Line Items]

Summary of Units Activity and Related Information

The following table summarizes the information related to the DSUs held by Cenovus directors, officers and employees:

For the year ended December 31, 2020	Number of DSUs (thousands)
Outstanding, Beginning of Year		1,237
Granted to Directors		288
Granted		30
Units in Lieu of Dividends		33
Redeemed		(255	)
Outstanding, End of Year		1,333