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Description of Business and Segmented Disclosures | 6 Months Ended
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Jun. 30, 2022
Disclosure Of Reportable Segments [Abstract] |
DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES |
1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES
Cenovus Energy Inc., including its subsidiaries, (together “Cenovus” or the “Company”) is an integrated energy company with crude oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States (“U.S.”). Cenovus is incorporated under the Canada Business Corporations Act and its common shares and common share purchase warrants are listed on the Toronto Stock Exchange (“TSX”) and New York Stock Exchange. Cenovus’s cumulative redeemable preferred shares series 1, 2, 3, 5 and 7 are listed on the TSX. The executive and registered office is located at 4100, 225 6 Avenue S.W., Calgary, Alberta, Canada, T2P 1N2. Information on the Company’s basis of preparation for these interim Consolidated Financial Statements is found in Note 2. Management has determined the operating segments based on information regularly reviewed for the purposes of decision making, allocating resources and assessing operational performance by Cenovus’s chief operating decision makers. The Company evaluates the financial performance of its operating segments primarily based on operating margin. The Company operates through the following reportable segments: Upstream Segments •Oil Sands, includes the development and production of bitumen and heavy oil in northern Alberta and Saskatchewan. Cenovus’s oil sands assets include Foster Creek, Christina Lake, Sunrise (jointly owned with BP Canada Energy Group ULC (“BP Canada”) and operated by Cenovus), as well as the Lloydminster thermal and Lloydminster conventional heavy oil assets. Cenovus jointly owns and operates pipeline gathering systems and terminals through the equity-accounted investment in Husky Midstream Limited Partnership (“HMLP”). The sale and transportation of Cenovus’s production and third-party commodity trading volumes are managed and marketed through access to capacity on third-party pipelines and storage facilities in both Canada and the U.S. to optimize product mix, delivery points, transportation commitments and customer diversification. •Conventional, includes assets rich in natural gas liquids (“NGLs”) and natural gas within the Elmworth-Wapiti, Kaybob‑Edson, Clearwater and Rainbow Lake operating areas in Alberta and British Columbia and interests in numerous natural gas processing facilities. Cenovus’s NGLs and natural gas production is marketed and transported with additional third-party commodity trading volumes through access to capacity on third-party pipelines, export terminals and storage facilities, which provides flexibility for market access to optimize product mix, delivery points, transportation commitments and customer diversification. •Offshore, includes offshore operations, exploration and development activities in China and the east coast of Canada, as well as the equity-accounted investment in the Husky-CNOOC Madura Ltd. (“HCML”) joint venture in Indonesia. Downstream Segments •Canadian Manufacturing, includes the owned and operated Lloydminster upgrading and asphalt refining complex which upgrades heavy oil and bitumen into synthetic crude oil, diesel fuel, asphalt and other ancillary products. Cenovus seeks to maximize the value per barrel from its heavy oil and bitumen production through its integrated network of assets. In addition, Cenovus owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. Cenovus also markets its production and third-party commodity trading volumes of synthetic crude oil, asphalt and ancillary products. •U.S. Manufacturing, includes the refining of crude oil to produce gasoline, diesel, jet fuel, asphalt and other products at the wholly-owned Lima Refinery and Superior Refinery, the jointly-owned Wood River and Borger refineries (jointly owned with operator Phillips 66) and the jointly-owned Toledo Refinery (jointly owned with operator BP Products North America Inc. (“BP”)). Cenovus also markets some of its own and third-party volumes of refined petroleum products including gasoline, diesel and jet fuel. •Retail, includes the sale of Cenovus's own and third-party volumes of refined petroleum products, including gasoline and diesel, through retail, commercial and bulk petroleum outlets, as well as wholesale channels in Canada. Corporate and Eliminations Corporate and Eliminations, primarily includes Cenovus-wide costs for general and administrative, financing activities, gains and losses on risk management for corporate related derivative instruments and foreign exchange. Eliminations include adjustments for internal usage of natural gas production between segments, transloading services provided to the Oil Sands segment by the Company’s crude-by-rail terminal, crude oil production used as feedstock by the Canadian Manufacturing and U.S. Manufacturing segments, the sale of condensate extracted from blended crude oil production at our Canadian Manufacturing operations and sold back to the Oil Sands segment, and diesel production in the Canadian Manufacturing segment sold to the Retail segment and unrealized profits in inventory. Eliminations are recorded based on current market prices. The following tabular financial information presents segmented information first by segment, then by product and geographic location. A) Results of Operations – Segment and Operational Information ) Results for the Three Months Ended June 30
| Upstream
For the three months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
June 30, | 2022 |  | 2021 (1) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 (1)
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales | 10,048 |  | 5,075 |  | 1,079 |  | 626 |  | 558 |  | 427 |  | 11,685 |  | 6,128
Less: Royalties | 1,491 |  | 469 |  | 89 |  | 39 |  | 2 |  | 25 |  | 1,582 |  | 533
| 8,557 |  | 4,606 |  | 990 |  | 587 |  | 556 |  | 402 |  | 10,103 |  | 5,595
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 1,071 |  | 430 |  | 390 |  | 287 |  | — |  | — |  | 1,461 |  | 717
Transportation and Blending | 3,200 |  | 1,984 |  | 34 |  | 19 |  | 4 |  | 3 |  | 3,238 |  | 2,006
Operating | 806 |  | 592 |  | 128 |  | 140 |  | 76 |  | 59 |  | 1,010 |  | 791
Realized (Gain) Loss on Risk Management | 559 |  | 189 |  | 4 |  | (1) |  | — |  | — |  | 563 |  | 188
Operating Margin | 2,921 |  | 1,411 |  | 434 |  | 142 |  | 476 |  | 340 |  | 3,831 |  | 1,893
Unrealized (Gain) Loss on Risk Management | (323) |  | 374 |  | (1) |  | 2 |  | — |  | — |  | (324) |  | 376
Depreciation, Depletion and Amortization | 690 |  | 627 |  | 99 |  | 102 |  | 159 |  | 117 |  | 948 |  | 846
Exploration Expense | (1) |  | 2 |  | 1 |  | 1 |  | 10 |  | 1 |  | 10 |  | 4
(Income) Loss From Equity- Accounted Affiliates | 8 |  | (5) |  | — |  | — |  | (6) |  | (12) |  | 2 |  | (17)
Segment Income (Loss) | 2,547 |  | 413 |  | 335 |  | 37 |  | 313 |  | 234 |  | 3,195 |  | 684
(1)Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities, and to more appropriately reflect the cost of blending (see Note 3).
| Downstream
For the three months ended | Canadian Manufacturing |  | U.S. Manufacturing |  | Retail |  | Total
June 30, | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales | 1,521 |  | 1,088 |  | 8,474 |  | 4,729 |  | 849 |  | 501 |  | 10,844 |  | 6,318
Less: Royalties | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
| 1,521 |  | 1,088 |  | 8,474 |  | 4,729 |  | 849 |  | 501 |  | 10,844 |  | 6,318
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 1,296 |  | 807 |  | 6,939 |  | 4,229 |  | 811 |  | 466 |  | 9,046 |  | 5,502
Transportation and Blending | (2) |  | — |  | — |  | — |  | — |  | — |  | (2) |  | —
Operating | 180 |  | 92 |  | 655 |  | 394 |  | 31 |  | 29 |  | 866 |  | 515
Realized (Gain) Loss on Risk Management | — |  | — |  | 87 |  | 10 |  | — |  | — |  | 87 |  | 10
Operating Margin | 47 |  | 189 |  | 793 |  | 96 |  | 7 |  | 6 |  | 847 |  | 291
Unrealized (Gain) Loss on Risk Management | — |  | — |  | (41) |  | 23 |  | — |  | — |  | (41) |  | 23
Depreciation, Depletion and Amortization | 64 |  | 43 |  | 83 |  | 103 |  | 8 |  | 13 |  | 155 |  | 159
Exploration Expense | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity- Accounted Affiliates | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Segment Income (Loss) | (17) |  | 146 |  | 751 |  | (30) |  | (1) |  | (7) |  | 733 |  | 109
For the three months ended |  |  | Corporate and Eliminations |  | Consolidated
June 30, |  |  |  |  |  | 2022 |  | 2021 (1) |  | 2022 |  | 2021 (1)
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales |  |  |  |  |  |  |  | (1,782) |  | (1,276) |  | 20,747 |  | 11,170
Less: Royalties |  |  |  |  |  |  |  | — |  | — |  | 1,582 |  | 533
|  |  |  |  |  |  |  | (1,782) |  | (1,276) |  | 19,165 |  | 10,637
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product |  |  |  |  |  |  |  | (1,111) |  | (964) |  | 9,396 |  | 5,255
Transportation and Blending |  |  |  |  |  |  |  | (188) |  | (152) |  | 3,048 |  | 1,854
Operating |  |  |  |  |  |  |  | (395) |  | (162) |  | 1,481 |  | 1,144
Realized (Gain) Loss on Risk Management |  |  |  |  |  |  |  | 14 |  | 1 |  | 664 |  | 199
Unrealized (Gain) Loss on Risk Management |  |  |  |  |  |  |  | (16) |  | 2 |  | (381) |  | 401
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  | 29 |  | 31 |  | 1,132 |  | 1,036
Exploration Expense |  |  |  |  |  |  |  | — |  | — |  | 10 |  | 4
(Income) Loss From Equity-Accounted Affiliates |  |  |  |  |  |  |  | — |  | 4 |  | 2 |  | (13)
Segment Income (Loss) |  |  |  |  |  |  |  | (115) |  | (36) |  | 3,813 |  | 757
General and Administrative |  |  |  |  |  |  |  | 218 |  | 170 |  | 218 |  | 170
Finance Costs |  |  |  |  |  |  |  | 195 |  | 232 |  | 195 |  | 232
Interest Income |  |  |  |  |  |  |  | (8) |  | (3) |  | (8) |  | (3)
Integration Costs |  |  |  |  |  |  |  | 28 |  | 34 |  | 28 |  | 34
Foreign Exchange (Gain) Loss, Net |  |  |  |  |  |  |  | 192 |  | (172) |  | 192 |  | (172)
Re-measurement of Contingent Payment |  |  |  |  |  |  |  | 15 |  | 249 |  | 15 |  | 249
Gain on Divestiture of Assets |  |  |  |  |  |  |  | (62) |  | (60) |  | (62) |  | (60)
Other (Income) Loss, Net |  |  |  |  |  |  |  | (38) |  | (29) |  | (38) |  | (29)
|  |  |  |  |  |  |  | 540 |  | 421 |  | 540 |  | 421
Earnings (Loss) Before Income Tax |  |  |  |  |  |  |  |  |  |  |  | 3,273 |  | 336
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  |  |  | 841 |  | 112
Net Earnings (Loss) |  |  |  |  |  |  |  |  |  |  |  | 2,432 |  | 224
(1)Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities, and to more appropriately reflect the cost of blending (see Note 3). ii) Results for the Six Months Ended June 30
| Upstream
For the six months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
June 30, | 2022 |  | 2021 (1) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 (1)
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales | 19,266 |  | 9,993 |  | 2,191 |  | 1,402 |  | 1,125 |  | 858 |  | 22,582 |  | 12,253
Less: Royalties | 2,573 |  | 793 |  | 160 |  | 63 |  | 34 |  | 50 |  | 2,767 |  | 906
| 16,693 |  | 9,200 |  | 2,031 |  | 1,339 |  | 1,091 |  | 808 |  | 19,815 |  | 11,347
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 2,283 |  | 1,119 |  | 996 |  | 668 |  | — |  | — |  | 3,279 |  | 1,787
Transportation and Blending | 6,356 |  | 3,934 |  | 68 |  | 37 |  | 8 |  | 7 |  | 6,432 |  | 3,978
Operating | 1,508 |  | 1,177 |  | 262 |  | 282 |  | 149 |  | 117 |  | 1,919 |  | 1,576
Realized (Gain) Loss on Risk Management | 1,426 |  | 418 |  | 8 |  | — |  | — |  | — |  | 1,434 |  | 418
Operating Margin | 5,120 |  | 2,552 |  | 697 |  | 352 |  | 934 |  | 684 |  | 6,751 |  | 3,588
Unrealized (Gain) Loss on Risk Management | (57) |  | 233 |  | (1) |  | 1 |  | — |  | — |  | (58) |  | 234
Depreciation, Depletion and Amortization | 1,325 |  | 1,239 |  | 179 |  | 210 |  | 309 |  | 242 |  | 1,813 |  | 1,691
Exploration Expense | — |  | 13 |  | 1 |  | (3) |  | 25 |  | — |  | 26 |  | 10
(Income) Loss From Equity- Accounted Affiliates | 8 |  | (5) |  | — |  | — |  | (10) |  | (24) |  | (2) |  | (29)
Segment Income (Loss) | 3,844 |  | 1,072 |  | 518 |  | 144 |  | 610 |  | 466 |  | 4,972 |  | 1,682
(1)Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities, and to more appropriately reflect the cost of blending (see Note 3).
| Downstream
For the six months ended | Canadian Manufacturing |  | U.S. Manufacturing |  | Retail |  | Total
June 30, | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales | 2,565 |  | 1,894 |  | 14,983 |  | 8,166 |  | 1,543 |  | 948 |  | 19,091 |  | 11,008
Less: Royalties | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
| 2,565 |  | 1,894 |  | 14,983 |  | 8,166 |  | 1,543 |  | 948 |  | 19,091 |  | 11,008
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 2,100 |  | 1,438 |  | 12,421 |  | 7,149 |  | 1,471 |  | 883 |  | 15,992 |  | 9,470
Transportation and Blending | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Operating | 304 |  | 185 |  | 1,149 |  | 799 |  | 58 |  | 48 |  | 1,511 |  | 1,032
Realized (Gain) Loss on Risk Management | — |  | — |  | 197 |  | 31 |  | — |  | — |  | 197 |  | 31
Operating Margin | 161 |  | 271 |  | 1,216 |  | 187 |  | 14 |  | 17 |  | 1,391 |  | 475
Unrealized (Gain) Loss on Risk Management | — |  | — |  | (14) |  | 33 |  | — |  | — |  | (14) |  | 33
Depreciation, Depletion and Amortization | 106 |  | 86 |  | 168 |  | 217 |  | 16 |  | 25 |  | 290 |  | 328
Exploration Expense | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity- Accounted Affiliates | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Segment Income (Loss) | 55 |  | 185 |  | 1,062 |  | (63) |  | (2) |  | (8) |  | 1,115 |  | 114
For the six months ended | Corporate and Eliminations |  | Consolidated
June 30, | 2022 |  | 2021 (1) |  | 2022 |  | 2021 (1)
Revenues |  |  |  |  |  |  |
Gross Sales | (3,543) |  | (2,425) |  | 38,130 |  | 20,836
Less: Royalties | — |  | — |  | 2,767 |  | 906
| (3,543) |  | (2,425) |  | 35,363 |  | 19,930
Expenses |  |  |  |  |  |  |
Purchased Product | (2,393) |  | (1,799) |  | 16,878 |  | 9,458
Transportation and Blending | (409) |  | (305) |  | 6,023 |  | 3,673
Operating | (662) |  | (330) |  | 2,768 |  | 2,278
Realized (Gain) Loss on Risk Management | 7 |  | 92 |  | 1,638 |  | 541
Unrealized (Gain) Loss on Risk Management | 2 |  | (14) |  | (70) |  | 253
Depreciation, Depletion and Amortization | 59 |  | 62 |  | 2,162 |  | 2,081
Exploration Expense | — |  | — |  | 26 |  | 10
(Income) Loss From Equity-Accounted Affiliates | — |  | 2 |  | (2) |  | (27)
Segment Income (Loss) | (147) |  | (133) |  | 5,940 |  | 1,663
General and Administrative | 417 |  | 333 |  | 417 |  | 333
Finance Costs | 424 |  | 476 |  | 424 |  | 476
Interest Income | (23) |  | (7) |  | (23) |  | (7)
Integration Costs | 52 |  | 257 |  | 52 |  | 257
Foreign Exchange (Gain) Loss, Net | 90 |  | (289) |  | 90 |  | (289)
Re-measurement of Contingent Payment | 251 |  | 436 |  | 251 |  | 436
(Gain) Loss on Divestiture of Assets | (304) |  | (72) |  | (304) |  | (72)
Other (Income) Loss, Net | (408) |  | (101) |  | (408) |  | (101)
| 499 |  | 1,033 |  | 499 |  | 1,033
Earnings (Loss) Before Income Tax |  |  |  |  | 5,441 |  | 630
Income Tax Expense (Recovery) |  |  |  |  | 1,384 |  | 186
Net Earnings (Loss) |  |  |  |  | 4,057 |  | 444
(1)Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities, and to more appropriately reflect the cost of blending (see Note 3). B) Revenues by Product
| Three Months Ended |  | Six Months Ended
For the periods ended June 30, | 2022 |  | 2021 |  | 2022 |  | 2021
Upstream (1) |  |  |  |  |  |  |
Crude Oil | 7,985 |  | 4,185 |  | 15,638 |  | 8,431
NGLs | 1,172 |  | 549 |  | 2,234 |  | 1,167
Natural Gas | 811 |  | 724 |  | 1,708 |  | 1,500
Other | 135 |  | 137 |  | 235 |  | 249
Downstream |  |  |  |  |  |  |
Canadian Manufacturing |  |  |  |  |  |  |
Synthetic Crude Oil | 759 |  | 451 |  | 1,129 |  | 797
Diesel and Distillate | 124 |  | 91 |  | 254 |  | 176
Asphalt | 150 |  | 116 |  | 234 |  | 181
Other Products and Services | 488 |  | 430 |  | 948 |  | 740
U.S. Manufacturing |  |  |  |  |  |  |
Gasoline | 4,033 |  | 2,535 |  | 7,261 |  | 4,303
Diesel and Distillate | 2,991 |  | 1,547 |  | 5,151 |  | 2,778
Other Products | 1,450 |  | 647 |  | 2,571 |  | 1,085
Retail | 849 |  | 501 |  | 1,543 |  | 948
Corporate and Eliminations | (1,782) |  | (1,276) |  | (3,543) |  | (2,425)
Consolidated | 19,165 |  | 10,637 |  | 35,363 |  | 19,930
(1)Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities, and to more appropriately reflect the cost of blending (see Note 3). C) Geographical Information
| Revenues (1)
| Three Months Ended |  | Six Months Ended
For the periods ended June 30, | 2022 |  | 2021 |  | 2022 |  | 2021
Canada (2) | 9,674 |  | 5,222 |  | 18,472 |  | 10,734
United States | 9,159 |  | 5,124 |  | 16,185 |  | 8,601
China | 332 |  | 291 |  | 706 |  | 595
Consolidated | 19,165 |  | 10,637 |  | 35,363 |  | 19,930
(1)Revenues by country are classified based on where the operations are located. (2)Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities, and to more appropriately reflect the cost of blending (see Note 3).
| Non-Current Assets (1)
As at | June 30, 2022 |  | December 31, 2021
Canada (2) | 32,426 |  | 33,981
United States | 4,436 |  | 4,093
China | 2,321 |  | 2,583
Indonesia | 330 |  | 311
Consolidated | 39,513 |  | 40,968
(1)Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, income tax receivable, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill. (2)Excludes assets held for sa le of $525 million in the Retail segment (December 31, 2021 – Retail segment - $552 million, Oil Sands segment - $593 million and Conventional segment - $159 million). D) Assets by Segment (1)
| E&E Assets |  | PP&E |  | ROU Assets
As at | June 30, 2022 |  | December 31, 2021 |  | June 30, 2022 |  | December 31, 2021 |  | June 30, 2022 |  | December 31, 2021
Oil Sands | 659 |  | 653 |  | 21,734 |  | 22,535 |  | 738 |  | 754
Conventional | 5 |  | 6 |  | 1,797 |  | 2,174 |  | 2 |  | 2
Offshore | 61 |  | 61 |  | 2,390 |  | 2,822 |  | 160 |  | 160
Canadian Manufacturing | — |  | — |  | 2,274 |  | 2,353 |  | 291 |  | 339
U.S. Manufacturing | — |  | — |  | 4,103 |  | 3,745 |  | 246 |  | 252
Retail | — |  | — |  | 184 |  | 205 |  | 39 |  | 49
Corporate and Eliminations | — |  | — |  | 369 |  | 391 |  | 440 |  | 454
Consolidated | 725 |  | 720 |  | 32,851 |  | 34,225 |  | 1,916 |  | 2,010
| Goodwill |  | Total Assets
As at | June 30, 2022 |  | December 31, 2021 |  | June 30, 2022 |  | December 31, 2021
Oil Sands (1) | 3,473 |  | 3,473 |  | 30,917 |  | 31,070
Conventional (1) | — |  | — |  | 3,110 |  | 3,026
Offshore | — |  | — |  | 3,115 |  | 3,597
Canadian Manufacturing | — |  | — |  | 2,786 |  | 2,918
U.S. Manufacturing | — |  | — |  | 9,489 |  | 7,777
Retail (1) | — |  | — |  | 992 |  | 966
Corporate and Eliminations | — |  | — |  | 5,485 |  | 4,750
Consolidated | 3,473 |  | 3,473 |  | 55,894 |  | 54,104
(1)Total assets includes assets held for sale of $525 million in the Retail segment (December 31, 2021 – Retail segment - $552 million, Oil Sands segment - $593 million and Conventional segment - $159 million). E) Capital Expenditures (1)
| Three Months Ended |  | Six Months Ended
For the periods ended June 30, | 2022 |  | 2021 |  | 2022 |  | 2021
Capital Investment |  |  |  |  |  |  |
Oil Sands | 376 |  | 201 |  | 751 |  | 419
Conventional | 33 |  | 28 |  | 121 |  | 94
Offshore |  |  |  |  |  |  |
Asia Pacific | 2 |  | 1 |  | 2 |  | 3
Atlantic | 89 |  | 34 |  | 142 |  | 58
Total Upstream | 500 |  | 264 |  | 1,016 |  | 574
Canadian Manufacturing | 36 |  | 10 |  | 50 |  | 14
U.S. Manufacturing | 267 |  | 237 |  | 474 |  | 442
Retail | 2 |  | 5 |  | 3 |  | 6
Total Downstream | 305 |  | 252 |  | 527 |  | 462
Corporate and Eliminations | 17 |  | 18 |  | 25 |  | 45
| 822 |  | 534 |  | 1,568 |  | 1,081
Acquisition Capital |  |  |  |  |  |  |
Oil Sands | — |  | — |  | — |  | 3
Conventional | 1 |  | — |  | 1 |  | 4
| 1 |  | — |  | 1 |  | 7
Acquisitions (2) |  |  |  |  |  |  |
Oil Sands | — |  | — |  | — |  | 5,002
Conventional | — |  | — |  | — |  | 547
Offshore | — |  | — |  | — |  | 3,045
Canadian Manufacturing | — |  | — |  | — |  | 2,283
U.S. Manufacturing | — |  | — |  | — |  | 1,618
Retail | — |  | — |  | — |  | 690
Corporate and Eliminations | — |  | — |  | — |  | 156
| — |  | — |  | — |  | 13,341
Total Capital Expenditures | 823 |  | 534 |  | 1,569 |  | 14,429
(1)Includes expenditures on PP&E and E&E assets. (2)Relates to the January 1, 2021, transaction which combined Cenovus and Husky Energy Inc. (“Husky”). For more details, see Note 5 of the annual Consolidated Financial Statements for the year ended December 31, 2021.

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