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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2022
Disclosure of detailed information about 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 as FVOCI:
| Total
As at December 31, 2021 | 53
Changes in Fair Value (1) | —
As at June 30, 2022 | 53
(1) Changes in fair value are recorded in OCI.
Summary of Unrealized Risk Management Positions | Summary of Unrealized Risk Management Positions
| June 30, 2022 |  | December 31, 2021
| Risk Management |  | Risk Management
As at | Asset |  | Liability |  | Net |  | Asset |  | Liability |  | Net
Crude Oil, Natural Gas, Condensate and Refined Products | 30 |  | 29 |  | 1 |  | 46 |  | 116 |  | (70)
Renewable Power Contracts | 3 |  | 4 |  | (1) |  | — |  | — |  | —
Foreign Exchange Rate Contracts | 1 |  | — |  | 1 |  | 2 |  | — |  | 2
| 34 |  | 33 |  | 1 |  | 48 |  | 116 |  | (68)
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 | June 30, 2022 |  | December 31, 2021
Level 2 – Prices Sourced From Observable Data or Market Corroboration | 2 |  | (68)
Level 3 – Prices Sourced From Partially Observable Data (1) | (1) |  | —
| 1 |  | (68)
(1) Includes renewable power contracts with a fair value of $1 million (loss) as at June 30, 2022 (December 31, 2021 – $nil). .
Reconciliation of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities | The following table provides a reconciliation of changes in the fair value of Cenovus’s risk management assets and liabilities from January 1 to June 30:
| 2022
Fair Value of Contracts, Beginning of Year | (68)
Change in Fair Value of Contracts in Place at Beginning of Year | (11)
Change in Fair Value of Contracts Entered Into During the Period | (1,557)
Fair Value of Contracts Realized During the Period | 1,638
Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts | (1)
Fair Value of Contracts, End of Period | 1
Summary of Earnings Impact of (Gain) Loss from Risk Management Positions | D) Earnings Impact of (Gains) Losses From Risk Management Positions
| Three Months Ended |  | Six Months Ended
For the periods ended June 30, | 2022 |  | 2021 |  | 2022 |  | 2021
Realized (Gain) Loss | 664 |  | 199 |  | 1,638 |  | 541
Unrealized (Gain) Loss (1) | (381) |  | 401 |  | (70) |  | 253
(Gain) Loss on Risk Management | 283 |  | 600 |  | 1,568 |  | 794
(1) All WTI positions related to crude oil sales price risk management were closed by June 30, 2022.In the three months ended June 30, 2022, Cenovus recorded a realized net loss related to these positions of $467 million. Realized and unrealized gains and losses on risk management are recorded in the reportable segment to which the derivative instrument relates.

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