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Share Capital and Warrants | 6 Months Ended
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Jun. 30, 2022
Disclosure of classes of share capital [abstract] |
Share Capital and Warrants |
23. SHARE CAPITAL AND WARRANTS
A) Authorized Cenovus is authorized to issue an unlimited number of common shares, and first and second preferred shares not exceeding, in aggregate, 20 percent of the number of issued and outstanding common shares. The first and second preferred shares may be issued in one or more series with rights and conditions to be determined by the Board of Directors prior to issuance and subject to the Company’s articles. B) Issued and Outstanding – Common Shares
| June 30, 2022 |  | December 31, 2021
| Number of Common Shares (thousands) |  | Amount |  | Number of Common Shares (thousands) |  | Amount
Outstanding, Beginning of Year | 2,001,211 |  | 17,016 |  | 1,228,870 |  | 11,040
Issued Under the Arrangement, Net of Issuance Costs | — |  | — |  | 788,518 |  | 6,111
Issued Upon Exercise of Warrants | 6,571 |  | 65 |  | 314 |  | 3
Issued Under Stock Option Plans | 9,606 |  | 149 |  | 535 |  | 7
Purchase of Common Shares Under NCIB | (67,779) |  | (577) |  | (17,026) |  | (145)
Outstanding, End of Period | 1,949,609 |  | 16,653 |  | 2,001,211 |  | 17,016
As at June 30, 2022, there were 41 million (December 31, 2021 – 30 million) common shares available for future issuance under the stock option plan. C) Normal Course Issuer Bid In the six months ended June 30, 2022, the Company purchased 68 million common shares through the NCIB. The shares were purchased at a volume weighted average price of $21.89 per common share for a total of $1.5 billion. Paid in surplus was reduced by $907 million, representing the excess of the purchase price of the common shares over their average carrying value. The shares were subsequently cancelled. From July 1, 2022, through to July 27, 2022, the Company purchased an additional 19 million shares for $425 million. ) Issued and Outstanding – Preferred Shares In the six months ended June 30, 2022, there were no additional preferred shares issued. As at June 30, 2022, there were 36 million preferred shares outstanding (December 31, 2021 – 36 million), with a carrying value of $519 million (December 31, 2021 – $519 million).
As at June 30, 2022 | Dividend Reset Date |  | Dividend Rate |  | Number of Preferred Shares (thousands)
Series 1 First Preferred Shares | March 31, 2026 |  | 2.58 | % |  | 10,740
Series 2 First Preferred Shares (1) | March 31, 2026 |  | 3.21 | % |  | 1,260
Series 3 First Preferred Shares | December 31, 2024 |  | 4.69 | % |  | 10,000
Series 5 First Preferred Shares | March 31, 2025 |  | 4.59 | % |  | 8,000
Series 7 First Preferred Shares | June 30, 2025 |  | 3.94 | % |  | 6,000
(1) The floating-rate dividend was 1.86 percent for the period from December 31, 2021, to March 30, 2022, and 2.35 percent for the period from March 31, 2022, to June 29, 2022. ) Issued and Outstanding – Warrants
| June 30, 2022 |  | December 31, 2021
As at June 30, 2022 | Number of Warrants (thousands) |  | Amount |  | Number of Warrants (thousands) |  | Amount
Outstanding, Beginning of Year | 65,119 |  | 215 |  | — |  | —
Issued Under the Arrangement | — |  | — |  | 65,433 |  | 216
Exercised | (6,571) |  | (21) |  | (314) |  | (1)
Outstanding, End of Period | 58,548 |  | 194 |  | 65,119 |  | 215

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- Definition The entire disclosure for share capital, reserves and other equity interest. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 79 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_79&doctype=Standard -URIDate 2021-03-24 + Details
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