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Description of Business and Segmented Disclosures (Tables)
 6 Months Ended
Jun. 30, 2022
Disclosure Of Reportable Segments [Abstract]  
Schedule of Segment and Operational Information A) Results of Operations – Segment and Operational Information) Results for the Three Months Ended June 30
Upstream
For the three months endedOil SandsConventionalOffshoreTotal
June 30,2022
2021 (1)
2022
2021
202220212022
2021 (1)
Revenues
Gross Sales10,0485,0751,07962655842711,6856,128
     Less: Royalties
1,49146989392251,582533
8,5574,60699058755640210,1035,595
Expenses
Purchased Product
1,071430390287——1,461717
     Transportation and Blending
3,2001,9843419433,2382,006
     Operating
80659212814076591,010791
Realized (Gain) Loss on Risk
   Management		5591894(1)——563188
Operating Margin2,9211,4114341424763403,8311,893
Unrealized (Gain) Loss on Risk
   Management
(323)374(1)2——(324)376
Depreciation, Depletion and
   Amortization		69062799102159117948846
Exploration Expense(1)211101104
(Income) Loss From Equity-
   Accounted Affiliates		8(5)——(6)(12)2(17)
Segment Income (Loss)2,547413335373132343,195684
(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 ManufacturingU.S. ManufacturingRetailTotal
June 30,20222021202220212022202120222021
Revenues
Gross Sales1,5211,0888,4744,72984950110,8446,318
Less: Royalties
————————
1,5211,0888,4744,72984950110,8446,318
Expenses
Purchased Product
1,2968076,9394,2298114669,0465,502
     Transportation and Blending
(2)—————(2)—
     Operating
180926553943129866515
Realized (Gain) Loss on Risk
   Management		——8710——8710
Operating Margin471897939676847291
Unrealized (Gain) Loss on Risk Management
——(41)23——(41)23
Depreciation, Depletion and
  Amortization		644383103813155159
Exploration Expense————————
(Income) Loss From Equity-
  Accounted Affiliates		————————
Segment Income (Loss)(17)146751(30)(1)(7)733109
For the three months endedCorporate and EliminationsConsolidated
June 30,
2022
2021 (1)
2022
2021 (1)
Revenues
Gross Sales(1,782)(1,276)20,74711,170
Less: Royalties
——1,582533
(1,782)(1,276)19,16510,637
Expenses
Purchased Product
(1,111)(964)9,3965,255
     Transportation and Blending
(188)(152)3,0481,854
     Operating
(395)(162)1,4811,144
Realized (Gain) Loss on Risk Management141664199
Unrealized (Gain) Loss on Risk Management
(16)2(381)401
Depreciation, Depletion and Amortization29311,1321,036
Exploration Expense——104
(Income) Loss From Equity-Accounted Affiliates—42(13)
Segment Income (Loss)(115)(36)3,813757
General and Administrative218170218170
Finance Costs195232195232
Interest Income(8)(3)(8)(3)
Integration Costs28342834
Foreign Exchange (Gain) Loss, Net192(172)192(172)
Re-measurement of Contingent Payment1524915249
Gain on Divestiture of Assets(62)(60)(62)(60)
Other (Income) Loss, Net(38)(29)(38)(29)
540421540421
Earnings (Loss) Before Income Tax3,273336
Income Tax Expense (Recovery)841112
Net Earnings (Loss)2,432224
(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 endedOil SandsConventionalOffshoreTotal
June 30,2022
2021 (1)
20222021202220212022
2021 (1)
Revenues
Gross Sales19,2669,9932,1911,4021,12585822,58212,253
Less: Royalties
2,5737931606334502,767906
16,6939,2002,0311,3391,09180819,81511,347
Expenses
Purchased Product
2,2831,119996668——3,2791,787
     Transportation and Blending
6,3563,9346837876,4323,978
     Operating
1,5081,1772622821491171,9191,576
Realized (Gain) Loss on Risk
   Management		1,4264188———1,434418
Operating Margin5,1202,5526973529346846,7513,588
Unrealized (Gain) Loss on Risk
   Management
(57)233(1)1——(58)234
Depreciation, Depletion and
    Amortization		1,3251,2391792103092421,8131,691
Exploration Expense—131(3)25—2610
(Income) Loss From Equity-
   Accounted Affiliates		8(5)——(10)(24)(2)(29)
Segment Income (Loss)3,8441,0725181446104664,9721,682
(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 endedCanadian ManufacturingU.S. ManufacturingRetailTotal
June 30,20222021202220212022202120222021
Revenues
Gross Sales2,5651,89414,9838,1661,54394819,09111,008
Less: Royalties
————————
2,5651,89414,9838,1661,54394819,09111,008
Expenses
Purchased Product
2,1001,43812,4217,1491,47188315,9929,470
     Transportation and Blending
————————
     Operating
3041851,14979958481,5111,032
Realized (Gain) Loss on Risk
   Management		——19731——19731
Operating Margin1612711,21618714171,391475
Unrealized (Gain) Loss on Risk
   Management
——(14)33——(14)33
Depreciation, Depletion and
   Amortization		106861682171625290328
Exploration Expense————————
(Income) Loss From Equity-
   Accounted Affiliates		————————
Segment Income (Loss)551851,062(63)(2)(8)1,115114
For the six months endedCorporate and EliminationsConsolidated
June 30,2022
2021 (1)
2022
2021 (1)
Revenues
Gross Sales(3,543)(2,425)38,13020,836
Less: Royalties
——2,767906
(3,543)(2,425)35,36319,930
Expenses
Purchased Product
(2,393)(1,799)16,8789,458
Transportation and Blending
(409)(305)6,0233,673
     Operating
(662)(330)2,7682,278
Realized (Gain) Loss on Risk Management7921,638541
Unrealized (Gain) Loss on Risk Management
2(14)(70)253
Depreciation, Depletion and Amortization59622,1622,081
Exploration Expense——2610
(Income) Loss From Equity-Accounted Affiliates—2(2)(27)
Segment Income (Loss)(147)(133)5,9401,663
General and Administrative417333417333
Finance Costs424476424476
Interest Income(23)(7)(23)(7)
Integration Costs5225752257
Foreign Exchange (Gain) Loss, Net90(289)90(289)
Re-measurement of Contingent Payment251436251436
(Gain) Loss on Divestiture of Assets(304)(72)(304)(72)
Other (Income) Loss, Net(408)(101)(408)(101)
4991,0334991,033
Earnings (Loss) Before Income Tax5,441630
Income Tax Expense (Recovery)1,384186
Net Earnings (Loss)4,057444
(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).
Schedule of Revenues by Product
B) Revenues by Product
Three Months EndedSix Months Ended
For the periods ended June 30,
2022202120222021
Upstream (1)
Crude Oil7,9854,18515,6388,431
NGLs1,1725492,2341,167
Natural Gas8117241,7081,500
Other135137235249
Downstream
Canadian Manufacturing
Synthetic Crude Oil7594511,129797
Diesel and Distillate12491254176
Asphalt150116234181
Other Products and Services488430948740
U.S. Manufacturing
Gasoline4,0332,5357,2614,303
Diesel and Distillate2,9911,5475,1512,778
Other Products1,4506472,5711,085
Retail8495011,543948
Corporate and Eliminations(1,782)(1,276)(3,543)(2,425)
Consolidated19,16510,63735,36319,930
(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).
Schedule of Geographical Information
C) Geographical Information
Revenues (1)
Three Months EndedSix Months Ended
For the periods ended June 30,
2022202120222021
Canada (2)
9,6745,22218,47210,734
United States9,1595,12416,1858,601
China332291706595
Consolidated19,16510,63735,36319,930
(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)
32,42633,981
United States4,4364,093
China2,3212,583
Indonesia330311
Consolidated39,51340,968
(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 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).
Schedule of Assets by Segment
D) Assets by Segment (1)
E&E AssetsPP&EROU Assets
As atJune 30,
2022		December 31,
2021		June 30,
2022		December 31,
2021		June 30,
2022		December 31,
2021
Oil Sands65965321,73422,535738754
Conventional561,7972,17422
Offshore61612,3902,822160160
Canadian Manufacturing——2,2742,353291339
U.S. Manufacturing——4,1033,745246252
Retail——1842053949
Corporate and Eliminations——369391440454
Consolidated72572032,85134,2251,9162,010
GoodwillTotal Assets
As atJune 30,
2022		December 31,
2021		June 30,
2022		December 31,
2021
Oil Sands (1)
3,4733,47330,91731,070
Conventional (1)
——3,1103,026
Offshore——3,1153,597
Canadian Manufacturing——2,7862,918
U.S. Manufacturing——9,4897,777
Retail (1)
——992966
Corporate and Eliminations——5,4854,750
Consolidated3,4733,47355,89454,104
(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).
Schedule of Capital Expenditures
E) Capital Expenditures (1)
Three Months EndedSix Months Ended
For the periods ended June 30,
2022202120222021
Capital Investment
Oil Sands376201751419
Conventional332812194
Offshore
Asia Pacific2123
Atlantic893414258
Total Upstream5002641,016574
Canadian Manufacturing36105014
U.S. Manufacturing267237474442
Retail2536
Total Downstream305252527462
Corporate and Eliminations17182545
8225341,5681,081
Acquisition Capital
Oil Sands———3
Conventional1—14
1—17
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 Expenditures8235341,56914,429
(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.