XML 115 R80.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Risk Management (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Risk Management [Abstract] |
Net Fair Value of Risk Management Positions | Net Fair Value of Risk Management Positions
As at December 31, 2021 | Notional Volumes (1) (2) |  | Terms (3) |  | Weighted Average Price (1) (2) |  | Fair Value Asset (Liability) |
Crude Oil and Condensate Contracts |  |  |  |  |  |  |  |  |  |  |  |
WTI Fixed – Sell | 61.8 MMbbls |  |  | January 2022 - June 2023 |  |  | US$72.19/bbl |  |  |  | (188) |
WTI Fixed – Buy | 25.3 MMbbls |  |  | January 2022 - June 2023 |  |  | US$71.55/bbl |  |  |  | 94 |
Other Financial Positions (4) |  |  |  |  |  |  |  |  |  |  | 24 |
Foreign Exchange Contracts |  |  |  |  |  |  |  |  |  |  | 2 |
Total Fair Value |  |  |  |  |  |  |  |  |  |  | (68) |
(1) Million barrels (“MMbbls”). Barrel (“bbl”). (2) Notional volumes and weighted average price represent various contracts over the respective terms. The notional volumes and weighted average price may fluctuate from month to month as it represents the averages for various individual contracts with different terms. (3) Contract terms represent various individual contracts with different terms, and range from one to eighteen months. (4) Other financial positions consists of risk management positions related to WCS, heavy oil and condensate differential contracts, Belvieu fixed contracts, reformulated blendstock for oxygenate blending gasoline contracts, heating oil and natural gas fixed price contracts, and the Company's U.S. Manufacturing and Marketing activities.
Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax |
As at December 31, 2021 | Sensitivity Range |  |  | Increase |  |  |  | Decrease |
WCS Forward Prices | ± $5.00 per barrel |  |  | (45) |  |  |  | 45 |
As at December 31, 2020 | Sensitivity Range |  |  | Increase |  |  |  | Decrease |
WCS Forward Prices | ± $5.00 per barrel |  |  | (41) |  |  |  | 32 |
WTI Option Implied Volatility | ± five percent |  |  | (18) |  |  |  | 17 |
Canadian to U.S. Dollar Foreign Exchange Rate Option Implied Volatility | ± five percent |  |  | 7 |  |  |  | (10) |
The impact of a five percent increase or decrease in WTI option price volatility and the Canadian-U.S. dollar foreign exchange rate options would result in nominal unrealized gains (losses) to earnings before income tax. The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows:
As at December 31, 2021 | Sensitivity Range |  |  | Increase |  |  |  | Decrease |
Crude Oil Commodity Price | ± US$5.00/bbl Applied to WTI, Condensate and Related Hedges |  |  | (225) |  |  |  | 225 |
WCS and Condensate Differential Price | ± US$2.50/bbl Applied to WCS and Differential Hedges Tied to Production |  |  | 4 |  |  |  | (4) |
Refined Products Commodity Price | ± US$5.00/bbl Applied to Heating Oil and Gasoline Hedges |  |  | (2) |  |  |  | 2 |
U.S. to Canadian Dollar Exchange Rate | ± 0.05 in the U.S. to Canadian Dollar Exchange Rate |  |  | 11 |  |  |  | (12) |
As at December 31, 2020 | Sensitivity Range |  |  | Increase |  |  |  | Decrease |
Crude Oil Commodity Price | ± US$5.00/bbl Applied to WTI, Condensate and Related Hedges |  |  | (44) |  |  |  | 44 |
WCS and Condensate Differential Price | ± US$2.50/bbl Applied to WCS and Differential Hedges Tied to Production |  |  | (2) |  |  |  | 2 |
Undiscounted Cash Outflows Relating to Financial Liabilities | Undiscounted cash outflows relating to financial liabilities are:
As at December 31, 2021 | 1 Year |  |  | Years 2 and 3 |  |  |  | Years 4 and 5 |  | Thereafter |  |  | Total |
Accounts Payable and Accrued Liabilities |  | 6,353 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,353 |
Short-Term Borrowings (1) |  | 79 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 79 |
Long-Term Debt (1)(2) |  | 561 |  |  |  | 1,608 |  |  |  | 2,603 |  |  |  | 14,892 |  |  |  | 19,664 |
Contingent Payment |  | 238 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 238 |
Lease Liabilities (1) |  | 453 |  |  |  | 794 |  |  |  | 634 |  |  |  | 3,192 |  |  |  | 5,073 |
As at December 31, 2020 | 1 Year |  |  | Years 2 and 3 |  |  |  | Years 4 and 5 |  | Thereafter |  |  | Total |
Accounts Payable and Accrued Liabilities |  | 2,018 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,018 |
Short-Term Borrowings (1) |  | 121 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 121 |
Long-Term Debt (1) |  | 385 |  |  |  | 1,965 |  |  |  | 1,966 |  |  |  | 8,627 |  |  |  | 12,943 |
Contingent Payment |  | 36 |  |  |  | 28 |  |  |  | — |  |  |  | — |  |  |  | 64 |
Lease Liabilities (1) |  | 254 |  |  |  | 445 |  |  |  | 365 |  |  |  | 1,412 |  |  |  | 2,476 |
(1) Principal and interest, including current portion if applicable. (2) On January 10, 2022, the Company announced its intention to redeem the entire outstanding balance of its 3.80 percent notes and 4.00 percent unsecured notes on February 9, 2022. Long-term debt maturities above have not been adjusted for this redemption.

X
- Definition Disclosure of fair value of derivative financial instruments net. + References No definition available. + Details
Name: | cve_DisclosureOfFairValueOfDerivativeFinancialInstrumentsNetExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | cve_DisclosureOfMaturityAnalysisForDerivativeAndNonDerivativeFinancialLiabilitiesExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of derivative financial instruments. + References No definition available. + Details
Name: | cve_RiskManagementAbstract
Namespace Prefix: | cve_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 40 -Subparagraph a -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_40_a&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration