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Debt and Capital Structure (Tables) | 12 Months Ended
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Dec. 31, 2021
Borrowings [abstract] |
Schedule of Short-Term and Long-Term Debt | A) Short-Term Borrowings
As at December 31, |  |  | Notes |  | 2021 |  |  | 2020 |
Uncommitted Demand Facilities |  |  | i |  |  | — |  |  |  | — |
WRB Uncommitted Demand Facilities |  |  | ii |  |  | 79 |  |  |  | 121 |
Sunrise Uncommitted Demand Credit Facility |  | iii |  |  | — |  |  |  | — |
Total Debt Principal |  |  |  |  |  | 79 |  |  |  | 121 |
B) Long-Term Debt
As at December 31, |  |  | Notes |  | 2021 |  |  | 2020 |
Revolving Term Debt (1) |  |  | i |  |  | — |  |  |  | — |
U.S. Dollar Denominated Unsecured Notes |  |  | ii |  |  | 9,363 |  |  |  | 7,510 |
Canadian Dollar Unsecured Notes |  |  | ii |  |  | 2,750 |  |  |  | — |
Total Debt Principal |  |  |  |  |  | 12,113 |  |  |  | 7,510 |
Net Debt Premiums (Discounts) and Transaction Costs (2) |  |  |  |  |  | 272 |  |  |  | (69) |
Long-Term Debt |  |  |  |  |  | 12,385 |  |  |  | 7,441 |
(1)Revolving term debt may include Bankers’ Acceptances, London Interbank Offered Rate based loans, prime rate loans and U.S. base rate loans. (2)Includes $353 million net debt premiums related to the Canadian and U.S. dollar denominated unsecured notes assumed at fair value in the Arrangement.
Schedule Remaining Principal Amounts of U.S. Dollar Denominated Unsecured Notes |
| 2021 |  |  | 2020 |
As at December 31, | US$ Principal |  |  | C$ Principal and Equivalent |  |  | US$ Principal |  |  | C$ Principal and Equivalent |
U.S. Dollar Denominated Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.00% due August 15, 2022 |  | — |  |  |  | — |  |  |  | 500 |  |  |  | 637 |
3.80% due September 15, 2023 |  | 115 |  |  |  | 146 |  |  |  | 450 |  |  |  | 573 |
4.00% due April 15, 2024 |  | 269 |  |  |  | 341 |  |  |  | — |  |  |  | — |
5.38% due July 15, 2025 |  | 666 |  |  |  | 844 |  |  |  | 1,000 |  |  |  | 1,273 |
4.25% due April 15, 2027 |  | 962 |  |  |  | 1,220 |  |  |  | 962 |  |  |  | 1,225 |
4.40% due April 15, 2029 |  | 750 |  |  |  | 951 |  |  |  | — |  |  |  | — |
2.65% due January 15, 2032 |  | 500 |  |  |  | 634 |  |  |  | — |  |  |  | — |
5.25% due June 15, 2037 |  | 583 |  |  |  | 739 |  |  |  | 583 |  |  |  | 742 |
6.80% due September 15, 2037 |  | 387 |  |  |  | 490 |  |  |  | — |  |  |  | — |
6.75% due November 15, 2039 |  | 1,390 |  |  |  | 1,763 |  |  |  | 1,390 |  |  |  | 1,770 |
4.45% due September 15, 2042 |  | 155 |  |  |  | 197 |  |  |  | 155 |  |  |  | 198 |
5.20% due September 15, 2043 |  | 58 |  |  |  | 73 |  |  |  | 58 |  |  |  | 74 |
5.40% due June 15, 2047 |  | 800 |  |  |  | 1,014 |  |  |  | 800 |  |  |  | 1,018 |
3.75% due February 15, 2052 |  | 750 |  |  |  | 951 |  |  |  | — |  |  |  | — |
|  | 7,385 |  |  |  | 9,363 |  |  |  | 5,898 |  |  |  | 7,510 |
Canadian Dollar Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.55% due March 12, 2025 |  | — |  |  |  | 750 |  |  |  | — |  |  |  | — |
3.60% due March 10, 2027 |  | — |  |  |  | 750 |  |  |  | — |  |  |  | — |
3.50% due February 7, 2028 |  | — |  |  |  | 1,250 |  |  |  | — |  |  |  | — |
|  | — |  |  |  | 2,750 |  |  |  | — |  |  |  | — |
Total Unsecured Notes |  | 7,385 |  |  |  | 12,113 |  |  |  | 5,898 |  |  |  | 7,510 |
Mandatory Debt Payments |
| U.S. Dollar Denominated Unsecured Notes |  |  | Canadian Dollar Unsecured Notes |  |  |  | Total (1) |
As at December 31, 2021 | US$ Principal |  |  | C$ Principal Equivalent |  |  | C$ Principal |  |  | C$ Principal and Equivalent |
2023 |  | 115 |  |  |  | 146 |  |  |  | — |  |  |  | 146 |
2024 |  | 269 |  |  |  | 341 |  |  |  | — |  |  |  | 341 |
2025 |  | 666 |  |  |  | 844 |  |  |  | 750 |  |  |  | 1,594 |
Thereafter |  | 6,335 |  |  |  | 8,032 |  |  |  | 2,000 |  |  |  | 10,032 |
|  | 7,385 |  |  |  | 9,363 |  |  |  | 2,750 |  |  |  | 12,113 |
(1) On January 10, 2022, the Company announced that it intends to redeem its outstanding 3.80 percent unsecured notes and 4.00 percent unsecured notes on February 9, 2022. The total amount of mandatory debt payments has not been adjusted for this redemption.
Summary of Net Debt to Adjusted EBITDA | Net Debt to Adjusted EBITDA
As at December 31, | 2021 |  |  | 2020 (1) |  |  | 2019 (1) |
Short-Term Borrowings |  | 79 |  |  |  | 121 |  |  |  | — |
Long-Term Portion of Long-Term Debt |  | 12,385 |  |  |  | 7,441 |  |  |  | 6,699 |
Less: Cash and Cash Equivalents |  | (2,873) |  |  |  | (378) |  |  |  | (186) |
Net Debt |  | 9,591 |  |  |  | 7,184 |  |  |  | 6,513 |
Net Earnings (Loss) |  | 587 |  |  |  | (2,379) |  |  |  | 2,194 |
Add (Deduct): |  |  |  |  |  |  |  |  |  |  |
Finance Costs |  | 1,082 |  |  |  | 536 |  |  |  | 511 |
Interest Income |  | (23) |  |  |  | (9) |  |  |  | (12) |
Income Tax Expense (Recovery) |  | 728 |  |  |  | (851) |  |  |  | (797) |
Depreciation, Depletion and Amortization |  | 5,886 |  |  |  | 3,464 |  |  |  | 2,249 |
Exploration Expense |  | 18 |  |  |  | 91 |  |  |  | 82 |
Unrealized (Gain) Loss on Risk Management |  | 2 |  |  |  | 56 |  |  |  | 149 |
Foreign Exchange (Gain) Loss, Net |  | (174) |  |  |  | (181) |  |  |  | (404) |
Re-measurement of Contingent Payment |  | 575 |  |  |  | (80) |  |  |  | 164 |
(Gain) Loss on Divestitures of Assets |  | (229) |  |  |  | (81) |  |  |  | (2) |
Other (Income) Loss, Net |  | (309) |  |  |  | 40 |  |  |  | 9 |
(Income) Loss From Equity-Accounted Affiliates |  | (57) |  |  |  | — |  |  |  | — |
Adjusted EBITDA (2) |  | 8,086 |  |  |  | 606 |  |  |  | 4,143 |
Net Debt to Adjusted EBITDA |  | 1.2x |  |  |  | 11.9x |  |  |  | 1.6x |
(1) Comparative figures include Cenovus's results prior to the closing of the Arrangement on January 1, 2021, and do not reflect any historical data from Husky. (2) Calculated on a trailing twelve-month basis.
Summary of Net Debt to Capitalization | Net Debt to Capitalization
As at December 31, | 2021 |  |  | 2020 (1) |  |  | 2019 (1) |
Net Debt |  | 9,591 |  |  |  | 7,184 |  |  |  | 6,513 |
Shareholders’ Equity |  | 23,596 |  |  |  | 16,707 |  |  |  | 19,201 |
Capitalization |  | 33,187 |  |  |  | 23,891 |  |  |  | 25,714 |
Net Debt to Capitalization |  | 29 | % |  |  |  | 30 | % |  |  |  | 25 | % |
(1) Comparative figures include Cenovus‘s results prior to the closing of the Arrangement on January 1, 2021, and do not reflect any historical data from Husky.

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