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Description of Business and Segmented Disclosures | 12 Months Ended
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Dec. 31, 2021
Disclosure Of Reportable Segments [Abstract] |
DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES |
1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES
Cenovus Energy Inc., including its subsidiaries, (together “Cenovus” or the “Company”) is an integrated energy company with crude oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States (“U.S.”). Cenovus is incorporated under the Canada Business Corporations Act and its common shares and common share purchase warrants ("Cenovus Warrants") are listed on the Toronto Stock Exchange (“TSX”) and New York Stock Exchange (“NYSE”). Cenovus's cumulative redeemable preferred shares series 1, 2, 3, 5 and 7 are listed on the TSX. The executive and registered office is located at 4100, 225 6 Avenue S.W., Calgary, Alberta, Canada, T2P 1N2. Information on the Company’s basis of preparation for these Consolidated Financial Statements is found in Note 2. On January 1, 2021, Cenovus and Husky Energy Inc. (“Husky”) closed a transaction to combine the two companies through a plan of arrangement (the “Arrangement”) (see Note 5A). The transaction included Husky’s oil sands, conventional, offshore and retail segments. The transaction also included extensive transportation, storage and logistics and downstream infrastructure. 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. Management has determined the operating segments based on information regularly reviewed for the purposes of decision making, allocating resources and assessing operational performance by Cenovus’s chief operating decision makers. The Company evaluates the financial performance of its operating segments primarily based on operating margin. The Company operates through the following reportable segments: Upstream Segments •Oil Sands, includes the development and production of bitumen and heavy oil in northern Alberta and Saskatchewan. Cenovus’s oil sands assets include Foster Creek, Christina Lake, Sunrise (jointly owned with BP Canada Energy Group ULC (“BP Canada”) and operated by Cenovus) and Tucker oil sands projects, as well as Lloydminster thermal and conventional heavy oil assets. Cenovus jointly owns and operates pipeline gathering systems and terminals through the equity-accounted investment in Husky Midstream Limited Partnership (“HMLP”). The sale and transportation of Cenovus’s production and third-party commodity trading volumes are managed and marketed through access to capacity on third-party pipelines and storage facilities in both Canada and the U.S. to optimize product mix, delivery points, transportation commitments and customer diversification. •Conventional, includes assets rich in natural gas liquids (“NGLs”) and natural gas within the Elmworth-Wapiti, Kaybob‑Edson, Clearwater and Rainbow Lake operating areas in Alberta and British Columbia, and interests in numerous natural gas processing facilities. Cenovus’s NGLs and natural gas production is marketed and transported with other third-party commodity trading volumes through access to capacity on third-party pipelines, export terminals and storage facilities which p rovides flexibility for market access to optimize product mix, delivery points, transportation commitments and customer diversification. Downstream Segments •Canadian Manufacturing, includes the owned and operated Lloydminster upgrading and asphalt refining complex which upgrades heavy oil and bitumen into synthetic crude oil, diesel fuel, asphalt and other ancillary products. Cenovus seeks to maximize the value per barrel from its heavy oil and bitumen production through its integrated network of assets. In addition, Cenovus owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. Cenovus also markets its production and third-party commodity trading volumes of synthetic crude oil, asphalt and ancillary products. •U.S. Manufacturing, includes the refining of crude oil to produce diesel, gasoline, jet fuel, asphalt and other products at the wholly-owned Lima Refinery and Superior Refinery, the jointly owned Wood River and Borger refineries (jointly owned with operator Phillips 66) and the jointly owned Toledo Refinery (jointly owned with operator BP Products North America Inc. (“BP”)). Cenovus also markets some of its own and third-party volumes of refined petroleum products including gasoline, diesel and jet fuel. •Retail, includes the marketing of its own and third-party volumes of refined petroleum products, including gasoline and diesel, through retail, commercial and bulk petroleum outlets, as well as wholesale channels in Canada. Corporate and Eliminations, primarily includes Cenovus-wide costs for general and administrative, financing activities, gains and losses on risk management for corporate related derivative instruments and foreign exchange. Eliminations include adjustments for internal usage of natural gas production between segments, transloading services provided to the Oil Sands segment by the Company’s crude-by-rail terminal, crude oil production used as feedstock by the Canadian Manufacturing and U.S. Manufacturing segments, and diesel production in the Canadian Manufacturing segment sold to the Retail segment. Eliminations are recorded based on current market prices. A) Results of Operations – Segment and Operational Information (1)
|  | Upstream
|  | Oil Sands |  |  | Conventional |  |  | Offshore |  |  | Total
For the years ended December 31, |  | 2021 |  |  |  | 2020 (2) |  |  |  | 2019 (2) |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |  |  |  | 2021 |  |  |  | 2020 (2) |  |  |  | 2019 (2) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales |  | 22,827 |  |  |  | 8,804 |  |  |  | 13,101 |  |  |  | 3,235 |  |  |  | 904 |  |  |  | 935 |  |  |  | 1,782 |  |  |  | — |  |  |  | — |  |  |  | 27,844 |  |  |  | 9,708 |  |  |  | 14,036 |
Less: Royalties (3) |  | 2,196 |  |  |  | 331 |  |  |  | 1,143 |  |  |  | 150 |  |  |  | 40 |  |  |  | 30 |  |  |  | 108 |  |  |  | — |  |  |  | — |  |  |  | 2,454 |  |  |  | 371 |  |  |  | 1,173 |
|  | 20,631 |  |  |  | 8,473 |  |  |  | 11,958 |  |  |  | 3,085 |  |  |  | 864 |  |  |  | 905 |  |  |  | 1,674 |  |  |  | — |  |  |  | — |  |  |  | 25,390 |  |  |  | 9,337 |  |  |  | 12,863 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (3) |  | 3,188 |  |  |  | 1,262 |  |  |  | 2,231 |  |  |  | 1,655 |  |  |  | 268 |  |  |  | 240 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,843 |  |  |  | 1,530 |  |  |  | 2,471 |
Transportation and Blending (3) |  | 7,841 |  |  |  | 4,683 |  |  |  | 5,152 |  |  |  | 74 |  |  |  | 81 |  |  |  | 82 |  |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | 7,930 |  |  |  | 4,764 |  |  |  | 5,234 |
Operating (3) |  | 2,451 |  |  |  | 1,156 |  |  |  | 1,067 |  |  |  | 551 |  |  |  | 320 |  |  |  | 339 |  |  |  | 239 |  |  |  | — |  |  |  | — |  |  |  | 3,241 |  |  |  | 1,476 |  |  |  | 1,406 |
Realized (Gain) Loss on Risk Management |  | 786 |  |  |  | 268 |  |  |  | 23 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 788 |  |  |  | 268 |  |  |  | 23 |
Operating Margin |  | 6,365 |  |  |  | 1,104 |  |  |  | 3,485 |  |  |  | 803 |  |  |  | 195 |  |  |  | 244 |  |  |  | 1,420 |  |  |  | — |  |  |  | — |  |  |  | 8,588 |  |  |  | 1,299 |  |  |  | 3,729 |
Unrealized (Gain) Loss on Risk Management |  | 18 |  |  |  | 57 |  |  |  | 92 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19 |  |  |  | 57 |  |  |  | 92 |
Depreciation, Depletion and Amortization |  | 2,666 |  |  |  | 1,687 |  |  |  | 1,543 |  |  |  | 3 |  |  |  | 880 |  |  |  | 319 |  |  |  | 492 |  |  |  | — |  |  |  | — |  |  |  | 3,161 |  |  |  | 2,567 |  |  |  | 1,862 |
Exploration Expense |  | 16 |  |  |  | 9 |  |  |  | 18 |  |  |  | (3) |  |  |  | 82 |  |  |  | 64 |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | 91 |  |  |  | 82 |
(Income) Loss From Equity- Accounted Affiliates |  | (5) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (47) |  |  |  | — |  |  |  | — |  |  |  | (52) |  |  |  | — |  |  |  | — |
Segment Income (Loss) |  | 3,670 |  |  |  | (649) |  |  |  | 1,832 |  |  |  | 802 |  |  |  | (767) |  |  |  | (139) |  |  |  | 970 |  |  |  | — |  |  |  | — |  |  |  | 5,442 |  |  |  | (1,416) |  |  |  | 1,693 |
(1)Prior period results have been reclassified to conform with the current period’s operating segments. (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 (see Note 3(w)). (3)Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs.
|  | Downstream
For the years ended December 31, |  | Canadian Manufacturing |  |  | U.S. Manufacturing |  |  | Retail |  |  | Total
| 2021 |  |  |  | 2020 |  |  |  | 2019 |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales |  | 4,472 |  |  |  | 82 |  |  |  | 77 |  |  |  | 20,043 |  |  |  | 4,733 |  |  |  | 8,291 |  |  |  | 2,158 |  |  |  | — |  |  |  | — |  |  |  | 26,673 |  |  |  | 4,815 |  |  |  | 8,368 |
Less: Royalties (1) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | 4,472 |  |  |  | 82 |  |  |  | 77 |  |  |  | 20,043 |  |  |  | 4,733 |  |  |  | 8,291 |  |  |  | 2,158 |  |  |  | — |  |  |  | — |  |  |  | 26,673 |  |  |  | 4,815 |  |  |  | 8,368 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) |  | 3,552 |  |  |  | — |  |  |  | — |  |  |  | 17,955 |  |  |  | 4,429 |  |  |  | 6,735 |  |  |  | 2,019 |  |  |  | — |  |  |  | — |  |  |  | 23,526 |  |  |  | 4,429 |  |  |  | 6,735 |
Transportation and Blending (1) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Operating (1) |  | 388 |  |  |  | 37 |  |  |  | 41 |  |  |  | 1,772 |  |  |  | 748 |  |  |  | 877 |  |  |  | 98 |  |  |  | — |  |  |  | — |  |  |  | 2,258 |  |  |  | 785 |  |  |  | 918 |
Realized (Gain) Loss on Risk Management |  | — |  |  |  | — |  |  |  | — |  |  |  | 104 |  |  |  | (21) |  |  |  | (16) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 104 |  |  |  | (21) |  |  |  | (16) |
Operating Margin |  | 532 |  |  |  | 45 |  |  |  | 36 |  |  |  | 212 |  |  |  | (423) |  |  |  | 695 |  |  |  | 41 |  |  |  | — |  |  |  | — |  |  |  | 785 |  |  |  | (378) |  |  |  | 731 |
Unrealized (Gain) Loss on Risk Management |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | (1) |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | (1) |  |  |  | 1 |
Depreciation, Depletion and Amortization |  | 167 |  |  |  | 8 |  |  |  | 7 |  |  |  | 2,381 |  |  |  | 728 |  |  |  | 273 |  |  |  | 59 |  |  |  | — |  |  |  | — |  |  |  | 2,607 |  |  |  | 736 |  |  |  | 280 |
Exploration Expense |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
(Income) Loss From Equity- Accounted Affiliates |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Segment Income (Loss) |  | 365 |  |  |  | 37 |  |  |  | 29 |  |  |  | (2,170) |  |  |  | (1,150) |  |  |  | 421 |  |  |  | (18) |  |  |  | — |  |  |  | — |  |  |  | (1,823) |  |  |  | (1,113) |  |  |  | 450 |
(1)Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs.
|  |  |  |  |  |  |  |  | Corporate and Eliminations |  | Consolidated
For the years ended December 31, |  |  |  |  |  |  |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 (1) |  |  | 2019 (1) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales |  |  |  |  |  |  |  |  |  | (5,706) |  |  |  | (609) |  |  |  | (689) |  |  |  | 48,811 |  |  |  | 13,914 |  |  |  | 21,715 |
Less: Royalties (2) |  |  |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,454 |  |  |  | 371 |  |  |  | 1,173 |
|  |  |  |  |  |  |  |  |  | (5,706) |  |  |  | (609) |  |  |  | (689) |  |  |  | 46,357 |  |  |  | 13,543 |  |  |  | 20,542 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (2) |  |  |  |  |  |  |  |  |  | (4,888) |  |  |  | (278) |  |  |  | (417) |  |  |  | 23,481 |  |  |  | 5,681 |  |  |  | 8,789 |
Transportation and Blending (2) |  |  |  |  |  |  |  |  |  | (47) |  |  |  | (36) |  |  |  | (50) |  |  |  | 7,883 |  |  |  | 4,728 |  |  |  | 5,184 |
Operating (2) |  |  |  |  |  |  |  |  |  | (783) |  |  |  | (306) |  |  |  | (236) |  |  |  | 4,716 |  |  |  | 1,955 |  |  |  | 2,088 |
Realized (Gain) Loss on Risk Management |  |  |  |  |  |  |  |  |  | 101 |  |  |  | 5 |  |  |  | — |  |  |  | 993 |  |  |  | 252 |  |  |  | 7 |
Unrealized (Gain) Loss on Risk Management |  |  |  |  |  |  |  |  |  | (18) |  |  |  | — |  |  |  | 56 |  |  |  | 2 |  |  |  | 56 |  |  |  | 149 |
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  |  |  | 118 |  |  |  | 161 |  |  |  | 107 |  |  |  | 5,886 |  |  |  | 3,464 |  |  |  | 2,249 |
Exploration Expense |  |  |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | 91 |  |  |  | 82 |
(Income) Loss From Equity-Accounted Affiliates |  |  |  |  |  |  |  |  |  | (5) |  |  |  | — |  |  |  | — |  |  |  | (57) |  |  |  | — |  |  |  | — |
Segment Income (Loss) |  |  |  |  |  |  |  |  |  | (184) |  |  |  | (155) |  |  |  | (149) |  |  |  | 3,435 |  |  | (2,684) |  |  |  | 1,994 |
General and Administrative |  |  |  |  |  |  |  |  |  | 849 |  |  |  | 292 |  |  |  | 331 |  |  |  | 849 |  |  |  | 292 |  |  |  | 331 |
Finance Costs |  |  |  |  |  |  |  |  |  | 1,082 |  |  |  | 536 |  |  |  | 511 |  |  |  | 1,082 |  |  |  | 536 |  |  |  | 511 |
Interest Income |  |  |  |  |  |  |  |  |  | (23) |  |  |  | (9) |  |  |  | (12) |  |  |  | (23) |  |  |  | (9) |  |  |  | (12) |
Integration Costs |  |  |  |  |  |  |  |  |  | 349 |  |  |  | 29 |  |  |  | — |  |  |  | 349 |  |  |  | 29 |  |  |  | — |
Foreign Exchange (Gain) Loss, Net |  |  |  |  |  |  |  |  |  | (174) |  |  |  | (181) |  |  |  | (404) |  |  |  | (174) |  |  |  | (181) |  |  |  | (404) |
Re-measurement of Contingent Payment |  |  |  |  |  |  |  |  |  | 575 |  |  |  | (80) |  |  |  | 164 |  |  |  | 575 |  |  |  | (80) |  |  |  | 164 |
(Gain) Loss on Divestiture of Assets |  |  |  |  |  |  |  |  |  | (229) |  |  |  | (81) |  |  |  | (2) |  |  |  | (229) |  |  |  | (81) |  |  |  | (2) |
Other (Income) Loss, Net |  |  |  |  |  |  |  |  |  | (309) |  |  |  | 40 |  |  |  | 9 |  |  |  | (309) |  |  |  | 40 |  |  |  | 9 |
|  |  |  |  |  |  |  |  |  | 2,120 |  |  |  | 546 |  |  |  | 597 |  |  |  | 2,120 |  |  |  | 546 |  |  |  | 597 |
Earnings (Loss) Before Income Tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,315 |  |  | (3,230) |  |  |  | 1,397 |
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 728 |  |  |  | (851) |  |  |  | (797) |
Net Earnings (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 587 |  |  | (2,379) |  |  |  | 2,194 |
(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 (see Note 3(w)). (2)Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs. B) Revenues by Product (1)
For the years ended December 31, |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |  |  |  |  |
Upstream (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude Oil |  | 19,051 |  |  |  | 8,557 |  |  |  | 12,091 |  |  |  |  |
NGLs |  | 2,809 |  |  |  | 186 |  |  |  | 227 |  |  |  |  |
Natural Gas |  | 3,032 |  |  |  | 535 |  |  |  | 480 |  |  |  |  |
Other |  | 498 |  |  |  | 58 |  |  |  | 65 |  |  |  |  |
Downstream |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Synthetic Crude Oil |  | 1,951 |  |  |  | — |  |  |  | — |  |  |  |  |
Diesel and Distillate |  | 407 |  |  |  | — |  |  |  | — |  |  |  |  |
Asphalt |  | 477 |  |  |  | — |  |  |  | — |  |  |  |  |
Other Products and Services |  | 1,637 |  |  |  | 82 |  |  |  | 77 |  |  |  |  |
U.S. Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gasoline |  | 10,111 |  |  |  | 2,352 |  |  |  | 3,880 |  |  |  |  |
Diesel and Distillate |  | 6,429 |  |  |  | 1,569 |  |  |  | 3,127 |  |  |  |  |
Other Products |  | 3,503 |  |  |  | 813 |  |  |  | 1,284 |  |  |  |  |
Retail |  | 2,158 |  |  |  | — |  |  |  | — |  |  |  |  |
Corporate and Eliminations |  | (5,706) |  |  |  | (609) |  |  |  | (689) |  |  |  |  |
Consolidated |  | 46,357 |  |  |  | 13,543 |  |  |  | 20,542 |  |  |  |  |
(1) Prior period results have been reclassified to conform with the current period’s operating segments. C) Geographical Information
|  | Revenues (1) |
For the years ended December 31, |  | 2021 |  |  | 2020 |  |  |  | 2019 |  |  |  |  |
Canada (2) |  | 23,768 |  |  |  | 8,715 |  |  |  | 12,160 |  |  |  |  |
United States |  | 21,326 |  |  |  | 4,828 |  |  |  | 8,382 |  |  |  |  |
China |  | 1,263 |  |  |  | — |  |  |  | — |  |  |  |  |
Consolidated |  | 46,357 |  |  |  | 13,543 |  |  |  | 20,542 |  |  |  |  |
(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 (see Note 3(w)).
|  |  |  |  | Non-Current Assets (1) |
As at December 31, |  |  |  |  | 2021 |  |  | 2020 |
Canada (2) |  |  |  |  |  | 33,915 |  |  |  | 26,041 |
United States |  |  |  |  |  | 4,093 |  |  |  | 3,590 |
China |  |  |  |  |  | 2,583 |  |  |  | — |
Indonesia |  |  |  |  |  | 311 |  |  |  | — |
Consolidated |  |  |  |  |  | 40,902 |  |  |  | 29,631 |
(1)Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill. (2)Excludes assets of $552 million in the Retail segment, $593 million in the Oil Sands segment and $159 million in the Conventional segment that have been reclassified as held for sale in current assets. Major Customers In connection with the marketing and sale of Cenovus’s own and purchased crude oil, NGLs, natural gas and downstream products for the year ended December 31, 2021, Cenovus had two customers (2020 – three; 2019 – two) that individually accounted for more than 10 percent of its consolidated gross sales. Sales to these customers, recognized as major international energy companies with investment grade credit ratings, were approximately $8.5 billion and $6.8 billion, respectively (2020 – $4.3 billion, $1.8 billion and $1.5 billion; 2019 – $6.9 billion and $2.3 billion) and are reported across all of the Company’s operating segments. D) Assets by Segment (1)
| E&E Assets |  |  | PP&E |  |  | ROU Assets
As at December 31, | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020
Oil Sands |  | 653 |  |  |  | 617 |  |  |  | 22,535 |  |  |  | 19,748 |  |  |  | 754 |  |  |  | 196
Conventional |  | 6 |  |  |  | 6 |  |  |  | 2,174 |  |  |  | 1,758 |  |  |  | 2 |  |  |  | 3
Offshore |  | 61 |  |  |  | — |  |  |  | 2,822 |  |  |  | — |  |  |  | 160 |  |  |  | —
Canadian Manufacturing |  | — |  |  |  | — |  |  |  | 2,353 |  |  |  | 176 |  |  |  | 339 |  |  |  | 392
U.S. Manufacturing |  | — |  |  |  | — |  |  |  | 3,745 |  |  |  | 3,476 |  |  |  | 252 |  |  |  | 114
Retail |  | — |  |  |  | — |  |  |  | 205 |  |  |  | — |  |  |  | 49 |  |  |  | —
Corporate and Eliminations |  | — |  |  |  | — |  |  |  | 391 |  |  |  | 253 |  |  |  | 454 |  |  |  | 434
Consolidated |  | 720 |  |  |  | 623 |  |  |  | 34,225 |  |  |  | 25,411 |  |  |  | 2,010 |  |  |  | 1,139
|  |  |  | Goodwill |  |  | Total Assets
As at December 31, |  |  |  |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020
Oil Sands (2) |  |  |  |  |  |  | 3,473 |  |  |  | 2,272 |  |  |  | 31,070 |  |  |  | 24,641
Conventional (2) |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 3,026 |  |  |  | 1,978
Offshore |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 3,597 |  |  |  | —
Canadian Manufacturing |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 2,918 |  |  |  | 578
U.S. Manufacturing |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 7,777 |  |  |  | 4,363
Retail (2) |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 966 |  |  |  | —
Corporate and Eliminations |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 4,750 |  |  |  | 1,210
Consolidated |  |  |  |  |  |  | 3,473 |  |  |  | 2,272 |  |  |  | 54,104 |  |  |  | 32,770
(1) Prior period results have been reclassified to conform with the current period’s operating segments. (2)Total assets include assets held for sale of $552 million in the Retail segment, $593 million in the Oil Sands segment and $159 million in the Conventional segment. E) Capital Expenditures (1) (2)
For the years ended December 31, |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |  |  |  |  |
Capital Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil Sands |  | 1,019 |  |  |  | 427 |  |  |  | 656 |  |  |  |  |
Conventional |  | 222 |  |  |  | 78 |  |  |  | 103 |  |  |  |  |
Offshore |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia Pacific |  | 21 |  |  |  | — |  |  |  | — |  |  |  |  |
Atlantic |  | 154 |  |  |  | — |  |  |  | — |  |  |  |  |
Total Upstream |  | 1,416 |  |  |  | 505 |  |  |  | 759 |  |  |  |  |
Canadian Manufacturing |  | 37 |  |  |  | 33 |  |  |  | 52 |  |  |  |  |
U.S. Manufacturing |  | 995 |  |  |  | 243 |  |  |  | 228 |  |  |  |  |
Retail |  | 31 |  |  |  | — |  |  |  | — |  |  |  |  |
Total Downstream |  | 1,063 |  |  |  | 276 |  |  |  | 280 |  |  |  |  |
Corporate and Eliminations |  | 84 |  |  |  | 60 |  |  |  | 137 |  |  |  |  |
|  | 2,563 |  |  |  | 841 |  |  |  | 1,176 |  |  |  |  |
Acquisition Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil Sands |  | 3 |  |  |  | 6 |  |  |  | 2 |  |  |  |  |
Conventional |  | 4 |  |  |  | 12 |  |  |  | 7 |  |  |  |  |
Canadian Manufacturing |  | — |  |  |  | — |  |  |  | 4 |  |  |  |  |
|  | 7 |  |  |  | 18 |  |  |  | 13 |  |  |  |  |
Acquisitions (Note 5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil Sands |  | 5,002 |  |  |  | — |  |  |  | — |  |  |  |  |
Conventional |  | 547 |  |  |  | — |  |  |  | — |  |  |  |  |
Offshore |  | 3,129 |  |  |  | — |  |  |  | — |  |  |  |  |
Canadian Manufacturing |  | 2,283 |  |  |  | — |  |  |  | — |  |  |  |  |
U.S. Manufacturing |  | 1,618 |  |  |  | — |  |  |  | — |  |  |  |  |
Retail |  | 690 |  |  |  | — |  |  |  | — |  |  |  |  |
Corporate and Eliminations |  | 156 |  |  |  | — |  |  |  | — |  |  |  |  |
|  | 13,425 |  |  |  | — |  |  |  | — |  |  |  |  |
Total Capital Expenditures |  | 15,995 |  |  |  | 859 |  |  |  | 1,189 |  |  |  |  |
(1)Includes expenditures on PP&E, E&E assets and assets held for sale. (2)Prior period results have been reclassified to conform with the current period’s operating segments.

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- Definition The entire disclosure for operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 8 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS08_g20-24_TI -URIDate 2021-03-24 + Details
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