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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract] |
Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets |
| 2021 |  |  | 2020 |
Fair Value, Beginning of Year |  | 52 |  |  |  | 52 |
Acquisition (Note 5A) |  | 1 |  |  |  | — |
Fair Value, End of Year |  | 53 |  |  |  | 52 |
Summary of Unrealized Risk Management Positions | Summary of Unrealized Risk Management Positions
| 2021 |  |  | 2020 |
| Risk Management |  |  | Risk Management |
As at December 31, | Asset |  | Liability |  | Net |  |  | Asset |  |  | Liability |  |  | Net |
Crude Oil, Natural Gas, Condensate and Refined Products |  | 46 |  |  |  | 116 |  |  |  | (70) |  |  |  | 5 |  |  |  | 58 |  |  |  | (53) |
Exchange Rate Contracts |  | 2 |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |
|  | 48 |  |  |  | 116 |  |  |  | (68) |  |  |  | 5 |  |  |  | 58 |  |  |  | (53) |
Summary of Fair Value Hierarchy for Risk Management Assets and Liabilities Carried at Fair Value |
As at December 31, |  | 2021 |  | 2020 |
Level 2 – Prices Sourced From Observable Data or Market Corroboration |  | (68) |  |  |  | (53) |
Reconciliation of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities |
| 2021 |  |  | 2020 |
Fair Value of Contracts, Beginning of Year |  | (53) |  |  |  | 3 |
Acquisition (Note 5A) |  | (14) |  |  |  | — |
Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered Into During the Year |  | (995) |  |  |  | (308) |
Fair Value of Contracts Realized During the Year |  | 993 |  |  |  | 252 |
Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts |  | 1 |  |  |  | — |
Fair Value of Contracts, End of Year |  | (68) |  |  |  | (53) |
Summary of Offsetting Risk Management Positions |
| 2021 |  |  | 2020 |
| Risk Management |  |  | Risk Management |
As at December 31, | Asset |  | Liability |  | Net |  |  | Asset |  |  | Liability |  |  | Net |
Recognized Risk Management Positions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Amount |  | 263 |  |  |  | 331 |  |  |  | (68) |  |  |  | 70 |  |  |  | 123 |  |  |  | (53) |
Amount Offset |  | (215) |  |  |  | (215) |  |  |  | — |  |  |  | (65) |  |  |  | (65) |  |  |  | — |
Net Amount |  | 48 |  |  |  | 116 |  |  |  | (68) |  |  |  | 5 |  |  |  | 58 |  |  |  | (53) |
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 |
Summary of Earnings Impact of (Gain) Loss from Risk Management Positions |
For the years ended December 31, |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |
Realized (Gain) Loss |  | 993 |  |  |  | 252 |  |  |  | 7 |
Unrealized (Gain) Loss |  | 2 |  |  |  | 56 |  |  |  | 149 |
(Gain) Loss on Risk Management |  | 995 |  |  |  | 308 |  |  |  | 156 |

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