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Debt and Capital Structure (Tables)
 12 Months Ended
Dec. 31, 2021
Borrowings [abstract]  
Schedule of Short-Term and Long-Term Debt
A) Short-Term Borrowings
As at December 31,Notes20212020
Uncommitted Demand Facilitiesi——
WRB Uncommitted Demand Facilitiesii79121
Sunrise Uncommitted Demand Credit Facilityiii——
Total Debt Principal79121
B) Long-Term Debt
As at December 31,Notes
2021
2020
Revolving Term Debt (1)
i——
U.S. Dollar Denominated Unsecured Notesii9,3637,510
Canadian Dollar Unsecured Notesii2,750—
Total Debt Principal12,1137,510
Net Debt Premiums (Discounts) and Transaction Costs (2)
272(69)
Long-Term Debt12,3857,441
(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 $353 million net debt premiums related to the Canadian and U.S. dollar denominated unsecured notes assumed at fair value in the Arrangement.
Schedule Remaining Principal Amounts of U.S. Dollar Denominated Unsecured Notes
20212020
As at December 31,US$ PrincipalC$ Principal and EquivalentUS$ PrincipalC$ Principal and Equivalent
U.S. Dollar Denominated Unsecured Notes
3.00% due August 15, 2022
——500637
3.80% due September 15, 2023
115146450573
4.00% due April 15, 2024
269341——
5.38% due July 15, 2025
6668441,0001,273
4.25% due April 15, 2027
9621,2209621,225
4.40% due April 15, 2029
750951——
2.65% due January 15, 2032
500634——
5.25% due June 15, 2037
583739583742
6.80% due September 15, 2037
387490——
6.75% due November 15, 2039
1,3901,7631,3901,770
4.45% due September 15, 2042
155197155198
5.20% due September 15, 2043
58735874
5.40% due June 15, 2047
8001,0148001,018
3.75% due February 15, 2052
750951——
7,3859,3635,8987,510
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 Notes7,38512,1135,8987,510
Mandatory Debt Payments
U.S. Dollar Denominated Unsecured NotesCanadian Dollar Unsecured Notes
Total (1)
As at December 31, 2021US$ PrincipalC$ Principal EquivalentC$ PrincipalC$ Principal and Equivalent
2023115146—146
2024269341—341
20256668447501,594
Thereafter6,3358,0322,00010,032
7,3859,3632,75012,113
(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 Borrowings79121—
Long-Term Portion of Long-Term Debt12,3857,4416,699
Less: Cash and Cash Equivalents(2,873)(378)(186)
Net Debt9,5917,1846,513
Net Earnings (Loss)587(2,379)2,194
Add (Deduct):
Finance Costs1,082536511
Interest Income(23)(9)(12)
Income Tax Expense (Recovery)728(851)(797)
Depreciation, Depletion and Amortization5,8863,4642,249
Exploration Expense189182
Unrealized (Gain) Loss on Risk Management256149
Foreign Exchange (Gain) Loss, Net(174)(181)(404)
Re-measurement of Contingent Payment575(80)164
(Gain) Loss on Divestitures of Assets(229)(81)(2)
Other (Income) Loss, Net(309)409
(Income) Loss From Equity-Accounted Affiliates(57)——
Adjusted EBITDA (2)
8,0866064,143
Net Debt to Adjusted EBITDA1.2x11.9x1.6x
(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 Debt9,5917,1846,513
Shareholders’ Equity23,59616,70719,201
Capitalization33,18723,89125,714
Net Debt to Capitalization29 %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.