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Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Summary of Assumptions Used to Determine Fair Value of Options Granted

The fair value of each NSR was estimated on its grant date using the Black-Scholes-Merton valuation model with weighted average assumptions as follows:

Risk-Free Interest Rate						0.67		%
Expected Dividend Yield						0.76		%
Expected Volatility (1)						38.98		%
Expected Life (years)						5.76

(1)Expected volatility has been based on historical share volatility of the Company.

Summary of Options Outstanding and Exercisable

The following tables summarize information related to the NSRs:

			Number of Stock Options with Associated Net Settlement Rights															Weighted Average Exercise Price
For the year ended December 31, 2021						(thousands)												($)
Outstanding, Beginning of Year						30,597												18.52
Granted						6,345												8.89
Exercised						(529)												10.51
Forfeited						(66)												15.17
Expired						(9,114)												28.61
Outstanding, End of Year						27,233												13.06

			Outstanding																																				Exercisable
As at December 31, 2021			Number of Stock Options with Associated Net Settlement Rights															Weighted Average Remaining Contractual Life												Weighted Average Exercise Price									Number of Stock Options with Associated Net Settlement Rights															Weighted Average Exercise Price
Range of Exercise Price ($)						(thousands)												(Years)												($)												(thousands)												($)
5.00 to 9.99						8,365												5.26												8.92												2,478												9.48
10.00 to 14.99						13,126												4.29												12.26												8,729												12.54
15.00 to 19.99						2,680												1.31												19.47												2,680												19.47
20.00 to 24.99						3,062												0.15												22.25												3,062												22.25
						27,233												3.83												13.06												16,949												14.94

The following tables summarize the information related to the Cenovus replacement stock options held by Cenovus employees:

			Number of Cenovus Replacement Stock Options															Weighted Average Exercise Price
For the year ended December 31, 2021						(thousands)												($)
Outstanding, Beginning of Year						—												—
Granted						18,882												15.31
Exercised						(790)												3.64
Forfeited						(3,582)												14.08
Expired						(2,254)												20.07
Outstanding, End of Year						12,256												15.21

			Outstanding																																				Exercisable
As at December 31, 2021			Number of Cenovus Replacement Stock Options															Weighted Average Remaining Contractual Life												Weighted Average Exercise Price									Number of Cenovus Replacement Stock Options															Weighted Average Exercise Price
Range of Exercise Price ($)						(thousands)												(Years)												($)												(thousands)												($)
3.00 to 4.99						3,602												2.68												3.54												772												3.54
5.00 to 9.99						164												3.20												6.03												34												5.95
10.00 to 14.99						58												2.67												12.66												41												12.62
15.00 to 19.99						2,896												1.77												18.43												2,012												18.47
20.00 to 24.99						5,384												0.68												21.23												5,384												21.23
25.00 to 29.99						152												1.58												27.88												152												27.88
						12,256												1.58												15.21												8,395												18.96

The following table summarizes the information related to the PSUs held by Cenovus employees:

						Number of Performance Share Units
For the year ended December 31, 2021						(thousands)
Outstanding, Beginning of Year						9,284
Granted						6,175
Vested and Paid Out						(8,085)
Cancelled						(261)
Units in Lieu of Dividends						50
Outstanding, End of Year						7,163

The following table summarizes the information related to the RSUs held by Cenovus employees:

						Number of Restricted Share Units
For the year ended December 31, 2021						(thousands)
Outstanding, Beginning of Year						8,430
Granted						6,435
Vested and Paid Out						(8,420)
Cancelled						(463)
Units in Lieu of Dividends						43
Outstanding, End of Year						6,025

The following table summarizes the information related to the DSUs held by Cenovus directors, officers and employees:

						Number of Deferred Share Units
For the year ended December 31, 2021						(thousands)
Outstanding, Beginning of Year						1,333
Granted to Directors						273
Granted						80
Units in Lieu of Dividends						10
Redeemed						(440)
Outstanding, End of Year						1,256

Summary of Stock-Based Compensation

E) Total Stock-Based Compensation

For the years ended December 31,						2021												2020												2019
Stock Options With Associated Net Settlement Rights						14												11												9
Cenovus Replacement Stock Options						26												—												—
Performance Share Units						56												19												15
Restricted Share Units						48												23												34
Deferred Share Units						15												(4)												9
Stock-Based Compensation Expense (Recovery)						159												49												67
Stock-Based Compensation Costs Capitalized						8												16												20
Total Stock-Based Compensation						167												65												87

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The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's share options.

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