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Financial Instruments (Tables)

12 Months Ended

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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The disclosure of the offsetting of financial assets and financial liabilities. [Refer: Financial assets; Financial liabilities]

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